Bank of New York Mellon Corp Sells 420,893 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Bank of New York Mellon Corp cut its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,119,118 shares of the information technology service provider's stock after selling 420,893 shares during the quarter. Bank of New York Mellon Corp owned 2.05% of Cognizant Technology Solutions worth $774,112,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at about $36,000. Park Square Financial Group LLC acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $36,000. CoreCap Advisors LLC grew its stake in Cognizant Technology Solutions by 21.5% during the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock worth $55,000 after buying an additional 126 shares during the last quarter. Pinney & Scofield Inc. acquired a new position in Cognizant Technology Solutions during the 4th quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $56,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CTSH shares. Morgan Stanley lowered their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. TD Securities raised their target price on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and upped their target price for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Finally, Robert W. Baird upped their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of "Hold" and an average target price of $85.00.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded down $0.52 on Monday, hitting $80.46. 2,091,305 shares of the stock traded hands, compared to its average volume of 3,564,164. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The business's fifty day moving average is $79.01 and its two-hundred day moving average is $78.82. Cognizant Technology Solutions Corporation has a 12 month low of $65.52 and a 12 month high of $90.82. The firm has a market capitalization of $39.66 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 1.86 and a beta of 0.96.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 EPS. As a group, equities analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were paid a $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.54%. Cognizant Technology Solutions's dividend payout ratio is currently 26.11%.

Cognizant Technology Solutions announced that its board has authorized a stock repurchase plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are often an indication 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.