Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Get Free Report) announced a quarterly dividend on Wednesday, July 29th. Investors of record on Tuesday, August 18th will be paid a dividend of 0.33 per share by the information technology service provider on Tuesday, August 25th. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 18th.
Cognizant Technology Solutions has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 6 years. Cognizant Technology Solutions has a dividend payout ratio of 24.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cognizant Technology Solutions to earn $6.20 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 21.3%.
Cognizant Technology Solutions Stock Up 11.3%
Cognizant Technology Solutions stock traded up $5.71 during trading on Wednesday, reaching $56.02. The stock had a trading volume of 18,262,077 shares, compared to its average volume of 8,336,856. Cognizant Technology Solutions has a 52-week low of $37.08 and a 52-week high of $87.03. The business has a 50 day moving average price of $47.04 and a 200 day moving average price of $59.01. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.04. The stock has a market cap of $26.54 billion, a PE ratio of 12.18, a P/E/G ratio of 1.03 and a beta of 0.87.
Cognizant Technology Solutions announced that its board has initiated a stock buyback program on Monday, May 18th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to repurchase up to 9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
About Cognizant Technology Solutions
Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.
Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.
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