Cognizant Lifts Share Buyback Plan By $2 Bln

(RTTNews) - Cognizant Technology Solutions Corp. (CTSH) announced Tuesday an increase in its share buyback plans.

The Board of Directors approved an increase of $2 billion to the amount authorized under the company's existing stock repurchase program. As of March 24, around $3.1 billion is remaining under the share repurchase authorization.

For 2025, the company lifted its share repurchase expectation by $500 million to $1.1 billion.

The company further reiterated its long-term capital allocation framework, including the flexibility to pursue strategic acquisitions.

At its Investor Day, Cognizant plans to outline its progress against its strategic priorities and unveil its long-term growth strategy.

Cognizant will discuss, among others, its plan to accelerate growth by leading in AI/gen AI, growing in priority industries and geographies and strengthening capabilities in high-growth adjacencies.

CEO Ravi Kumar said, "Cognizant is well positioned to lead in the next wave of AI-driven technology transformation.... We are confident that Cognizant's differentiated capabilities and strategic investments in AI and embedded engineering will enhance our ability to capture outsized growth in the expanding IT services market."

In pre-market activity on the Nasdaq, Cognizant shares were gaining around 0.7 percent to trade at $78.49.