Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,927 shares of the information technology service provider’s stock after selling 5,678 shares during the quarter. M&T Bank Corp’s holdings in Cognizant Technology Solutions were worth $7,018,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in shares of Cognizant Technology Solutions during the 3rd quarter valued at approximately $1,972,000. Daiwa Securities Group Inc. raised its holdings in shares of Cognizant Technology Solutions by 12.6% during the third quarter. Daiwa Securities Group Inc. now owns 101,420 shares of the information technology service provider’s stock worth $7,828,000 after purchasing an additional 11,349 shares during the period. Trinity Legacy Partners LLC lifted its position in shares of Cognizant Technology Solutions by 14.3% in the 3rd quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider’s stock worth $4,629,000 after buying an additional 7,547 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Cognizant Technology Solutions by 5.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 119,570 shares of the information technology service provider’s stock valued at $9,228,000 after buying an additional 6,626 shares during the period. Finally, National Pension Service grew its position in shares of Cognizant Technology Solutions by 15.9% during the 3rd quarter. National Pension Service now owns 907,902 shares of the information technology service provider’s stock valued at $70,072,000 after buying an additional 124,740 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Insider Activity

In other Cognizant Technology Solutions news, CAO John Sunshin Kim sold 5,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total transaction of $400,550.00. Following the sale, the chief accounting officer now owns 39,022 shares in the company, valued at approximately $3,126,052.42. The trade was a 11.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Trading Down 0.3 %

Shares of CTSH stock opened at $79.23 on Monday. The stock has a 50-day simple moving average of $78.64 and a 200 day simple moving average of $75.06. The stock has a market capitalization of $39.28 billion, a P/E ratio of 17.53, a P/E/G ratio of 2.24 and a beta of 1.06. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $82.46. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the firm posted $1.16 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.51%. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CTSH. Royal Bank of Canada lifted their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. TD Cowen upped their price objective on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. Barclays raised Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $95.00 in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $80.35.

Cognizant Technology Solutions Company 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.