Corebridge Financial Inc. Cuts Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Corebridge Financial Inc. cut its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Retirement Systems of Alabama increased its holdings in shares of Cognizant Technology Solutions by 3.5% in the third quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider's stock worth $91,678,000 after purchasing an additional 40,226 shares during the last quarter. CGN Advisors LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $1,294,000. ICICI Prudential Asset Management Co Ltd boosted its holdings in Cognizant Technology Solutions by 50.7% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 429,660 shares of the information technology service provider's stock valued at $33,041,000 after acquiring an additional 144,535 shares during the period. Todd Asset Management LLC increased its stake in Cognizant Technology Solutions by 24.4% in the fourth quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider's stock worth $33,568,000 after purchasing an additional 85,539 shares during the period. Finally, Matthews International Capital Management LLC boosted its stake in shares of Cognizant Technology Solutions by 52.0% during the fourth quarter. Matthews International Capital Management LLC now owns 50,108 shares of the information technology service provider's stock valued at $3,853,000 after purchasing an additional 17,134 shares during the period. Institutional investors own 92.44% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays raised 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 report on Monday, February 10th. Morgan Stanley dropped their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. StockNews.com upgraded Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday. Fourteen equities 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.com, the company presently has an average rating of "Hold" and a consensus price target of $84.56.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded down $1.68 during trading hours on Friday, hitting $75.90. 3,781,676 shares of the company's stock traded hands, compared to its average volume of 3,571,263. The company has a market capitalization of $37.54 billion, a PE ratio of 16.83, a PEG ratio of 2.11 and a beta of 1.12. The firm's 50-day moving average is $82.68 and its 200-day moving average is $79.51. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 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 analysts forecast that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors 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 1.63%. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are generally an indication 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.