Cognizant Technology Solutions Corporation (CTSH) Position Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,270,556 shares of the information technology service provider’s stock after selling 421,955 shares during the quarter. Bank of New York Mellon Corp owned 3.26% of Cognizant Technology Solutions Corporation worth $1,397,886,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CTSH. Achmea Investment Management B.V. acquired a new stake in shares of Cognizant Technology Solutions Corporation during the 1st quarter worth about $5,730,000. Boston Common Asset Management LLC increased its position in shares of Cognizant Technology Solutions Corporation by 0.7% during the 1st quarter. Boston Common Asset Management LLC now owns 93,308 shares of the information technology service provider’s stock worth $5,554,000 after purchasing an additional 621 shares during the last quarter. HM Payson & Co. acquired a new stake in shares of Cognizant Technology Solutions Corporation during the 1st quarter worth about $824,000. Ballentine Partners LLC acquired a new stake in shares of Cognizant Technology Solutions Corporation during the 1st quarter worth about $305,000. Finally, Piedmont Investment Advisors LLC increased its position in shares of Cognizant Technology Solutions Corporation by 0.9% during the 1st quarter. Piedmont Investment Advisors LLC now owns 128,152 shares of the information technology service provider’s stock worth $7,628,000 after purchasing an additional 1,113 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

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In other Cognizant Technology Solutions Corporation news, President Rajeev Mehta sold 32,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $71.02, for a total value of $2,272,640.00. Following the completion of the sale, the president now owns 187,965 shares in the company, valued at $13,349,274.30. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP James Patrick Lennox sold 1,725 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $71.57, for a total value of $123,458.25. Following the completion of the sale, the executive vice president now owns 8,407 shares of the company’s stock, valued at approximately $601,688.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,169 shares of company stock valued at $18,015,096. 1.08% of the stock is owned by company insiders.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded up $0.30 during mid-day trading on Tuesday, reaching $74.56. The company had a trading volume of 1,743,800 shares, compared to its average volume of 3,997,555. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.29 and a current ratio of 3.29. Cognizant Technology Solutions Corporation has a 12-month low of $51.35 and a 12-month high of $76.51. The stock has a market capitalization of $43,787.04, a PE ratio of 22.17, a price-to-earnings-growth ratio of 1.67 and a beta of 1.10.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, November 1st. The information technology service provider reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.13. Cognizant Technology Solutions Corporation had a return on equity of 18.94% and a net margin of 13.42%. The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. research analysts predict that Cognizant Technology Solutions Corporation will post 3.35 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Friday, November 17th. Cognizant Technology Solutions Corporation’s dividend payout ratio is currently 18.52%.

Several equities analysts have weighed in on the company. KeyCorp reaffirmed a “buy” rating and issued a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Friday, September 8th. Bank of America Corporation reaffirmed a “buy” rating and issued a $86.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Tuesday, September 12th. BMO Capital Markets lifted their target price on Cognizant Technology Solutions Corporation from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Thursday, November 2nd. Needham & Company LLC raised Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and lifted their target price for the company from $78.00 to $90.00 in a research report on Wednesday, November 1st. Finally, Credit Suisse Group set a $80.00 target price on Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research report on Friday, August 4th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $81.19.

Cognizant Technology Solutions Corporation Company Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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