Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 161,511 shares of the information technology service provider’s stock after acquiring an additional 5,563 shares during the period. CIBC Asset Management Inc’s holdings in Cognizant Technology Solutions were worth $12,420,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Sierra Ocean LLC acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $46,000. Allworth Financial LP boosted its stake in shares of Cognizant Technology Solutions by 7.7% in the fourth quarter. Allworth Financial LP now owns 2,617 shares of the information technology service provider’s stock valued at $207,000 after purchasing an additional 188 shares during the period. Asset Planning Inc purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $46,000. V Square Quantitative Management LLC boosted its stake in shares of Cognizant Technology Solutions by 9.2% in the fourth quarter. V Square Quantitative Management LLC now owns 12,196 shares of the information technology service provider’s stock valued at $938,000 after purchasing an additional 1,027 shares during the period. Finally, Vontobel Holding Ltd. boosted its stake in shares of Cognizant Technology Solutions by 0.7% in the fourth quarter. Vontobel Holding Ltd. now owns 111,044 shares of the information technology service provider’s stock valued at $8,539,000 after purchasing an additional 756 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada raised their price objective on shares of Cognizant Technology Solutions from $82.00 to $93.00 and gave the company a “sector perform” rating in a research note on Thursday, February 6th. Robert W. Baird raised their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. 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 research note on Thursday, February 6th. Finally, UBS Group lifted their price target on shares of Cognizant Technology Solutions from $83.00 to $86.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Sixteen 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.com, the stock has an average rating of “Hold” and an average price target of $83.67.

Insider Activity

In other news, CAO John Sunshin Kim sold 5,000 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $80.11, for a total value of $400,550.00. Following the transaction, the chief accounting officer now directly owns 39,022 shares of the company’s stock, valued at $3,126,052.42. The trade was a 11.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Stock Down 2.1 %

CTSH stock opened at $88.77 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 2.23 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company’s 50 day moving average is $80.55 and its two-hundred day moving average is $78.24. The stock has a market cap of $44.01 billion, a P/E ratio of 19.68, a PEG ratio of 2.32 and a beta of 1.07.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping 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%. Research analysts expect that Cognizant Technology Solutions Co. will post 4.99 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.40%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, February 18th. Cognizant Technology Solutions’s payout ratio is presently 26.61%.

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.