Allianz SE Acquires New Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Allianz SE bought a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,400 shares of the information technology service provider’s stock, valued at approximately $184,000.

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

Cognizant Technology Solutions Stock Up 0.8 %

CTSH stock opened at $76.50 on Tuesday. The company has a market cap of $37.84 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. The company has a fifty day moving average price of $82.66 and a 200 day moving average price of $79.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. 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 announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. 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. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

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

Analyst Ratings Changes

Several brokerages recently weighed in on CTSH. Morgan Stanley reduced their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Finally, StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cognizant Technology Solutions 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.