18,600 Shares in CGI Group, Inc. $GIB Purchased by Andra AP fonden

Key Points

• Andra AP fonden purchased 18,600 CGI Group shares during the second quarter, valued at approximately $1.2 million. Institutional investors collectively own 66.68% of the company.
• Analyst sentiment remains neutral: CGI Group has a consensus “Hold” rating from seven analysts, with an average price target of $83.67. TD Securities recently downgraded the stock from “Buy” to “Hold.”
• CGI Group shares opened at $68.17, with a market capitalization of $14.12 billion, while the company maintains a quarterly dividend of C$0.17 per share, representing a 1.0% yield.

Andra AP fonden purchased a new position in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,600 shares of the technology company's stock, valued at approximately $1,201,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 237 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in CGI Group during the first quarter valued at approximately $204,000. Glenmede Trust Co. NA lifted its holdings in CGI Group by 38.3% during the 1st quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company's stock worth $249,000 after buying an additional 944 shares during the last quarter. SG Americas Securities LLC bought a new position in CGI Group during the 1st quarter worth approximately $470,000. Finally, Tidal Investments LLC grew its position in shares of CGI Group by 5.4% in the 2nd quarter. Tidal Investments LLC now owns 14,457 shares of the technology company's stock worth $933,000 after acquiring an additional 739 shares in the last quarter. Institutional investors own 66.68% of the company's stock.

Analysts Set New Price Targets

GIB has been the subject of a number of research analyst reports. TD Securities downgraded CGI Group from a "buy" rating to a "hold" rating in a report on Thursday, July 23rd. Weiss Ratings upgraded CGI Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, September 17th. Seven analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, CGI Group presently has a consensus rating of "Hold" and a consensus target price of $83.67.

CGI Group Stock Down 1.4%

NYSE:GIB opened at $68.17 on Friday. The firm has a market capitalization of $14.12 billion, a PE ratio of 11.69 and a beta of 0.47. The stock has a 50 day moving average of $71.99 and a 200-day moving average of $69.94. CGI Group, Inc. has a 52 week low of $59.63 and a 52 week high of $95.20. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28.

CGI Group Announces Dividend

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

CGI Group Company Profile

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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