AGF Management Ltd. Has $8.11 Million Holdings in CGI Group, Inc. (NYSE:GIB)

Key Points

• AGF Management Ltd. reduced its stake in CGI Group by 32.6%, holding 73,219 shares worth approximately $8.11 million after selling 35,472 shares in the first quarter.
• CGI Group reported a quarterly EPS of $1.52, exceeding the consensus estimate of $1.51, with a revenue of $3 billion, which was below the expected $4.01 billion.
• The company announced a quarterly dividend of $0.1086 per share, reflecting an increase from the previous quarterly dividend of $0.11, with an annualized yield of 0.5%.

AGF Management Ltd. trimmed its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 32.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,219 shares of the technology company's stock after selling 35,472 shares during the period. AGF Management Ltd.'s holdings in CGI Group were worth $8,110,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in CGI Group by 1,190.6% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 845,916 shares of the technology company's stock worth $92,438,000 after acquiring an additional 780,370 shares in the last quarter. Bank of America Corp DE increased its position in CGI Group by 47.2% in the 4th quarter. Bank of America Corp DE now owns 736,901 shares of the technology company's stock worth $80,558,000 after purchasing an additional 236,333 shares during the last quarter. Hsbc Holdings PLC increased its position in CGI Group by 18.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,032,579 shares of the technology company's stock worth $112,913,000 after purchasing an additional 161,821 shares during the last quarter. Nuveen LLC acquired a new position in CGI Group in the 1st quarter worth about $16,126,000. Finally, Massachusetts Financial Services Co. MA increased its position in CGI Group by 7.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,028,147 shares of the technology company's stock worth $202,470,000 after purchasing an additional 133,750 shares during the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

CGI Group Price Performance

GIB stock traded up $0.07 during midday trading on Friday, reaching $93.91. 316,878 shares of the company's stock traded hands, compared to its average volume of 282,539. The company has a 50-day simple moving average of $102.19 and a two-hundred day simple moving average of $105.49. CGI Group, Inc. has a 1-year low of $92.85 and a 1-year high of $122.79. The company has a market cap of $20.93 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.76 and a beta of 0.72. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

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 for the quarter, beating analysts' consensus estimates of $1.51 by $0.01. The firm had revenue of $3 billion during the quarter, compared to analysts' expectations 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 period last year, the firm posted $1.91 EPS. On average, analysts anticipate that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Increases Dividend

The company also recently announced 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 an increase 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 0.5%. CGI Group's payout ratio is 7.95%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GIB. Royal Bank Of Canada lowered their price objective on CGI Group from $185.00 to $175.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. UBS Group lowered their price objective on CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, CGI Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.25.

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.