Meiji Yasuda Asset Management Co Ltd. Reduces Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Meiji Yasuda Asset Management Co Ltd. reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,894 shares of the information technology service provider’s stock after selling 746 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cognizant Technology Solutions were worth $838,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Duncker Streett & Co. Inc. bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $28,000. Trust Co. of Vermont boosted its position in Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 292 shares during the period. SBI Securities Co. Ltd. bought a new position in Cognizant Technology Solutions in the 4th quarter worth about $36,000. Spire Wealth Management increased its position in shares of Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after acquiring an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $37,000. Institutional investors own 92.44% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CTSH shares. Royal Bank of Canada restated a “sector perform” rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday. BMO Capital Markets raised their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research note on Thursday, February 6th. UBS Group lowered their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Barclays raised their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $84.56.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $77.58 on Friday. The company has a 50 day moving average price of $82.72 and a 200 day moving average price of $79.47. The firm has a market capitalization of $38.37 billion, a P/E ratio of 17.20, a PEG ratio of 2.11 and a beta of 1.12. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly 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%. Sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.60%. The ex-dividend date was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

Cognizant Technology Solutions announced that its board has approved a share buyback program on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to buy up to 5.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Cognizant Technology Solutions Company Profile

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.