BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Stake in CGI Group, Inc. $GIB

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in CGI Group, Inc. by 59.1% during the first quarter, owning 346,187 shares now worth approximately $34.6 million.
• CGI Group has reported an increase in its quarterly dividend to $0.1086 per share, reflecting a 0.4% yield, with a payout ratio of 7.95%.
• The company's latest earnings revealed a beat on analysts' expectations, reporting $1.52 EPS against a consensus of $1.51, although revenues fell short of expectations at $3 billion.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its holdings in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 59.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,187 shares of the technology company's stock after selling 499,729 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.15% of CGI Group worth $34,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of CGI Group by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,037,045 shares of the technology company's stock worth $802,338,000 after purchasing an additional 94,266 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of CGI Group by 0.9% in the first quarter. Mackenzie Financial Corp now owns 4,755,285 shares of the technology company's stock worth $474,702,000 after acquiring an additional 41,631 shares during the period. Fiera Capital Corp grew its holdings in shares of CGI Group by 2.1% in the first quarter. Fiera Capital Corp now owns 4,380,743 shares of the technology company's stock worth $437,770,000 after acquiring an additional 89,458 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of CGI Group by 7.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,028,147 shares of the technology company's stock worth $202,470,000 after acquiring an additional 133,750 shares during the period. Finally, Groupe la Francaise grew its holdings in shares of CGI Group by 3.1% in the first quarter. Groupe la Francaise now owns 1,587,712 shares of the technology company's stock worth $157,596,000 after acquiring an additional 48,000 shares during the period. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Group Stock Up 2.3%

GIB stock opened at $96.9780 on Friday. CGI Group, Inc. has a twelve month low of $92.85 and a twelve month high of $122.79. 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 stock has a market cap of $21.62 billion, a P/E ratio of 17.93, a PEG ratio of 1.74 and a beta of 0.72. The business's 50-day moving average price is $100.55 and its 200-day moving average price is $104.57.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.51 by $0.01. CGI Group had a return on equity of 18.53% and a net margin of 11.01%.The firm had revenue of $3 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the firm earned $1.91 EPS. The business's quarterly revenue was up 11.4% on a year-over-year basis. On average, equities research analysts forecast 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. Stockholders 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 dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from CGI Group's previous quarterly dividend of $0.11. CGI Group's payout ratio is presently 7.95%.

Analyst Ratings Changes

Several analysts recently commented on the company. UBS Group cut their price objective on CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Royal Bank Of Canada cut their price objective on CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. One 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, the company has an average rating of "Buy" and a consensus 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.

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