Burgundy Asset Management Ltd. Cuts Position in CGI Group, Inc. $GIB

Key Points

• Burgundy Asset Management Ltd. has reduced its holdings in CGI Group by 1.8%, now owning approximately 629,890 shares worth $62.95 million.
• CGI Group recently announced a quarterly dividend of $0.1086 per share, marking a slight increase from the previous dividend of $0.11.
• Analysts' ratings for CGI Group include two "buy" ratings and one "strong buy", with a consensus price target of $148.25.

Burgundy Asset Management Ltd. lessened its stake in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 1.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 629,890 shares of the technology company's stock after selling 11,529 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 0.28% of CGI Group worth $62,945,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GIB. Fifth Third Bancorp increased its holdings in CGI Group by 239.5% in the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock worth $26,000 after acquiring an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of CGI Group by 292.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,005 shares of the technology company's stock valued at $100,000 after acquiring an additional 749 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of CGI Group by 371.7% during the 1st 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 during the last quarter. GeoWealth Management LLC boosted its position in shares of CGI Group by 80.4% during the 4th 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 during the last quarter. Finally, Creekmur Asset Management LLC boosted its position in shares of CGI Group by 7,051.9% during the 1st 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 during the last quarter. Hedge funds and other institutional investors own 66.68% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada lowered 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. UBS Group lowered their price target on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $148.25.

CGI Group Trading Down 0.5%

NYSE GIB traded down $0.4650 during trading hours on Wednesday, reaching $94.6750. The company had a trading volume of 387,150 shares, compared to its average volume of 284,210. The stock has a 50-day moving average of $101.36 and a 200 day moving average of $104.95. CGI Group, Inc. has a 1-year low of $92.85 and a 1-year high of $122.79. The company has a current ratio of 1.27, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $21.10 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 1.73 and a beta of 0.72.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last issued its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.01. The business had revenue of $3 billion for the quarter, compared to analysts' expectations of $4.01 billion. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The business's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.91 earnings per share. As a group, 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 declared 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 is a boost from CGI Group's previous quarterly dividend of $0.11. This represents a $0.43 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, August 15th. CGI Group's dividend payout ratio is currently 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.