Cognizant Technology Solutions (NASDAQ:CTSH) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a neutral rating to an overweight rating in a research report sent to investors on Monday, MarketBeat.com reports. They currently have $98.00 price target on the information technology service provider’s stock, up from their previous price target of $88.00.

CTSH has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Morgan Stanley lowered their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $85.00.

Cognizant Technology Solutions Trading Up 0.2%

NASDAQ CTSH opened at $81.57 on Monday. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $90.82. 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 of $75.04 and a 200-day moving average of $78.92. The firm has a market cap of $40.21 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the company posted $1.12 EPS. Cognizant Technology Solutions’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.52%. Cognizant Technology Solutions’s payout ratio is currently 26.11%.

Cognizant Technology Solutions announced that its board has authorized a stock repurchase program 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 reacquire up to 5.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Cognizant Technology Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Duncker Streett & Co. Inc. purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $28,000. Trust Co. of Vermont boosted its stake in Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $36,000. Park Square Financial Group LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $36,000. Finally, Spire Wealth Management boosted its stake in Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

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.