Sumitomo Mitsui Trust Holdings Inc. Has $102.65 Million Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,400,548 shares of the information technology service provider’s stock after selling 23,449 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cognizant Technology Solutions were worth $102,646,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at about $26,000. Spire Wealth Management raised its position in shares of Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 193 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at about $40,000. Quarry LP acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at about $43,000. Finally, Valley National Advisers Inc. raised its position in shares of Cognizant Technology Solutions by 43.2% during the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after buying an additional 178 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Guggenheim initiated coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, March 19th. They set a “neutral” rating and a $80.00 price objective for the company. Evercore ISI increased their price target on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an “in-line” rating in a research report on Tuesday, March 26th. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Citigroup dropped their price target on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $75.44.

Cognizant Technology Solutions Price Performance

CTSH opened at $68.30 on Thursday. Cognizant Technology Solutions Co. has a one year low of $62.14 and a one year high of $80.09. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.35. The company’s 50 day simple moving average is $67.14 and its 200-day simple moving average is $72.24. The stock has a market capitalization of $33.96 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 2.03 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. Cognizant Technology Solutions’s revenue was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Monday, May 20th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.20 annualized dividend and a yield of 1.76%. 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.