Banco Bilbao Vizcaya Argentaria S.A. Trims Stake in CGI Group, Inc. $GIB

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. has reduced its stake in CGI Group by 48.1%, bringing its holdings down to 14,552 shares worth approximately $1.45 million.
• Other institutional investors have significantly adjusted their positions, with GAMMA Investing LLC increasing its stake by 9,881.5% during the same quarter.
• CGI Group recently announced a quarterly dividend increase to $0.1086 per share, reflecting an annualized yield of 0.4% and a payout ratio of 7.95%.

Banco Bilbao Vizcaya Argentaria S.A. reduced its holdings in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 48.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,552 shares of the technology company's stock after selling 13,511 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in CGI Group were worth $1,453,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of CGI Group by 9,881.5% in the first quarter. GAMMA Investing LLC now owns 2,695 shares of the technology company's stock worth $269,000 after purchasing an additional 2,668 shares during the period. Fifth Third Bancorp grew its stake in shares of CGI Group by 239.5% in the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock worth $26,000 after buying an additional 182 shares in the last quarter. Vontobel Holding Ltd. grew its stake in shares of CGI Group by 1.7% in the 1st quarter. Vontobel Holding Ltd. now owns 6,135 shares of the technology company's stock worth $613,000 after buying an additional 100 shares in the last quarter. QRG Capital Management Inc. purchased a new position in shares of CGI Group in the 1st quarter worth $494,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of CGI Group by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 55,151 shares of the technology company's stock worth $5,505,000 after acquiring an additional 500 shares during the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on GIB. Royal Bank Of Canada lowered their target price on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. UBS Group cut their price objective on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, CGI Group has an average rating of "Buy" and a consensus target price of $148.25.

CGI Group Stock Up 2.3%

GIB stock opened at $96.9780 on Friday. The firm's fifty day simple moving average is $100.55 and its 200-day simple moving average is $104.57. CGI Group, Inc. has a 12 month low of $92.85 and a 12 month high of $122.79. The company has a market capitalization of $21.62 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 1.74 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 0.94.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.51 by $0.01. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm posted $1.91 earnings per share. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. As a group, equities research analysts forecast that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 15th will be issued a dividend of $0.1086 per share. This represents a $0.43 dividend on an annualized basis and a yield of 0.4%. This is a boost from CGI Group's previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, August 15th. CGI Group's payout ratio is currently 7.95%.

CGI Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.