Cognizant Technology Solutions Corp (NASDAQ:CTSH) Shares Sold by Reynders McVeigh Capital Management LLC

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Reynders McVeigh Capital Management LLC trimmed its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 27.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,969 shares of the information technology service provider’s stock after selling 1,500 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Cognizant Technology Solutions were worth $252,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CTSH. FMR LLC raised its position in shares of Cognizant Technology Solutions by 21.9% in the 1st quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock valued at $1,142,362,000 after purchasing an additional 2,827,833 shares in the last quarter. BlackRock Inc. raised its position in shares of Cognizant Technology Solutions by 4.7% during the 1st quarter. BlackRock Inc. now owns 47,153,467 shares of the information technology service provider’s stock valued at $3,416,269,000 after acquiring an additional 2,129,464 shares in the last quarter. Yacktman Asset Management LP raised its position in shares of Cognizant Technology Solutions by 98.0% during the 2nd quarter. Yacktman Asset Management LP now owns 2,686,111 shares of the information technology service provider’s stock valued at $170,273,000 after acquiring an additional 1,329,559 shares in the last quarter. FIL Ltd raised its position in shares of Cognizant Technology Solutions by 20.7% during the 1st quarter. FIL Ltd now owns 6,537,319 shares of the information technology service provider’s stock valued at $473,628,000 after acquiring an additional 1,122,420 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Cognizant Technology Solutions by 60.2% during the 2nd quarter. First Trust Advisors LP now owns 2,486,713 shares of the information technology service provider’s stock valued at $157,633,000 after acquiring an additional 934,584 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

In other news, CFO Karen Mcloughlin sold 1,500 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $62.85, for a total value of $94,275.00. Following the completion of the transaction, the chief financial officer now owns 67,423 shares of the company’s stock, valued at $4,237,535.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Robert Telesmanic sold 2,484 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $65.00, for a total value of $161,460.00. Following the completion of the transaction, the senior vice president now directly owns 7,337 shares of the company’s stock, valued at approximately $476,905. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,777 shares of company stock valued at $2,760,286. 0.56% of the stock is owned by company insiders.

CTSH has been the topic of several research reports. ValuEngine raised Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. lowered Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $83.00 to $65.00 in a research report on Friday, May 3rd. Bank of America reissued an “underperform” rating and set a $57.00 price target (down from $71.00) on shares of Cognizant Technology Solutions in a research report on Monday, May 6th. Argus lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Daiwa Capital Markets lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $74.48.

CTSH traded down $1.20 during trading on Friday, reaching $60.00. 2,239,196 shares of the company were exchanged, compared to its average volume of 3,449,158. The stock has a market cap of $33.80 billion, a P/E ratio of 14.93, a PEG ratio of 1.53 and a beta of 1.01. The firm has a 50 day moving average of $63.92 and a 200 day moving average of $66.97. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.13. Cognizant Technology Solutions Corp has a 52 week low of $56.73 and a 52 week high of $78.59.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. The firm had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.13 billion. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.05 EPS. As a group, analysts forecast that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, August 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.33%. Cognizant Technology Solutions’s payout ratio is currently 19.90%.

Cognizant Technology Solutions Company 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.

Further Reading: Are Wall Street analysts’ stock ratings worth following?

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

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