Burgundy Asset Management Ltd. Cuts Stock Holdings in CGI Inc. (NYSE:GIB)

Burgundy Asset Management Ltd. reduced its position in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 641,419 shares of the technology company's stock after selling 4,577 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 0.28% of CGI worth $70,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in GIB. Metis Global Partners LLC lifted its holdings in shares of CGI by 1.0% in the fourth quarter. Metis Global Partners LLC now owns 10,534 shares of the technology company's stock worth $1,153,000 after buying an additional 108 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in CGI by 0.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 31,209 shares of the technology company's stock worth $3,412,000 after buying an additional 111 shares in the last quarter. Ameriprise Financial Inc. increased its stake in CGI by 0.9% in the 4th quarter. Ameriprise Financial Inc. now owns 12,619 shares of the technology company's stock worth $1,380,000 after acquiring an additional 115 shares during the last quarter. Manhattan West Asset Management LLC grew its holdings in shares of CGI by 0.5% during the fourth quarter. Manhattan West Asset Management LLC now owns 25,425 shares of the technology company's stock worth $2,779,000 after purchasing an additional 126 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of CGI by 10.4% in the fourth quarter. Tidal Investments LLC now owns 3,337 shares of the technology company's stock worth $365,000 after purchasing an additional 315 shares during the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GIB has been the topic of a number of research reports. Royal Bank of Canada reissued an "outperform" rating and set a $192.00 price objective on shares of CGI in a report on Wednesday, March 26th. UBS Group increased their target price on shares of CGI from $118.00 to $122.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, CGI presently has a consensus rating of "Buy" and a consensus target price of $156.75.

CGI Trading Down 0.4%

Shares of NYSE GIB traded down $0.46 during trading hours on Wednesday, hitting $107.81. The company's stock had a trading volume of 67,615 shares, compared to its average volume of 201,614. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31. The stock has a market cap of $24.44 billion, a price-to-earnings ratio of 19.48, a P/E/G ratio of 2.58 and a beta of 0.78. CGI Inc. has a 12 month low of $92.85 and a 12 month high of $122.79. The business has a 50-day simple moving average of $103.69 and a 200-day simple moving average of $108.52.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings data on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.02). CGI had a net margin of 11.72% and a return on equity of 19.32%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $4.05 billion. During the same period in the previous year, the firm posted $1.97 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. On average, analysts anticipate that CGI Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 16th will be paid a $0.1086 dividend. This is a boost from CGI's previous quarterly dividend of $0.10. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, May 16th. CGI's dividend payout ratio is currently 7.47%.

About CGI

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.