M&T Bank Corp Trims Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

M&T Bank Corp decreased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 90,927 shares of the information technology service provider’s stock after selling 5,678 shares during the period. M&T Bank Corp’s holdings in Cognizant Technology Solutions were worth $7,018,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CTSH. Unigestion Holding SA increased its position in Cognizant Technology Solutions by 148.6% during the 3rd quarter. Unigestion Holding SA now owns 10,256 shares of the information technology service provider’s stock worth $792,000 after purchasing an additional 6,131 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Cognizant Technology Solutions by 118.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 271,533 shares of the information technology service provider’s stock worth $20,957,000 after purchasing an additional 147,511 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Cognizant Technology Solutions during the third quarter worth about $968,000. Coldstream Capital Management Inc. raised its position in shares of Cognizant Technology Solutions by 14.8% in the third quarter. Coldstream Capital Management Inc. now owns 8,172 shares of the information technology service provider’s stock valued at $636,000 after buying an additional 1,052 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Cognizant Technology Solutions by 1.3% during the third quarter. Geode Capital Management LLC now owns 13,280,223 shares of the information technology service provider’s stock valued at $1,022,728,000 after buying an additional 173,667 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CAO John Sunshin Kim sold 5,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total transaction of $400,550.00. Following the completion of the transaction, the chief accounting officer now directly owns 39,022 shares in the company, valued at approximately $3,126,052.42. This represents a 11.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Cognizant Technology Solutions Stock Down 0.3 %

Shares of NASDAQ:CTSH opened at $79.23 on Monday. The company has a market capitalization of $39.28 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 2.24 and a beta of 1.06. The company has a 50 day moving average of $78.64 and a two-hundred day moving average of $75.06. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-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 released its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business’s revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $1.16 EPS. As a group, analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

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

Analyst Ratings Changes

Several research firms have commented on CTSH. Barclays raised shares of Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $80.00 to $95.00 in a research note on Tuesday, December 17th. Royal Bank of Canada increased their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and a consensus target price of $80.35.

Cognizant Technology Solutions 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.