Cognizant Technology, Inc. (NASDAQ:CTSH) stock fell 0.41% (As on October 10, 11:24:51 AM UTC-4, Source: Google Finance) after JPMorgan downgraded the information technology services and consulting company to Neutral from Overweight while also lowering the target price for the stock to $77 from $82. Third quarter revenue is expected to be $4.98-$5.03 billion, or growth of 5.0%-6.0% (7.5%-8.5% in constant currency). Full-year 2022 revenue is expected to be $19.7-$19.9 billion, or growth of 6.3%-7.3% (8.5%-9.5% in constant currency). Full-year 2022 Adjusted Operating Margin is expected to expand 20 basis points to 30 basis points to 15.6% – 15.7%. Full-year 2022 Adjusted Diluted EPS is expected to be in the range of $4.51-$4.57.
Meanwhile, CTSH has announced that it has extended its long-standing relationship with Centrica, the largest supplier of energy and energy services to the United Kingdom, to deliver business critical services encompassing application testing and management of its IT infrastructure landscape. As part of the new contract, Cognizant will provide a combination of application, non-production environment management and testing, and cloud infrastructure support. Since 2005, Cognizant has provided Centrica with a broad range of consulting, AIA, data, cloud and digital engineering services, including SAP business transformation services, addressing the need for accelerated digital transformation, agility, speed and infrastructure security.
On the other hand, Financial Services revenue grew 2.7% year-over-year, or 5.1% in constant currency, driven by growth in U.S. regional banking clients, strength in the United Kingdom and solid performance within insurance. The sale of the Samlink subsidiary, which closed on February 1, 2022, negatively impacted segment revenue growth by approximately 190 basis points. Health Sciences revenue grew 6.3% year-over-year, or 7.6% in constant currency. Growth was driven by digital services among pharmaceutical clients and sustained demand for integrated software solutions among our healthcare clients. Products and Resources revenue grew 8.1% year-over-year, or 11.6% in constant currency, driven in part by strength among automotive, logistics, retail and consumer goods clients. Segment growth includes the benefit of acquisitions closed in Q2 2021. Communications, Media and Technology revenue grew 16.1% year-over-year, or 19.5% in constant currency, driven by strength among digital native companies. Bookings Q2 bookings declined 3% year-over-year. This resulted in trailing 12-month bookings of $23.2 billion, which represented a book-to-bill of approximately 1.2x.
Additionally, the Company repurchased 4.2 million shares for $300 million during the second quarter and 9.2 million shares for $744 million year-to-date under its share repurchase program. As of June 30, 2022, there was $1.4 billion remaining under the share repurchase authorization.