64,903 Cognizant Technology Solutions Corporation $CTSH Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 5.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,177,773 shares of the information technology service provider’s stock after selling 64,903 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Cognizant Technology Solutions worth $67,651,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Aware Super Pty Ltd as trustee of Aware Super bought a new position in Cognizant Technology Solutions in the first quarter worth $29,510,000. Artemis Investment Management LLP raised its stake in Cognizant Technology Solutions by 289.6% during the third quarter. Artemis Investment Management LLP now owns 2,905,584 shares of the information technology service provider’s stock worth $166,897,000 after acquiring an additional 2,159,704 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Cognizant Technology Solutions during the second quarter valued at $2,929,000. Lazard Asset Management LLC lifted its holdings in shares of Cognizant Technology Solutions by 752.1% during the first quarter. Lazard Asset Management LLC now owns 1,317,166 shares of the information technology service provider’s stock valued at $80,808,000 after acquiring an additional 1,162,580 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Cognizant Technology Solutions by 246.5% in the third quarter. State of Alaska Department of Revenue now owns 160,866 shares of the information technology service provider’s stock valued at $9,240,000 after buying an additional 114,435 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTSH. Weiss Ratings upgraded shares of Cognizant Technology Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 19th. JPMorgan Chase & Co. boosted their price objective on Cognizant Technology Solutions from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. TD Cowen restated a “hold” rating and set a $60.00 target price (up from $54.00) on shares of Cognizant Technology Solutions in a report on Tuesday, October 13th. Morgan Stanley dropped their target price on shares of Cognizant Technology Solutions from $70.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday, October 30th. Finally, Susquehanna set a $82.00 price target on shares of Cognizant Technology Solutions and gave the company a “positive” rating in a report on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $68.17.

Cognizant Technology Solutions Price Performance

Shares of CTSH opened at $63.83 on Wednesday. The stock has a 50 day simple moving average of $62.30 and a 200 day simple moving average of $59.08. Cognizant Technology Solutions Corporation has a 52-week low of $37.08 and a 52-week high of $87.03. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a market capitalization of $28.75 billion, a PE ratio of 11.65, a P/E/G ratio of 1.21 and a beta of 0.83.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Thursday, October 29th. The information technology service provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.64 billion. Cognizant Technology Solutions had a net margin of 11.75% and a return on equity of 17.72%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Sell-side analysts predict that Cognizant Technology Solutions Corporation will post 5.76 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Friday, November 13th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 13th. Cognizant Technology Solutions’s dividend payout ratio is currently 24.09%.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corporation is a global information technology services and consulting company that helps organizations modernize their technology infrastructure, operations and customer experiences. The company serves businesses across industries including financial services, healthcare, life sciences, manufacturing, retail and communications.

Cognizant’s services include consulting, application development and modernization, cloud computing, data and artificial intelligence, digital engineering, cybersecurity and business process services.