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

Sumitomo Mitsui Trust Group Inc. trimmed its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 5.2% during the third quarter, Holdings Channel reports. The firm owned 1,177,773 shares of the information technology service provider’s stock after selling 64,903 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Cognizant Technology Solutions were worth $67,651,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in CTSH. Marquette Asset Management LLC increased its holdings in shares of Cognizant Technology Solutions by 183.9% during the 3rd quarter. Marquette Asset Management LLC now owns 545 shares of the information technology service provider’s stock worth $31,000 after acquiring an additional 353 shares during the last quarter. Pension & Wealth Management Advisors Inc. bought a new stake in Cognizant Technology Solutions in the 3rd quarter valued at $35,000. Signature Equity Partners LLC lifted its holdings in Cognizant Technology Solutions by 102.4% during the 1st quarter. Signature Equity Partners LLC now owns 599 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 303 shares during the last quarter. Alpine Bank Wealth Management acquired a new stake in Cognizant Technology Solutions during the 3rd quarter valued at $38,000. Finally, Nvwm LLC boosted its position in Cognizant Technology Solutions by 2,059.2% during the third quarter. Nvwm LLC now owns 1,058 shares of the information technology service provider’s stock worth $60,000 after purchasing an additional 1,009 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $63.83 on Wednesday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $28.75 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.21 and a beta of 0.83. Cognizant Technology Solutions Corporation has a 12-month low of $37.08 and a 12-month high of $87.03. The firm has a 50-day moving average price of $62.30 and a two-hundred day moving average price of $59.08.

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

Cognizant Technology Solutions Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have commented on CTSH shares. Royal Bank Of Canada upped their price objective on shares of Cognizant Technology Solutions from $47.00 to $55.00 and gave the company a “sector perform” rating in a report on Friday, October 30th. Wedbush reaffirmed an “outperform” rating and set a $70.00 target price on shares of Cognizant Technology Solutions in a report on Friday, October 9th. Guggenheim reiterated a “buy” rating and issued a $80.00 price target (up from $65.00) on shares of Cognizant Technology Solutions in a research note on Tuesday, October 27th. Citigroup reissued a “neutral” rating on shares of Cognizant Technology Solutions in a report on Monday, October 19th. Finally, Daiwa Securities Group raised their price objective on shares of Cognizant Technology Solutions from $42.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, September 25th. Ten equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus target price of $68.17.

Cognizant Technology Solutions 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.