Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lessened its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 20.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 628 shares of the information technology service provider’s stock after selling 158 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cognizant Technology Solutions were worth $48,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. D L Carlson Investment Group Inc. purchased a new stake in Cognizant Technology Solutions during the 4th quarter worth about $3,312,000. AIA Group Ltd acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $233,000. O Shaughnessy Asset Management LLC grew its holdings in shares of Cognizant Technology Solutions by 5.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 83,273 shares of the information technology service provider’s stock worth $6,404,000 after buying an additional 4,582 shares in the last quarter. Walled Lake Planning & Wealth Management LLC raised its position in shares of Cognizant Technology Solutions by 1.5% in the fourth quarter. Walled Lake Planning & Wealth Management LLC now owns 57,986 shares of the information technology service provider’s stock valued at $4,459,000 after buying an additional 864 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Cognizant Technology Solutions by 100.0% during the fourth quarter. Schroder Investment Management Group now owns 284,553 shares of the information technology service provider’s stock valued at $21,839,000 after buying an additional 142,305 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $76.45 on Wednesday. The firm has a market capitalization of $37.81 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The stock’s 50 day moving average price is $82.62 and its 200 day moving average price is $79.51. 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 (NASDAQ:CTSH) last announced its 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%. As a group, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.62%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

Wall Street Analyst Weigh In

CTSH has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Barclays upped their target price 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. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Morgan Stanley dropped their price objective 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. Finally, UBS Group decreased their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $84.56.

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.