CGI Inc. (NYSE:GIB) Shares Sold by Tobam

Tobam cut its holdings in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 36.5% during the 1st quarter, Holdings Channel reports. The firm owned 729 shares of the technology company’s stock after selling 419 shares during the period. Tobam’s holdings in CGI were worth $73,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GIB. Norges Bank acquired a new stake in shares of CGI in the fourth quarter valued at approximately $286,970,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in CGI by 1,190.6% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 845,916 shares of the technology company’s stock worth $92,438,000 after acquiring an additional 780,370 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in CGI by 29.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company’s stock worth $327,007,000 after acquiring an additional 678,431 shares during the last quarter. Bank of Montreal Can boosted its position in CGI by 17.3% during the fourth quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company’s stock worth $419,976,000 after acquiring an additional 567,868 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in CGI by 27.5% during the fourth quarter. Geode Capital Management LLC now owns 1,272,840 shares of the technology company’s stock worth $140,266,000 after acquiring an additional 274,370 shares during the last quarter. 66.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Royal Bank of Canada restated an “outperform” rating and set a $192.00 target price on shares of CGI in a research report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $156.75.

CGI Stock Down 1.3%

Shares of GIB opened at $108.21 on Friday. The firm has a market cap of $24.53 billion, a PE ratio of 19.57, a price-to-earnings-growth ratio of 2.58 and a beta of 0.78. The company’s fifty day moving average is $105.93 and its two-hundred day moving average is $108.28. CGI Inc. has a fifty-two week low of $92.85 and a fifty-two week high of $122.79. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.28.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.02). The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $4.05 billion. CGI had a net margin of 11.72% and a return on equity of 19.32%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.97 EPS. Analysts forecast that CGI Inc. will post 5.79 earnings per share for the current year.

CGI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 16th will be issued a $0.1086 dividend. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, May 16th. This is a positive change from CGI’s previous quarterly dividend of $0.10. CGI’s dividend payout ratio (DPR) is 7.83%.

CGI Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.