Addenda Capital Inc. Cuts Position in CGI Inc. (NYSE:GIB)

Addenda Capital Inc. cut its stake in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 5.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 359,927 shares of the technology company's stock after selling 21,510 shares during the period. CGI comprises about 1.7% of Addenda Capital Inc.'s investment portfolio, making the stock its 18th largest position. Addenda Capital Inc. owned 0.16% of CGI worth $35,932,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in GIB. Vanguard Group Inc. grew its holdings in CGI by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 7,942,779 shares of the technology company's stock worth $869,067,000 after acquiring an additional 128,285 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of CGI by 17.3% in the 4th quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company's stock valued at $419,976,000 after buying an additional 567,868 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of CGI by 29.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company's stock valued at $327,007,000 after buying an additional 678,431 shares in the last quarter. Norges Bank bought a new stake in shares of CGI in the 4th quarter valued at about $286,970,000. Finally, TD Asset Management Inc. boosted its holdings in shares of CGI by 3.5% in the 4th quarter. TD Asset Management Inc. now owns 2,383,862 shares of the technology company's stock valued at $260,697,000 after buying an additional 81,440 shares in the last quarter. 66.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

CGI Trading Down 0.2%

Shares of NYSE GIB traded down $0.17 during trading on Thursday, hitting $107.60. 83,012 shares of the company were exchanged, compared to its average volume of 202,086. The firm has a market capitalization of $24.40 billion, a PE ratio of 19.46, a P/E/G ratio of 2.58 and a beta of 0.78. CGI Inc. has a 12-month low of $92.85 and a 12-month high of $122.79. The company has a fifty day moving average price of $104.61 and a 200-day moving average price of $108.41. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last released its quarterly earnings data on Wednesday, April 30th. The technology company reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.50 by ($0.02). The business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $4.05 billion. CGI had a return on equity of 19.32% and a net margin of 11.72%. The company's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.97 EPS. As a group, equities research analysts expect that CGI Inc. will post 5.79 EPS for the current year.

CGI Increases Dividend

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

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.