M&T Bank Corp Has $7.38 Million Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

M&T Bank Corp trimmed its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,692 shares of the information technology service provider’s stock after selling 558 shares during the quarter. M&T Bank Corp’s holdings in Cognizant Technology Solutions were worth $7,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $26,000. NBC Securities Inc. bought a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $27,000. Valley National Advisers Inc. increased its position in Cognizant Technology Solutions by 43.2% in the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after buying an additional 178 shares during the period. Bruce G. Allen Investments LLC bought a new position in Cognizant Technology Solutions in the 4th quarter worth approximately $52,000. Finally, Exchange Traded Concepts LLC increased its position in Cognizant Technology Solutions by 26.5% during the third quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after acquiring an additional 162 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cognizant Technology Solutions

In related news, EVP Kathryn Diaz sold 900 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the sale, the executive vice president now directly owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday. BMO Capital Markets decreased their price target on Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 30th. Susquehanna cut their price objective on Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research report on Thursday. Barclays cut their price target on Cognizant Technology Solutions from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, April 26th. Finally, Citigroup decreased their price objective on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $75.67.

Cognizant Technology Solutions Stock Performance

CTSH stock opened at $66.25 on Monday. Cognizant Technology Solutions Co. has a 1-year low of $60.26 and a 1-year high of $80.09. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. The firm has a market cap of $32.98 billion, a PE ratio of 15.93, a P/E/G ratio of 1.51 and a beta of 1.08. The business’s 50-day moving average price is $72.31 and its two-hundred day moving average price is $72.55.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.11 earnings per share. As a group, research analysts forecast that Cognizant Technology Solutions Co. will post 4.6 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, May 29th. Investors of record on Monday, May 20th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.20 annualized dividend and a yield of 1.81%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.