Bayesian Capital Management LP Buys Shares of 30,700 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Bayesian Capital Management LP purchased a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 30,700 shares of the information technology service provider’s stock, valued at approximately $2,361,000.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its stake in 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 worth $4,539,290,000 after purchasing an additional 515,881 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 worth $1,032,239,000 after acquiring an additional 157,464 shares during the period. FMR LLC lifted its position in Cognizant Technology Solutions by 1.1% in the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider’s stock valued at $857,205,000 after acquiring an additional 123,745 shares in the last quarter. Invesco Ltd. boosted its stake in Cognizant Technology Solutions by 2.8% in the 4th quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider’s stock worth $819,383,000 after purchasing an additional 287,973 shares during the period. Finally, Norges Bank acquired a new position in Cognizant Technology Solutions in the 4th quarter worth $527,719,000. Institutional investors own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Susquehanna upgraded Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and boosted their price target for the company from $77.00 to $90.00 in a report on Thursday. BMO Capital Markets raised their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research note on Thursday, February 6th. Morgan Stanley cut their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Fifteen equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $83.87.

Cognizant Technology Solutions Trading Up 3.3 %

Shares of NASDAQ:CTSH opened at $77.70 on Friday. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The company has a market capitalization of $38.43 billion, a P/E ratio of 17.23, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. The company has a 50-day simple moving average of $75.76 and a 200 day simple moving average of $78.57.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $1.12 earnings per share. Sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

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

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be issued a $0.31 dividend. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

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.