Bank of Nova Scotia Trust Co. Sells 3,179 Shares of CGI Group, Inc. (NYSE:GIB)

Key Points

• Bank of Nova Scotia Trust Co. reduced its stake in CGI Group by 2.8% during Q1, owning 110,038 shares valued at approximately $10.98 million after selling 3,179 shares.
• CGI Group's recent quarterly earnings exceeded analysts' expectations, reporting earnings per share of $1.52 against a forecast of $1.51, alongside a revenue of $3 billion.
• The company announced an increase in its quarterly dividend to $0.1086 per share, representing a dividend yield of 0.5% and reflecting a growth from its previous dividend of $0.11.

Bank of Nova Scotia Trust Co. reduced its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 2.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,038 shares of the technology company's stock after selling 3,179 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in CGI Group were worth $10,985,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of CGI Group during the 4th quarter worth $925,000. Prudential Financial Inc. increased its holdings in CGI Group by 158.0% in the 4th quarter. Prudential Financial Inc. now owns 17,400 shares of the technology company's stock valued at $1,903,000 after buying an additional 10,655 shares during the period. Orion Portfolio Solutions LLC boosted its position in shares of CGI Group by 8.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 9,898 shares of the technology company's stock valued at $1,082,000 after acquiring an additional 805 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in CGI Group by 840.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,244 shares of the technology company's stock worth $354,000 after purchasing an additional 2,899 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in CGI Group by 5.8% in the 4th quarter. Wellington Management Group LLP now owns 102,080 shares of the technology company's stock valued at $11,163,000 after buying an additional 5,564 shares in the last quarter. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Group Stock Performance

Shares of GIB traded down $0.90 during mid-day trading on Wednesday, hitting $96.63. 271,727 shares of the company's stock were exchanged, compared to its average volume of 277,875. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. CGI Group, Inc. has a 52 week low of $92.85 and a 52 week high of $122.79. The stock's 50-day simple moving average is $103.89 and its 200-day simple moving average is $106.23. The firm has a market cap of $21.54 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 1.78 and a beta of 0.72.

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, beating the consensus estimate of $1.51 by $0.01. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm posted $1.91 EPS. The firm's revenue was up 11.4% on a year-over-year basis. On average, equities research analysts expect that CGI Group, Inc. will post 5.79 EPS for the current year.

CGI Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be given 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 an increase 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%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GIB. UBS Group lowered 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, July 31st. Royal Bank Of Canada cut their price target on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $148.25.

CGI Group Company 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.