Russell Investments Group Ltd. Has $114.69 Million Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Russell Investments Group Ltd. boosted its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 40.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,491,808 shares of the information technology service provider’s stock after acquiring an additional 430,050 shares during the quarter. Russell Investments Group Ltd.’s holdings in Cognizant Technology Solutions were worth $114,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Cognizant Technology Solutions by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider’s stock valued at $4,539,290,000 after acquiring an additional 515,881 shares in the last quarter. State Street Corp boosted its holdings in Cognizant Technology Solutions by 3.6% during the third quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider’s stock valued at $1,928,405,000 after purchasing an additional 867,176 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cognizant Technology Solutions by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider’s stock valued at $1,032,239,000 after purchasing an additional 157,464 shares in the last quarter. Norges Bank bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $527,719,000. Finally, National Bank of Canada FI raised its holdings in shares of Cognizant Technology Solutions by 54.6% in the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider’s stock worth $433,254,000 after buying an additional 1,990,515 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 6.2 %

CTSH stock opened at $68.74 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization of $34.00 billion, a P/E ratio of 15.24, a P/E/G ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The business has a 50-day moving average of $82.21 and a 200-day moving average of $79.40.

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, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. On average, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.80%. Cognizant Technology Solutions’s payout ratio is 27.49%.

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. BMO Capital Markets lifted 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. UBS Group decreased their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $84.56.

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.