Summit Investment Advisors Inc. Acquires 671 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Summit Investment Advisors Inc. lifted its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,606 shares of the information technology service provider’s stock after acquiring an additional 671 shares during the period. Summit Investment Advisors Inc.’s holdings in Cognizant Technology Solutions were worth $1,585,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Duncker Streett & Co. Inc. bought a new position in shares of Cognizant Technology Solutions during the 4th quarter worth about $28,000. Trust Co. of Vermont increased its stake in Cognizant Technology Solutions by 188.4% during the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 292 shares during the period. SBI Securities Co. Ltd. bought a new position in Cognizant Technology Solutions during the fourth quarter valued at about $36,000. Spire Wealth Management lifted its position in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after acquiring an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $37,000. Institutional investors own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CTSH shares. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. UBS Group reduced their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Barclays upped their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Morgan Stanley decreased their price objective on 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.44.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH opened at $71.26 on Wednesday. The business has a fifty day moving average of $79.86 and a 200-day moving average of $78.99. The firm has a market cap of $35.25 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve 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 earnings per share (EPS) 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%. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a $0.31 dividend. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 annualized dividend and a yield of 1.74%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 27.49%.

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

About Cognizant Technology Solutions

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.