CGI Group, Inc. (NYSE:GIB) Receives Consensus Recommendation of "Reduce" from Brokerages

Key Points

• CGI Group received a consensus “Reduce” rating from seven analysts: one issued a sell rating and six recommended holding the stock. The average 12-month price target is $83.67.
• Shares opened at $70.92, with a market capitalization of $14.69 billion and a price-to-earnings ratio of 12.17. The stock has traded between $59.63 and $95.20 over the past year.
• CGI Group announced a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 dividend and a 1.0% yield; institutional investors own approximately 66.68% of the stock.

CGI Group, Inc. (NYSE:GIB - Get Free Report) TSE: GIB.A has been assigned an average rating of "Reduce" from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $83.6667.

A number of equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of CGI Group in a research note on Wednesday, June 24th. TD Securities cut CGI Group from a "buy" rating to a "hold" rating in a research note on Thursday, July 23rd.

CGI Group Price Performance

NYSE GIB opened at $70.92 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.66 and a current ratio of 0.93. CGI Group has a fifty-two week low of $59.63 and a fifty-two week high of $95.20. The company has a market capitalization of $14.69 billion, a PE ratio of 12.17 and a beta of 0.47. The business's fifty day moving average is $71.68 and its 200 day moving average is $70.13.

CGI Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 14th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, August 14th. CGI Group's payout ratio is 8.23%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in CGI Group by 21.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company's stock valued at $98,000 after buying an additional 237 shares during the period. Venturi Wealth Management LLC bought a new stake in shares of CGI Group during the first quarter valued at approximately $204,000. Glenmede Trust Co. NA boosted its holdings in shares of CGI Group by 38.3% in the first quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company's stock valued at $249,000 after purchasing an additional 944 shares during the period. SG Americas Securities LLC purchased a new stake in shares of CGI Group in the first quarter valued at approximately $470,000. Finally, Tidal Investments LLC grew its stake in CGI Group by 5.4% in the second quarter. Tidal Investments LLC now owns 14,457 shares of the technology company's stock worth $933,000 after purchasing an additional 739 shares in the last quarter. 66.68% of the stock is currently owned by institutional investors.

About CGI Group

CGI Group Inc, also known as CGI, is a global information technology and business consulting company. It provides consulting, systems integration, application development and maintenance, managed IT services, and business process services to organizations in the public and private sectors.

The company helps clients with digital transformation, cloud computing, cybersecurity, enterprise resource planning, data and analytics, and modernization of legacy systems. CGI also develops and supports industry-specific software and technology solutions for areas such as government, financial services, telecommunications, healthcare, manufacturing, utilities, and transportation.

CGI was founded in 1976 in Montreal, Quebec, by Serge Godin and André Imbeau.

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