Norges Bank Invests $527.72 Million in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Norges Bank acquired a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,862,400 shares of the information technology service provider’s stock, valued at approximately $527,719,000. Norges Bank owned approximately 1.38% of Cognizant Technology Solutions at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CTSH. Congress Wealth Management LLC DE increased its position in shares of Cognizant Technology Solutions by 0.5% in the fourth quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider’s stock valued at $1,920,000 after buying an additional 126 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its position in Cognizant Technology Solutions by 4.6% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider’s stock worth $222,000 after acquiring an additional 127 shares during the last quarter. Graypoint LLC lifted its holdings in shares of Cognizant Technology Solutions by 2.9% in the fourth quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider’s stock valued at $369,000 after purchasing an additional 134 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Cognizant Technology Solutions by 1.5% in the fourth quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider’s stock valued at $704,000 after purchasing an additional 134 shares during the last quarter. Finally, Sandy Cove Advisors LLC increased its stake in shares of Cognizant Technology Solutions by 3.2% during the 4th quarter. Sandy Cove Advisors LLC now owns 4,336 shares of the information technology service provider’s stock worth $333,000 after purchasing an additional 135 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CTSH shares. Barclays increased their target price on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 10th. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Mizuho upgraded shares of Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. BMO Capital Markets lifted 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 report on Thursday, February 6th. Finally, UBS Group reduced their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Price Performance

CTSH stock opened at $75.90 on Friday. 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 stock has a 50-day moving average price of $82.68 and a two-hundred day moving average price of $79.47. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month 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 earnings per share (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%. As a group, research analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a dividend of $0.31 per share. 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. This represents a $1.24 annualized dividend and a dividend yield of 1.63%. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

Cognizant Technology Solutions declared that its board has approved a stock repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.