CGI Inc. (NYSE:GIB) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 47.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 736,901 shares of the technology company's stock after purchasing an additional 236,333 shares during the period. Bank of America Corp DE owned about 0.33% of CGI worth $80,558,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new position in CGI in the third quarter valued at about $28,000. Sierra Ocean LLC purchased a new position in CGI in the fourth quarter valued at about $62,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in CGI in the fourth quarter valued at about $83,000. Hoey Investments Inc. purchased a new position in CGI in the fourth quarter valued at about $99,000. Finally, Blue Trust Inc. boosted its holdings in CGI by 47.6% in the fourth quarter. Blue Trust Inc. now owns 1,163 shares of the technology company's stock valued at $134,000 after purchasing an additional 375 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Stock Performance

Shares of CGI stock traded up $0.37 on Friday, reaching $108.28. 212,292 shares of the company were exchanged, compared to its average volume of 201,329. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31. The company's 50-day moving average is $103.00 and its two-hundred day moving average is $108.74. The firm has a market cap of $24.55 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 2.58 and a beta of 0.78. CGI Inc. has a 1-year low of $92.85 and a 1-year high of $122.79.

CGI (NYSE:GIB - Get Free Report) 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 for the quarter, compared to analyst estimates of $4.05 billion. CGI had a return on equity of 19.32% and a net margin of 11.72%. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.97 earnings per share. As a group, research analysts expect that CGI Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 16th will be given a dividend of $0.1086 per share. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.40%. This is a boost from CGI's previous quarterly dividend of $0.10. The ex-dividend date is Friday, May 16th. CGI's dividend payout ratio is presently 7.47%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Jefferies Financial Group reduced their price target on CGI from $140.00 to $135.00 and set a "buy" rating for the company in a report on Tuesday, January 21st. UBS Group increased their target price on CGI from $118.00 to $122.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $192.00 target price on shares of CGI in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $156.75.

About CGI

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.