BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts 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% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 346,187 shares of the technology company's stock after selling 499,729 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.15% of CGI Group worth $34,566,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp raised its position in shares of CGI Group by 239.5% in the first quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock valued at $26,000 after purchasing an additional 182 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of CGI Group by 292.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,005 shares of the technology company's stock valued at $100,000 after purchasing an additional 749 shares during the period. Versant Capital Management Inc grew its stake in CGI Group by 371.7% during the first quarter. Versant Capital Management Inc now owns 1,052 shares of the technology company's stock valued at $105,000 after acquiring an additional 829 shares in the last quarter. GeoWealth Management LLC grew its stake in CGI Group by 80.4% during the fourth quarter. GeoWealth Management LLC now owns 1,299 shares of the technology company's stock valued at $142,000 after acquiring an additional 579 shares in the last quarter. Finally, Creekmur Asset Management LLC grew its stake in CGI Group by 7,051.9% during the first quarter. Creekmur Asset Management LLC now owns 1,931 shares of the technology company's stock valued at $193,000 after acquiring an additional 1,904 shares in the last quarter. Institutional investors own 66.68% of the company's stock.

Analyst Ratings Changes

GIB has been the subject of several recent analyst reports. UBS Group reduced 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 note on Thursday, July 31st. Royal Bank Of Canada reduced 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 note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $148.25.

CGI Group Price Performance

GIB stock traded up $0.10 during midday trading on Thursday, reaching $96.58. The company had a trading volume of 154,698 shares, compared to its average volume of 284,271. 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, Inc. has a 1 year low of $92.85 and a 1 year high of $122.79. The company has a market capitalization of $21.53 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.75 and a beta of 0.72. The firm has a 50-day moving average price of $99.82 and a 200-day moving average price of $104.08.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.52 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 business had revenue of $3 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the previous year, the company earned $1.91 EPS. The business's quarterly revenue was up 11.4% compared to the same quarter last year. On average, research analysts anticipate that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

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

About CGI Group

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.