ING Groep NV Has $191.28 Million Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

ING Groep NV boosted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 61.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,478,364 shares of the information technology service provider’s stock after purchasing an additional 943,372 shares during the period. Cognizant Technology Solutions accounts for about 1.1% of ING Groep NV’s investment portfolio, making the stock its 15th biggest holding. ING Groep NV owned 0.50% of Cognizant Technology Solutions worth $191,280,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Lifeworks Advisors LLC grew its holdings in Cognizant Technology Solutions by 7.0% during the third quarter. Lifeworks Advisors LLC now owns 3,573 shares of the information technology service provider’s stock worth $276,000 after purchasing an additional 233 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in Cognizant Technology Solutions by 9.6% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,510 shares of the information technology service provider’s stock worth $966,000 after acquiring an additional 1,091 shares during the last quarter. Metis Global Partners LLC grew its stake in shares of Cognizant Technology Solutions by 1.4% in the third quarter. Metis Global Partners LLC now owns 15,882 shares of the information technology service provider’s stock valued at $1,226,000 after acquiring an additional 220 shares in the last quarter. ICICI Prudential Asset Management Co Ltd grew its position in shares of Cognizant Technology Solutions by 0.4% during the 3rd 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 in the last quarter. Finally, Haverford Trust Co acquired a new stake in Cognizant Technology Solutions during the third quarter worth approximately $200,000. 92.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CTSH has been the topic of several research analyst reports. Robert W. Baird raised their price objective on Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. TD Cowen increased their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a research report on Thursday, October 31st. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $73.00 to $75.00 in a research note on Wednesday, August 7th. Royal Bank of Canada increased their target price on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $78.83.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded down $1.14 on Thursday, hitting $81.18. 478,316 shares of the company traded hands, compared to its average volume of 3,806,459. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average price is $76.74 and its 200-day moving average price is $72.70. The company has a market capitalization of $40.25 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 2.25 and a beta of 1.05. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued 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 for the quarter, compared to the consensus estimate of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Equities analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.48%. Cognizant Technology Solutions’s dividend payout ratio is 26.55%.

Cognizant Technology Solutions 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.