Jensen Investment Management Inc. Sells 4,596 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Jensen Investment Management Inc. reduced its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.5% during the 2nd quarter, Holdings Channel reports. The fund owned 125,664 shares of the information technology service provider’s stock after selling 4,596 shares during the period. Jensen Investment Management Inc.’s holdings in Cognizant Technology Solutions were worth $8,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Arizona State Retirement System raised its holdings in Cognizant Technology Solutions by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 144,328 shares of the information technology service provider’s stock valued at $9,814,000 after acquiring an additional 439 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Cognizant Technology Solutions by 26.3% during the second quarter. Victory Capital Management Inc. now owns 877,253 shares of the information technology service provider’s stock worth $59,653,000 after purchasing an additional 182,456 shares during the period. National Bank of Canada FI increased its holdings in shares of Cognizant Technology Solutions by 55.5% during the second quarter. National Bank of Canada FI now owns 1,838,558 shares of the information technology service provider’s stock worth $124,543,000 after purchasing an additional 655,942 shares during the period. Foster & Motley Inc. increased its holdings in shares of Cognizant Technology Solutions by 11.0% during the second quarter. Foster & Motley Inc. now owns 54,245 shares of the information technology service provider’s stock worth $3,689,000 after purchasing an additional 5,396 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Cognizant Technology Solutions by 4.7% during the second quarter. TD Asset Management Inc now owns 411,113 shares of the information technology service provider’s stock worth $27,956,000 after purchasing an additional 18,407 shares during the period. 92.44% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the transaction, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CTSH. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Barclays raised their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group increased their price target on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. Finally, StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $76.61.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded up $0.48 during mid-day trading on Friday, reaching $77.24. The company had a trading volume of 134,757 shares, compared to its average volume of 3,992,628. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. The company has a market cap of $38.40 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.21 and a beta of 1.05. The business has a fifty day simple moving average of $73.68 and a 200 day simple moving average of $71.61.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.10 earnings per share. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

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.