Cognizant Technology Solutions Corporation (CTSH) Position Reduced by Boston Financial Mangement LLC

Boston Financial Mangement LLC decreased its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 18.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,003 shares of the information technology service provider’s stock after selling 12,344 shares during the quarter. Boston Financial Mangement LLC’s holdings in Cognizant Technology Solutions Corporation were worth $3,845,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Cognizant Technology Solutions Corporation by 3,470.1% in the 1st quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock valued at $2,425,316,000 after buying an additional 39,606,526 shares in the last quarter. FMR LLC boosted its stake in Cognizant Technology Solutions Corporation by 81.6% in the second quarter. FMR LLC now owns 25,065,752 shares of the information technology service provider’s stock worth $1,664,366,000 after purchasing an additional 11,262,360 shares in the last quarter. State Street Corp boosted its stake in Cognizant Technology Solutions Corporation by 1.8% in the first quarter. State Street Corp now owns 24,267,262 shares of the information technology service provider’s stock worth $1,444,391,000 after purchasing an additional 435,142 shares in the last quarter. Pzena Investment Management LLC boosted its stake in Cognizant Technology Solutions Corporation by 4.4% in the second quarter. Pzena Investment Management LLC now owns 7,010,880 shares of the information technology service provider’s stock worth $465,522,000 after purchasing an additional 296,899 shares in the last quarter. Finally, Swedbank boosted its stake in Cognizant Technology Solutions Corporation by 1.8% in the third quarter. Swedbank now owns 6,621,266 shares of the information technology service provider’s stock worth $480,307,000 after purchasing an additional 116,263 shares in the last quarter. 87.35% of the stock is currently owned by institutional investors and hedge funds.

In related news, President Rajeev Mehta sold 32,000 shares of the business’s stock in a transaction dated 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 directly owns 187,965 shares of the company’s stock, valued at approximately $13,349,274.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allen Shaheen sold 442 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $70.58, for a total value of $31,196.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 281,758 shares of company stock valued at $20,158,801. Corporate insiders own 1.08% of the company’s stock.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, November 1st. The information technology service provider reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the company posted $0.86 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Monday, November 20th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of Infinity. The ex-dividend date is Friday, November 17th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 18.52%.

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A number of equities analysts have commented on the company. BMO Capital Markets boosted their price objective on Cognizant Technology Solutions Corporation from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Thursday. Morgan Stanley boosted their price objective on Cognizant Technology Solutions Corporation from $74.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday. Sanford C. Bernstein boosted their price objective on Cognizant Technology Solutions Corporation from $84.00 to $90.00 and gave the stock an “outperform” rating in a research note on Thursday. Zacks Investment Research lowered Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $78.00 price objective (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, August 9th. Four equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $80.11.

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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