Cullen Frost Bankers Inc. Sells 1,831 Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Cullen Frost Bankers Inc. reduced its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 2.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 65,074 shares of the information technology service provider’s stock after selling 1,831 shares during the period. Cullen Frost Bankers Inc.’s holdings in Cognizant Technology Solutions were worth $4,036,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in Cognizant Technology Solutions by 3.7% during the 2nd quarter. BlackRock Inc. now owns 48,909,575 shares of the information technology service provider’s stock worth $3,100,379,000 after acquiring an additional 1,756,108 shares during the period. State Street Corp grew its holdings in Cognizant Technology Solutions by 2.2% during the 4th quarter. State Street Corp now owns 23,190,247 shares of the information technology service provider’s stock worth $1,438,259,000 after acquiring an additional 498,861 shares during the period. Generation Investment Management LLP grew its holdings in Cognizant Technology Solutions by 24.8% during the 3rd quarter. Generation Investment Management LLP now owns 13,055,572 shares of the information technology service provider’s stock worth $786,794,000 after acquiring an additional 2,597,844 shares during the period. California Public Employees Retirement System grew its holdings in Cognizant Technology Solutions by 7.8% during the 3rd quarter. California Public Employees Retirement System now owns 3,972,744 shares of the information technology service provider’s stock worth $239,417,000 after acquiring an additional 285,994 shares during the period. Finally, First Trust Advisors LP grew its holdings in Cognizant Technology Solutions by 68.2% during the 4th quarter. First Trust Advisors LP now owns 3,548,037 shares of the information technology service provider’s stock worth $220,049,000 after acquiring an additional 1,438,553 shares during the period. 90.39% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have weighed in on CTSH. Berenberg Bank began coverage on Cognizant Technology Solutions in a report on Tuesday, January 21st. They set a “hold” rating and a $63.00 price target for the company. Edward Jones upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Wolfe Research downgraded Cognizant Technology Solutions from a “peer perform” rating to an “underperform” rating and set a $65.00 price target for the company. in a report on Monday, January 6th. BidaskClub upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a report on Friday, February 7th. Finally, BMO Capital Markets decreased their price target on Cognizant Technology Solutions to $75.00 and set an “outperform” rating for the company in a report on Monday, October 28th. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. Cognizant Technology Solutions has an average rating of “Hold” and an average price target of $68.24.

Shares of CTSH opened at $68.42 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.55 and a quick ratio of 2.53. The stock has a 50-day moving average of $63.20 and a 200-day moving average of $62.36. The company has a market cap of $38.12 billion, a PE ratio of 17.40, a P/E/G ratio of 1.55 and a beta of 1.06. Cognizant Technology Solutions Corp has a one year low of $56.73 and a one year high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, February 5th. The information technology service provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.03. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.23 billion. Cognizant Technology Solutions had a return on equity of 20.60% and a net margin of 10.98%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $1.13 EPS. Analysts expect that Cognizant Technology Solutions Corp will post 4.09 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, February 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.29%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.20. Cognizant Technology Solutions’s payout ratio is 20.05%.

Cognizant Technology Solutions declared that its board has initiated a share repurchase plan on Wednesday, February 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

In other Cognizant Technology Solutions news, CFO Karen Mcloughlin sold 725 shares of Cognizant Technology Solutions stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $63.54, for a total transaction of $46,066.50. Following the completion of the transaction, the chief financial officer now owns 67,301 shares in the company, valued at approximately $4,276,305.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Francisco Dsouza sold 62,177 shares of Cognizant Technology Solutions stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $61.81, for a total value of $3,843,160.37. Following the transaction, the director now owns 225,610 shares of the company’s stock, valued at approximately $13,944,954.10. The disclosure for this sale can be found here. Insiders have sold a total of 313,189 shares of company stock valued at $19,422,499 in the last quarter. Company insiders own 0.56% of the company’s stock.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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

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