Bank of Nova Scotia Trust Co. Reduces Position in 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. trimmed its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 2.8% in the 1st quarter, according to its most recent disclosure with the SEC. 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 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GIB. Vontobel Holding Ltd. lifted its holdings in CGI Group by 1.7% during the 1st quarter. Vontobel Holding Ltd. now owns 6,135 shares of the technology company's stock valued at $613,000 after buying an additional 100 shares in the last quarter. First Affirmative Financial Network raised its holdings in shares of CGI Group by 3.8% in the 1st quarter. First Affirmative Financial Network now owns 2,905 shares of the technology company's stock valued at $290,000 after purchasing an additional 106 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of CGI Group by 0.9% in the 4th quarter. Ameriprise Financial Inc. now owns 12,619 shares of the technology company's stock valued at $1,380,000 after purchasing an additional 115 shares in the last quarter. Manhattan West Asset Management LLC raised its holdings in shares of CGI Group by 0.5% in the 4th quarter. Manhattan West Asset Management LLC now owns 25,425 shares of the technology company's stock valued at $2,779,000 after purchasing an additional 126 shares in the last quarter. Finally, KFA Private Wealth Group LLC raised its holdings in shares of CGI Group by 1.2% in the 1st quarter. KFA Private Wealth Group LLC now owns 12,500 shares of the technology company's stock valued at $1,248,000 after purchasing an additional 150 shares in the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GIB has been the subject of several recent research reports. UBS Group reduced their price target on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday. Royal Bank Of Canada reduced their price target on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a report on Thursday. Two 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 company. According to data from MarketBeat.com, CGI Group has an average rating of "Moderate Buy" and an average target price of $148.25.

CGI Group Stock Up 1.4%

Shares of NYSE GIB traded up $1.38 during trading hours on Monday, hitting $96.86. 244,483 shares of the stock were exchanged, compared to its average volume of 312,552. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a market cap of $21.59 billion, a PE ratio of 17.90, a PEG ratio of 1.76 and a beta of 0.72. The firm has a fifty day moving average price of $104.29 and a 200-day moving average price of $106.37. CGI Group, Inc. has a 12 month low of $92.85 and a 12 month high of $122.79.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.51 by $0.01. The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $4.01 billion. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. CGI Group's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.91 EPS. On average, sell-side analysts expect that CGI Group, Inc. will post 5.79 EPS for the current year.

CGI Group Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.43 annualized dividend and a yield of 0.4%. This is a boost from CGI Group's previous quarterly dividend of $0.11. CGI Group's payout ratio is presently 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.