CGI Group, Inc. (NYSE:GIB) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia sold 19,500 shares of CGI Group, Inc., reducing its position by 2.5% and owning approximately 0.34% of the company valued at $76.07 million.
• CGI Group increased its quarterly dividend to $0.1086 per share, representing an annualized dividend of $0.43 and a yield of 0.5%.
• CGI Group reported earnings of $1.52 per share, beating expectations, but revenue was lower than anticipated at $3 billion against a forecast of $4.01 billion.

Bank of Nova Scotia lowered its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 2.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 761,916 shares of the technology company's stock after selling 19,500 shares during the period. Bank of Nova Scotia owned approximately 0.34% of CGI Group worth $76,073,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its position in CGI Group by 0.9% in the 1st quarter. Mackenzie Financial Corp now owns 4,755,285 shares of the technology company's stock valued at $474,702,000 after buying an additional 41,631 shares during the period. Fiera Capital Corp boosted its position in CGI Group by 2.1% in the 1st quarter. Fiera Capital Corp now owns 4,380,743 shares of the technology company's stock valued at $437,770,000 after buying an additional 89,458 shares during the period. Bank of Montreal Can boosted its position in CGI Group 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 during the period. Massachusetts Financial Services Co. MA boosted its position in CGI Group by 7.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,028,147 shares of the technology company's stock valued at $202,470,000 after buying an additional 133,750 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of CGI Group by 27.5% during the 4th quarter. Geode Capital Management LLC now owns 1,272,840 shares of the technology company's stock worth $140,266,000 after purchasing an additional 274,370 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Group Price Performance

Shares of NYSE GIB traded up $1.38 on Monday, hitting $96.86. The company's stock had a trading volume of 244,483 shares, compared to its average volume of 312,552. 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 $21.59 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.76 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. The stock has a 50 day moving average of $104.29 and a 200-day moving average of $106.37.

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

CGI Group Increases Dividend

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

Analyst Upgrades and Downgrades

GIB has been the subject of several recent analyst reports. UBS Group decreased their price objective on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday. Royal Bank Of Canada decreased their price objective on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.25.

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.