CGI Group, Inc. $GIB Stock: TD Waterhouse Canada Inc. Cuts Holdings

Key Points

• TD Waterhouse Canada cut its CGI Group stake by 17.8% in the third quarter, selling 127,740 shares and retaining 588,851 shares worth approximately $41.6 million. Institutional investors and hedge funds collectively own 66.68% of the company.
• CGI shares opened at $75.31, above their 50-day and 200-day moving averages, but remain below the 12-month high of $95.20. The company recently paid a quarterly dividend of C$0.17, equivalent to a 0.9% annual yield.
• Analyst sentiment is cautious: six analysts rate the stock “Hold” and one rates it “Sell,” resulting in a consensus “Reduce” rating and an average price target of $83.67.

TD Waterhouse Canada Inc. decreased its position in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 17.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 588,851 shares of the technology company's stock after selling 127,740 shares during the quarter. TD Waterhouse Canada Inc. owned about 0.28% of CGI Group worth $41,567,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GIB. Groupe la Francaise grew its stake in shares of CGI Group by 0.9% in the second quarter. Groupe la Francaise now owns 1,722,751 shares of the technology company's stock valued at $111,335,000 after acquiring an additional 14,845 shares in the last quarter. QV Investors Inc. boosted its position in shares of CGI Group by 31.2% during the 2nd quarter. QV Investors Inc. now owns 908,728 shares of the technology company's stock worth $58,716,000 after acquiring an additional 216,086 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of CGI Group by 60.4% in the 2nd quarter. Wellington Management Group LLP now owns 213,433 shares of the technology company's stock valued at $13,791,000 after purchasing an additional 80,368 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in CGI Group by 14.8% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 58,052 shares of the technology company's stock valued at $3,956,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Nykredit A S acquired a new position in CGI Group during the 2nd quarter worth approximately $2,918,000. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Group Stock Performance

Shares of GIB opened at $75.31 on Friday. The stock has a 50 day moving average of $71.93 and a 200 day moving average of $69.72. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 12.92 and a beta of 0.47. CGI Group, Inc. has a 12 month low of $59.63 and a 12 month high of $95.20. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28.

CGI Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, August 14th were paid a C$0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, August 14th. CGI Group's payout ratio is presently 8.23%.

Wall Street Analysts Forecast Growth

GIB has been the subject of a number of research reports. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $100.00 price target on shares of CGI Group in a research note on Tuesday, October 6th. TD Securities downgraded CGI Group from a "buy" rating to a "hold" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings downgraded CGI Group from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, October 6th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $83.67.

About CGI Group

CGI Inc, formerly known as CGI Group Inc, is a Canadian information technology and business consulting services company headquartered in Montreal, Quebec. Founded in 1976 by Serge Godin and André Imbeau, the company has grown into a global provider of technology and business solutions for commercial and government clients.

CGI's services include IT and business consulting, systems integration, application development and maintenance, managed IT services, cybersecurity, cloud computing, and business process services.

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