M&T Bank Corp Sells 14,186 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

M&T Bank Corp decreased its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 74,396 shares of the information technology service provider's stock after selling 14,186 shares during the quarter. M&T Bank Corp's holdings in Cognizant Technology Solutions were worth $5,691,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Brighton Jones LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $214,000. Steward Partners Investment Advisory LLC raised its position in shares of Cognizant Technology Solutions by 3.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,441 shares of the information technology service provider's stock valued at $342,000 after acquiring an additional 166 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $10,059,000. Raymond James Financial Inc. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $27,114,000. Finally, Independent Advisor Alliance bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $328,000. Institutional investors and hedge funds own 92.44% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CTSH. Susquehanna upgraded shares of 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 report on Thursday, May 1st. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $88.00 to $98.00 in a research report on Monday, May 19th. TD Securities upped their price objective on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. UBS Group lowered their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. Finally, Robert W. Baird upped their price objective on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research report 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $85.00.

Cognizant Technology Solutions Stock Down 1.8%

Shares of Cognizant Technology Solutions stock traded down $1.37 during trading hours on Friday, reaching $75.36. 2,673,338 shares of the company's stock were exchanged, compared to its average volume of 3,551,842. The company has a 50 day moving average of $79.48 and a two-hundred day moving average of $78.84. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.52 and a fifty-two week high of $90.82. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The stock has a market cap of $37.15 billion, a P/E ratio of 15.87, a P/E/G ratio of 1.77 and a beta of 0.96.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period last year, the business posted $1.12 EPS. Cognizant Technology Solutions's revenue was up 7.5% on a year-over-year basis. On average, sell-side analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were paid a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.65%. Cognizant Technology Solutions's dividend payout ratio (DPR) is currently 26.11%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a stock buyback plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board 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.