Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 12.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,765,505 shares of the information technology service provider’s stock after selling 2,837,648 shares during the period. Bank of New York Mellon Corp’s holdings in Cognizant Technology Solutions were worth $1,368,959,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CTSH. Ameriprise Financial Inc. lifted its position in Cognizant Technology Solutions by 8.0% in the first quarter. Ameriprise Financial Inc. now owns 1,018,777 shares of the information technology service provider’s stock valued at $79,585,000 after acquiring an additional 75,065 shares during the last quarter. National Pension Service lifted its position in Cognizant Technology Solutions by 3.9% in the first quarter. National Pension Service now owns 831,811 shares of the information technology service provider’s stock valued at $64,981,000 after acquiring an additional 31,576 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Cognizant Technology Solutions in the second quarter valued at $3,165,000. Envestnet Asset Management Inc. lifted its position in Cognizant Technology Solutions by 4.8% in the second quarter. Envestnet Asset Management Inc. now owns 999,939 shares of the information technology service provider’s stock valued at $69,256,000 after acquiring an additional 45,414 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in Cognizant Technology Solutions by 11.9% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 21,482 shares of the information technology service provider’s stock valued at $1,678,000 after acquiring an additional 2,280 shares during the last quarter. Hedge funds and other institutional investors own 89.04% of the company’s stock.

CTSH traded up $0.09 on Tuesday, hitting $75.15. 54,081 shares of the company were exchanged, compared to its average volume of 3,311,143. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.03 and a current ratio of 2.03. The business’s fifty day moving average is $74.11 and its 200 day moving average is $74.38. Cognizant Technology Solutions Co. has a fifty-two week low of $65.58 and a fifty-two week high of $82.73. The firm has a market capitalization of $39.50 billion, a P/E ratio of 23.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.15.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Tuesday, July 27th. The information technology service provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.96 by $0.03. The business had revenue of $4.59 billion for the quarter, compared to analyst estimates of $4.45 billion. Cognizant Technology Solutions had a net margin of 9.65% and a return on equity of 17.41%. Analysts forecast that Cognizant Technology Solutions Co. will post 4.04 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 31st. Stockholders of record on Friday, August 20th were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $0.96 annualized dividend and a dividend yield of 1.28%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.07%.

CTSH has been the subject of a number of research reports. Susquehanna Bancshares reduced their price target on shares of Cognizant Technology Solutions from $99.00 to $91.00 and set a “positive” rating for the company in a research report on Wednesday, June 30th. Susquehanna reduced their target price on shares of Cognizant Technology Solutions from $99.00 to $91.00 and set a “positive” rating for the company in a report on Wednesday, June 30th. Wedbush reaffirmed an “outperform” rating on shares of Cognizant Technology Solutions in a report on Thursday, July 29th. Societe Generale upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $92.00 price target on the stock in a research note on Thursday, July 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cognizant Technology Solutions from $83.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Buy” and a consensus price target of $83.13.

In other news, EVP Becky Schmitt sold 2,888 shares of the stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $69.43, for a total value of $200,513.84. Following the sale, the executive vice president now directly owns 18,222 shares in the company, valued at $1,265,153.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services; Healthcare; Products and Resources; and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.

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

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