CGI Group, Inc. $GIB Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has decreased its stake in CGI Group, Inc. by 19.5%, now holding 92,336 shares worth approximately $9.2 million.
• CGI Group recently reported earnings of $1.52 per share, surpassing analyst estimates, while its revenue increased by 11.4% year-over-year, despite a total revenue of $3 billion.
• The firm announced a quarterly dividend increase to $0.1086 per share, representing a yield of 0.5%, with the ex-dividend date set for August 15th.

Korea Investment CORP trimmed its position in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 19.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,336 shares of the technology company's stock after selling 22,400 shares during the period. Korea Investment CORP's holdings in CGI Group were worth $9,217,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in CGI Group by 9,881.5% in the 1st quarter. GAMMA Investing LLC now owns 2,695 shares of the technology company's stock valued at $269,000 after buying an additional 2,668 shares during the last quarter. Fifth Third Bancorp grew its position in CGI Group by 239.5% in the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock valued at $26,000 after buying an additional 182 shares during the last quarter. Vontobel Holding Ltd. grew its position in CGI Group by 1.7% in 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 during the last quarter. QRG Capital Management Inc. purchased a new position in CGI Group in the 1st quarter valued at $494,000. Finally, Principal Financial Group Inc. grew its position in CGI Group by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 55,151 shares of the technology company's stock valued at $5,505,000 after buying an additional 500 shares during the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GIB shares. UBS Group lowered their price objective 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. Royal Bank Of Canada decreased their target price 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. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $148.25.

CGI Group Price Performance

Shares of NYSE GIB traded up $1.42 during trading on Wednesday, hitting $96.58. 226,196 shares of the company were exchanged, compared to its average volume of 383,193. The company has a market cap of $21.53 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 1.75 and a beta of 0.72. CGI Group, Inc. has a 1 year low of $92.85 and a 1 year high of $122.79. The firm's fifty day moving average price is $99.82 and its 200 day moving average price is $104.08. 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 (NYSE:GIB - Get Free Report) TSE: GIB.A last released 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 during the quarter, compared to the consensus estimate of $4.01 billion. CGI Group had a return on equity of 18.53% and a net margin of 11.01%.The business's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.91 EPS. On average, sell-side analysts expect that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.1086 per share. This is a boost 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 annualized dividend and a dividend yield of 0.4%. CGI Group's dividend 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.