Hsbc Holdings PLC Buys 3,419 Shares of CGI (GIB)

Hsbc Holdings PLC raised its stake in CGI (NYSE:GIB) (TSE:GIB.A) by 4.4% in the 3rd quarter, Holdings Channel reports. The firm owned 80,848 shares of the technology company’s stock after acquiring an additional 3,419 shares during the period. Hsbc Holdings PLC’s holdings in CGI were worth $5,241,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GIB. Raymond James Financial Services Advisors Inc. acquired a new stake in CGI during the second quarter worth about $449,000. Virginia Retirement Systems ET AL acquired a new stake in CGI during the second quarter worth about $2,723,000. State of Wisconsin Investment Board raised its stake in CGI by 1.4% during the second quarter. State of Wisconsin Investment Board now owns 304,868 shares of the technology company’s stock worth $19,308,000 after acquiring an additional 4,142 shares during the period. Dean Capital Investments Management LLC acquired a new stake in CGI during the second quarter worth about $397,000. Finally, Toronto Dominion Bank raised its stake in CGI by 96.5% during the second quarter. Toronto Dominion Bank now owns 1,378,779 shares of the technology company’s stock worth $86,828,000 after acquiring an additional 677,254 shares during the period. Hedge funds and other institutional investors own 58.10% of the company’s stock.

NYSE GIB opened at $62.54 on Friday. CGI has a 52 week low of $52.55 and a 52 week high of $66.53. The company has a quick ratio of 0.69, a current ratio of 1.00 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $17.86 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 2.00 and a beta of 0.58.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, November 7th. The technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.82 by $0.01. CGI had a net margin of 9.92% and a return on equity of 18.05%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. CGI’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, equities analysts expect that CGI will post 3.54 earnings per share for the current year.

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reiterated a “buy” rating on shares of CGI in a research note on Tuesday. Zacks Investment Research lowered shares of CGI from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Desjardins upgraded shares of CGI from a “hold” rating to a “buy” rating in a research note on Tuesday, October 30th. Raymond James reiterated a “buy” rating on shares of CGI in a research note on Wednesday, November 7th. Finally, Royal Bank of Canada upped their target price on shares of CGI from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, November 8th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $77.67.

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About CGI

CGI Group Inc provides information technology (IT) and business process services in Canada and internationally. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities. The company offers application development, integration, and maintenance services; technology infrastructure management services; and business process services, such as collections and payroll management.

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Institutional Ownership by Quarter for CGI (NYSE:GIB)

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