KBC Group NV Sells 494,693 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

KBC Group NV decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 21.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,855,511 shares of the information technology service provider’s stock after selling 494,693 shares during the period. KBC Group NV’s holdings in Cognizant Technology Solutions were worth $143,208,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. ICICI Prudential Asset Management Co Ltd boosted its position in Cognizant Technology Solutions by 0.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 285,125 shares of the information technology service provider’s stock worth $22,006,000 after purchasing an additional 1,009 shares during the last quarter. Haverford Trust Co bought a new position in shares of Cognizant Technology Solutions in the 3rd quarter worth approximately $200,000. Victory Capital Management Inc. boosted its holdings in shares of Cognizant Technology Solutions by 8.7% in the third quarter. Victory Capital Management Inc. now owns 953,775 shares of the information technology service provider’s stock worth $73,612,000 after buying an additional 76,522 shares during the last quarter. Aigen Investment Management LP bought a new stake in Cognizant Technology Solutions during the third quarter valued at approximately $714,000. Finally, Versor Investments LP purchased a new stake in Cognizant Technology Solutions during the third quarter valued at approximately $334,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Trading Up 0.7 %

Shares of Cognizant Technology Solutions stock opened at $82.32 on Thursday. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $82.41. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $76.64 and a 200-day moving average price of $72.63. The firm has a market cap of $40.82 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 2.25 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. Equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s payout ratio is 26.55%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CTSH. Robert W. Baird boosted their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. TD Cowen boosted their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a report on Thursday, October 31st. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective on the stock. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.83.

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.