CGI Group, Inc. (NYSE:GIB) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has reduced its stake in CGI Group by 1.8%, now holding approximately 876,597 shares valued at about $87.5 million.
• Despite some institutions reducing their stakes, others like Fifth Third Bancorp and Creekmur Asset Management have significantly increased their holdings in CGI Group, reflecting mixed institutional interest.
• CGI Group recently declared an increased quarterly dividend of $0.1086, with an annualized yield of 0.5%, highlighting its ongoing commitment to returning value to shareholders.

Alberta Investment Management Corp lessened its position in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 876,597 shares of the technology company's stock after selling 16,464 shares during the period. CGI Group comprises about 0.6% of Alberta Investment Management Corp's portfolio, making the stock its 28th largest holding. Alberta Investment Management Corp owned 0.39% of CGI Group worth $87,498,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of CGI Group by 9,881.5% during the 1st quarter. GAMMA Investing LLC now owns 2,695 shares of the technology company's stock worth $269,000 after buying an additional 2,668 shares during the period. Fifth Third Bancorp boosted its holdings in shares of CGI Group by 239.5% during the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock worth $26,000 after buying an additional 182 shares during the period. Vontobel Holding Ltd. raised its stake in CGI Group by 1.7% in the 1st quarter. Vontobel Holding Ltd. now owns 6,135 shares of the technology company's stock worth $613,000 after purchasing an additional 100 shares in the last quarter. QRG Capital Management Inc. acquired a new position in shares of CGI Group in the 1st quarter valued at approximately $494,000. Finally, Principal Financial Group Inc. increased 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 acquiring an additional 500 shares during the period. Institutional investors own 66.68% of the company's stock.

CGI Group Stock Up 1.1%

Shares of GIB stock traded up $1.08 during mid-day trading on Tuesday, reaching $98.05. 267,343 shares of the company's stock traded hands, compared to its average volume of 276,595. CGI Group, Inc. has a 12 month low of $92.85 and a 12 month high of $122.79. The company has a market cap of $21.86 billion, a P/E ratio of 18.12, a P/E/G 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. The company's 50-day moving average price is $104.10 and its 200-day moving average price is $106.29.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.52 earnings per share 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 firm's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.91 EPS. On average, equities analysts expect that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be paid a $0.1086 dividend. This represents a $0.43 annualized dividend and a yield of 0.4%. This is a boost from CGI Group's previous quarterly dividend of $0.11. The ex-dividend date is Friday, August 15th. CGI Group's payout ratio is presently 8.13%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada reduced their price objective on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. UBS Group lowered their target price on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.