Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 72.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 769,834 shares of the information technology service provider's stock after selling 1,979,148 shares during the quarter. Bank of Montreal Can owned 0.16% of Cognizant Technology Solutions worth $59,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Cerity Partners LLC raised its position in shares of Cognizant Technology Solutions by 6.8% during the 4th quarter. Cerity Partners LLC now owns 87,689 shares of the information technology service provider's stock valued at $6,748,000 after purchasing an additional 5,578 shares during the period. FMR LLC lifted its holdings in shares of Cognizant Technology Solutions by 1.1% in the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after acquiring an additional 123,745 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Cognizant Technology Solutions by 32.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,878 shares of the information technology service provider's stock valued at $452,000 after purchasing an additional 1,436 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Cognizant Technology Solutions by 40.5% during the fourth quarter. Russell Investments Group Ltd. now owns 1,491,808 shares of the information technology service provider's stock worth $114,694,000 after buying an additional 430,050 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter worth about $1,098,000. 92.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on CTSH shares. Morgan Stanley reduced their price target on shares of 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. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Barclays lifted their price target on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions presently has an average rating of "Hold" and a consensus price target of $84.44.

Cognizant Technology Solutions Trading Up 0.4 %

NASDAQ CTSH traded up $0.26 during trading hours on Tuesday, hitting $71.07. 516,720 shares of the company's stock were exchanged, compared to its average volume of 3,581,403. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The business's 50 day moving average is $80.17 and its 200-day moving average is $79.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $35.15 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. As a group, analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.74%. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Cognizant Technology Solutions declared that its board has authorized a share buyback program 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 reacquire up to 5.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

About Cognizant Technology Solutions

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.