Cognizant Technology Solutions’ (CTSH) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a research note released on Wednesday,Benzinga reports. They currently have a $93.00 price target on the information technology service provider’s stock.

A number of other equities analysts also recently issued reports on CTSH. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, February 6th. BMO Capital Markets increased their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. Finally, Barclays raised their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.56.

Cognizant Technology Solutions Price Performance

Shares of CTSH stock opened at $75.90 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. Cognizant Technology Solutions has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The firm has a market cap of $37.54 billion, a P/E ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12. The business’s 50 day moving average price is $82.68 and its 200-day moving average price is $79.47.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating the consensus estimate 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, equities research analysts anticipate that Cognizant Technology Solutions will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions declared that its board has initiated a stock repurchase plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

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

Institutional Trading of Cognizant Technology Solutions

Several institutional investors have recently added to or reduced their stakes in CTSH. Duncker Streett & Co. Inc. bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at $28,000. Trust Co. of Vermont raised 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 worth $34,000 after buying an additional 292 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Cognizant Technology Solutions during the 4th quarter valued at about $36,000. Park Square Financial Group LLC purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at about $36,000. Finally, Spire Wealth Management grew its stake in shares of Cognizant Technology Solutions by 74.7% in 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. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

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.