Merit Financial Group LLC Boosts Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Merit Financial Group LLC boosted its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 16.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,523 shares of the information technology service provider’s stock after purchasing an additional 508 shares during the quarter. Merit Financial Group LLC’s holdings in Cognizant Technology Solutions were worth $266,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CTSH. Turtle Creek Wealth Advisors LLC bought a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $26,000. NBC Securities Inc. bought a new position in shares of Cognizant Technology Solutions during the 3rd quarter valued at approximately $27,000. Valley National Advisers Inc. boosted its position in shares of Cognizant Technology Solutions by 43.2% during the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after acquiring an additional 178 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $52,000. Finally, Jones Financial Companies Lllp raised its stake in Cognizant Technology Solutions by 39.7% during the third quarter. Jones Financial Companies Lllp now owns 898 shares of the information technology service provider’s stock valued at $61,000 after purchasing an additional 255 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 2nd. Mizuho initiated coverage on Cognizant Technology Solutions in a report on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 target price for the company. Guggenheim initiated coverage on Cognizant Technology Solutions in a report on Tuesday, March 19th. They set a “neutral” rating and a $80.00 price target on the stock. Finally, StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average target price of $75.67.

Insider Buying and Selling

In other news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the sale, the executive vice president now directly owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Cognizant Technology Solutions Trading Up 0.1 %

NASDAQ:CTSH opened at $67.72 on Thursday. The company has a market capitalization of $33.71 billion, a P/E ratio of 16.28, a PEG ratio of 1.51 and a beta of 1.08. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 12 month low of $60.26 and a 12 month high of $80.09. The firm has a fifty day simple moving average of $71.82 and a 200-day simple moving average of $72.57.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. The company had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.11 EPS. On average, equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.6 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Monday, May 20th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.77%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

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.