BB&T Corp Trims Holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

BB&T Corp lessened its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 13.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,397 shares of the information technology service provider’s stock after selling 7,298 shares during the period. BB&T Corp’s holdings in Cognizant Technology Solutions were worth $2,796,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. North Star Investment Management Corp. purchased a new position in shares of Cognizant Technology Solutions during the 3rd quarter worth approximately $25,000. Field & Main Bank grew its holdings in shares of Cognizant Technology Solutions by 350.0% during the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock worth $29,000 after acquiring an additional 350 shares during the period. Berman Capital Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 137.7% during the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock worth $40,000 after acquiring an additional 369 shares during the period. Citizens Financial Group Inc RI grew its holdings in shares of Cognizant Technology Solutions by 35.3% during the 2nd quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock worth $46,000 after acquiring an additional 187 shares during the period. Finally, YorkBridge Wealth Partners LLC grew its holdings in shares of Cognizant Technology Solutions by 52.7% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 892 shares of the information technology service provider’s stock worth $57,000 after acquiring an additional 308 shares during the period. Institutional investors own 91.23% of the company’s stock.

A number of research analysts have weighed in on the company. BidaskClub downgraded Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Friday, October 11th. BMO Capital Markets reduced their target price on Cognizant Technology Solutions to $75.00 and set an “outperform” rating on the stock in a report on Monday, October 28th. ValuEngine upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. UBS Group downgraded Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $62.00 to $60.00 in a report on Friday, August 2nd. Finally, Citigroup reduced their target price on Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company. Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average target price of $71.48.

In related news, insider Malcolm Frank sold 678 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $62.22, for a total value of $42,185.16. Following the transaction, the insider now directly owns 32,402 shares of the company’s stock, valued at approximately $2,016,052.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Matthew W. Friedrich sold 3,104 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $62.23, for a total value of $193,161.92. The disclosure for this sale can be found here. Insiders sold a total of 18,823 shares of company stock worth $1,169,337 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Cognizant Technology Solutions stock opened at $62.26 on Thursday. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $33.82 billion, a P/E ratio of 15.49, a PEG ratio of 1.40 and a beta of 1.05. The stock’s 50 day moving average is $60.70 and its 200 day moving average is $62.81. Cognizant Technology Solutions Corp has a twelve month low of $56.73 and a twelve month high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.03. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.21 billion. Cognizant Technology Solutions had a return on equity of 20.23% and a net margin of 12.60%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 EPS. As a group, equities analysts expect that Cognizant Technology Solutions Corp will post 3.97 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be paid a $0.20 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.80 annualized dividend and a dividend yield of 1.28%. Cognizant Technology Solutions’s payout ratio is currently 19.90%.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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