Nomura Asset Management Co. Ltd. Sells 1,472 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Nomura Asset Management Co. Ltd. decreased its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 218,225 shares of the information technology service provider’s stock after selling 1,472 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $16,782,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $527,719,000. State Street Corp lifted its stake in Cognizant Technology Solutions by 3.6% during the 3rd 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 acquiring an additional 867,176 shares in the last quarter. Cibc World Market Inc. boosted its holdings in Cognizant Technology Solutions by 34.0% during the 4th quarter. Cibc World Market Inc. now owns 2,784,668 shares of the information technology service provider’s stock worth $214,141,000 after acquiring an additional 705,946 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cognizant Technology Solutions by 0.9% in 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 acquiring an additional 515,881 shares in the last quarter. Finally, ING Groep NV grew its stake in shares of Cognizant Technology Solutions by 17.9% in the 4th quarter. ING Groep NV now owns 2,921,900 shares of the information technology service provider’s stock worth $224,694,000 after acquiring an additional 443,536 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 2.2 %

CTSH opened at $75.90 on Friday. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The company has a market cap of $37.54 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average of $82.68 and a 200 day moving average of $79.49.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS 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 expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

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

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.63%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio is presently 27.49%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CTSH. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday. UBS Group decreased their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Finally, StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $84.56.

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.