Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Synovus Financial Corp

Synovus Financial Corp decreased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,821 shares of the information technology service provider’s stock after selling 193 shares during the period. Synovus Financial Corp’s holdings in Cognizant Technology Solutions were worth $1,447,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CTSH. Duncker Streett & Co. Inc. purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at $28,000. Trust Co. of Vermont increased its position in shares of Cognizant Technology Solutions by 188.4% during the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $36,000. Spire Wealth Management boosted its position in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $37,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of research reports. Barclays boosted their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Mizuho upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. BMO Capital Markets raised their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research report on Thursday, February 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Finally, Morgan Stanley decreased their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus target price of $84.44.

Cognizant Technology Solutions Stock Up 0.6 %

Cognizant Technology Solutions stock opened at $71.26 on Wednesday. The stock’s 50 day moving average price is $79.86 and its 200 day moving average price is $78.99. The company has a market cap of $35.25 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. 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 issued its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping 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, sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its board has authorized a share repurchase program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were issued a $0.31 dividend. 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 dividend on an annualized basis and a yield of 1.74%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 27.49%.

Cognizant Technology Solutions 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.