Cidel Asset Management Inc. Reduces Holdings in CGI Group, Inc. $GIB

Key Points

• Cidel Asset Management cut its CGI Group holdings by 49% in the second quarter, selling 161,864 shares and retaining 168,349 shares valued at approximately $10.9 million. Institutional investors collectively own 66.68% of the company.
• CGI Group shares were down 4.0%, opening at $70.68, while the company announced a quarterly dividend of $0.17 per share, equivalent to a 1.0% annual yield.
• Analyst sentiment is cautious: six analysts rate the stock Hold and one rates it Sell, producing a consensus “Reduce” rating and an average price target of $83.67.

Cidel Asset Management Inc. lowered its holdings in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 49.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 168,349 shares of the technology company's stock after selling 161,864 shares during the period. Cidel Asset Management Inc. owned about 0.08% of CGI Group worth $10,878,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Strive Financial Group LLC purchased a new position in shares of CGI Group during the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC lifted its stake in CGI Group by 21.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company's stock valued at $98,000 after buying an additional 237 shares in the last quarter. Entropy Technologies LP purchased a new stake in CGI Group in the 3rd quarter valued at approximately $236,000. Venturi Wealth Management LLC acquired a new stake in CGI Group during the 1st quarter valued at $204,000. Finally, Glenmede Trust Co. NA increased its position in CGI Group by 38.3% during the first quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company's stock worth $249,000 after buying an additional 944 shares in the last quarter. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Group Stock Down 4.0%

GIB opened at $70.68 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.93 and a quick ratio of 0.66. The stock has a market capitalization of $14.64 billion, a price-to-earnings ratio of 12.12 and a beta of 0.47. The business has a 50-day moving average of $71.16 and a two-hundred day moving average of $70.20. CGI Group, Inc. has a 12 month low of $59.63 and a 12 month high of $96.65.

CGI Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 14th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 14th. CGI Group's payout ratio is presently 8.23%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d+)" rating on shares of CGI Group in a research report on Wednesday, June 24th. TD Securities cut CGI Group from a "buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $83.67.

CGI Group Profile

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.

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