Cognizant Technology Solutions Co. (NASDAQ:CTSH) Position Cut by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,810 shares of the information technology service provider’s stock after selling 380 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Cognizant Technology Solutions were worth $754,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Intrust Bank NA lifted its holdings in Cognizant Technology Solutions by 5.6% in the fourth quarter. Intrust Bank NA now owns 7,205 shares of the information technology service provider’s stock worth $554,000 after purchasing an additional 379 shares during the period. Allstate Corp acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $1,149,000. DnB Asset Management AS boosted its holdings in shares of Cognizant Technology Solutions by 6.5% in the fourth quarter. DnB Asset Management AS now owns 94,863 shares of the information technology service provider’s stock valued at $7,295,000 after acquiring an additional 5,785 shares in the last quarter. Level Four Advisory Services LLC increased its stake in shares of Cognizant Technology Solutions by 7.9% during the fourth quarter. Level Four Advisory Services LLC now owns 34,023 shares of the information technology service provider’s stock valued at $2,616,000 after acquiring an additional 2,503 shares during the period. Finally, denkapparat Operations GmbH bought a new stake in Cognizant Technology Solutions during the fourth quarter worth approximately $256,000. Institutional investors own 92.44% of the company’s stock.

Analysts Set New Price Targets

CTSH has been the topic of several research analyst reports. Morgan Stanley lowered their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. BMO Capital Markets upped their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $84.56.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $75.90 on Friday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $37.54 billion, a price-to-earnings ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12. The stock’s fifty day simple moving average is $82.68 and its 200-day simple moving average is $79.49. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. On average, sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.63%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Cognizant Technology Solutions declared that its board has authorized a stock buyback plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.