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

Corebridge Financial Inc. decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.3% during the 4th quarter, Holdings Channel reports. The firm owned 169,199 shares of the information technology service provider’s stock after selling 5,829 shares during the quarter. Corebridge Financial Inc.’s holdings in Cognizant Technology Solutions were worth $13,011,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CTSH. Duncker Streett & Co. Inc. acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $28,000. Trust Co. of Vermont lifted its holdings in shares of Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Spire Wealth Management increased its stake in shares of Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after purchasing an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Price Performance

CTSH opened at $78.82 on Wednesday. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The firm 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. The company has a fifty day simple moving average of $82.72 and a 200 day simple moving average of $79.50.

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

Cognizant Technology Solutions announced that its board has initiated a stock repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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 given a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.57%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Analyst Ratings Changes

CTSH has been the subject of several recent research reports. Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $82.00 to $93.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 6th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. BMO Capital Markets lifted their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Barclays lifted their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Fifteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $83.71.

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.