Citigroup Inc. Sells 23,124 Shares of CGI Group, Inc. $GIB

Key Points

• Citigroup Inc. has reduced its stake in CGI Group, Inc. by 17.2%, now holding 111,546 shares valued at $11.1 million after selling 23,124 shares during the first quarter.
• CGI Group recently declared a quarterly dividend of $0.1086 per share, increasing slightly from its previous dividend, with an annualized yield of 0.5%.
• Despite a revenue of $3 billion for the quarter, which was below analyst expectations, CGI Group reported an EPS of $1.52, slightly exceeding estimates.

Citigroup Inc. lowered its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 17.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 111,546 shares of the technology company's stock after selling 23,124 shares during the period. Citigroup Inc.'s holdings in CGI Group were worth $11,134,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in GIB. Wells Fargo & Company MN raised its holdings in shares of CGI Group by 10.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,514 shares of the technology company's stock worth $931,000 after acquiring an additional 829 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of CGI Group by 54.8% in the 4th quarter. Cerity Partners LLC now owns 11,424 shares of the technology company's stock worth $1,265,000 after acquiring an additional 4,045 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of CGI Group in the 4th quarter worth about $925,000. Townsquare Capital LLC raised its holdings in shares of CGI Group by 13.3% in the 4th quarter. Townsquare Capital LLC now owns 2,768 shares of the technology company's stock worth $303,000 after acquiring an additional 325 shares during the last quarter. Finally, Bridgewater Associates LP raised its holdings in shares of CGI Group by 100.0% in the 4th quarter. Bridgewater Associates LP now owns 29,892 shares of the technology company's stock worth $3,269,000 after acquiring an additional 14,948 shares during the last quarter. Institutional investors and hedge funds own 66.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GIB. Royal Bank Of Canada lowered their target price on shares of 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 target price on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, CGI Group currently has an average rating of "Buy" and a consensus price target of $148.25.

CGI Group Stock Down 0.3%

NYSE:GIB traded down $0.26 on Wednesday, hitting $94.88. The stock had a trading volume of 130,681 shares, compared to its average volume of 282,536. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.27. The stock has a market cap of $21.15 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 1.73 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 simple moving average is $101.36 and its two-hundred day simple moving average is $104.95.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.51 by $0.01. The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $4.01 billion. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $1.91 EPS. Analysts predict that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from CGI Group's previous quarterly dividend of $0.11. CGI Group's payout ratio is currently 7.95%.

CGI Group Company 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.