Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 169,199 shares of the information technology service provider’s stock after selling 5,829 shares during the period. Corebridge Financial Inc.’s holdings in Cognizant Technology Solutions were worth $13,011,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Congress Wealth Management LLC DE increased its holdings in Cognizant Technology Solutions by 0.5% in the fourth quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider’s stock valued at $1,920,000 after buying an additional 126 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cognizant Technology Solutions by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider’s stock worth $4,539,290,000 after acquiring an additional 515,881 shares in the last quarter. Napatree Capital LLC purchased a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $214,000. Stevens Capital Management LP acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $816,000. Finally, LPL Financial LLC lifted its stake in Cognizant Technology Solutions by 36.4% during the fourth quarter. LPL Financial LLC now owns 260,691 shares of the information technology service provider’s stock worth $20,047,000 after purchasing an additional 69,509 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. UBS Group cut their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Barclays boosted their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Royal Bank of Canada raised their price objective on Cognizant Technology Solutions from $82.00 to $93.00 and gave the stock a “sector perform” rating in a report on Thursday, February 6th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Finally, BMO Capital Markets raised their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research note on Thursday, February 6th. Fifteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $83.71.

Cognizant Technology Solutions Stock Up 1.1 %

Shares of NASDAQ:CTSH opened at $78.82 on Wednesday. The company has a market cap of $38.99 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The firm’s 50-day simple moving average is $82.72 and its 200-day simple moving average is $79.50. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. As a group, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.57%. Cognizant Technology Solutions’s dividend payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.