Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 39.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,550,703 shares of the information technology service provider's stock after selling 2,290,499 shares during the period. Bank of America Corp DE owned approximately 0.72% of Cognizant Technology Solutions worth $273,049,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CTSH. Duncker Streett & Co. Inc. purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter worth $28,000. Trust Co. of Vermont increased its position in Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after buying an additional 292 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $36,000. Spire Wealth Management grew its stake in shares of Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock valued at $37,000 after acquiring an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTSH has been the topic of a number of recent analyst reports. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Royal Bank of Canada reissued a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Finally, TD Securities increased their price target on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Fifteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of "Hold" and an average target price of $83.87.

Cognizant Technology Solutions Stock Down 0.1 %

Shares of CTSH traded down $0.05 during trading hours on Friday, hitting $79.16. The company had a trading volume of 3,665,882 shares, compared to its average volume of 3,575,556. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The company's fifty day moving average price is $75.23 and its two-hundred day moving average price is $78.62. The company has a market capitalization of $39.15 billion, a PE ratio of 17.55, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the previous year, the firm earned $1.12 EPS. The company's quarterly revenue was up 7.5% compared to the same quarter last year. As a group, equities analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.57%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is currently 26.11%.

Cognizant Technology Solutions declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.