Forsta AP Fonden Buys 8,600 Shares of CGI Group, Inc. (NYSE:GIB)

Key Points

• Forsta AP Fonden increased its stake in CGI Group by 18.1%, purchasing an additional 8,600 shares, now owning a total of 56,200 shares valued at $5,610,000.
• CGI Group recently announced a quarterly dividend increase to $0.1086 per share, with the payout representing a 0.5% yield based on current stock prices.
• Analysts have adjusted their price targets for CGI Group, with Royal Bank of Canada lowering its target from $185.00 to $175.00, while Swiss UBS Group revised its target down from $112.00 to $105.00.

Forsta AP Fonden increased its stake in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 18.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,200 shares of the technology company's stock after acquiring an additional 8,600 shares during the quarter. Forsta AP Fonden's holdings in CGI Group were worth $5,610,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GIB. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of CGI Group by 1,190.6% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 845,916 shares of the technology company's stock valued at $92,438,000 after buying an additional 780,370 shares during the last quarter. Bank of America Corp DE lifted 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 valued at $80,558,000 after acquiring an additional 236,333 shares in the last quarter. Hsbc Holdings PLC boosted its stake in CGI Group by 18.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,032,579 shares of the technology company's stock valued at $112,913,000 after purchasing an additional 161,821 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in CGI Group by 7.1% during 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 in the last quarter. Finally, Bessemer Group Inc. increased its holdings in CGI Group by 90.4% during the 1st quarter. Bessemer Group Inc. now owns 240,856 shares of the technology company's stock worth $24,068,000 after purchasing an additional 114,373 shares in the last quarter. Institutional investors and hedge funds own 66.68% of the company's stock.

Analysts Set New Price Targets

GIB has been the topic of a number of recent research reports. UBS Group dropped their target price on CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Royal Bank Of Canada lowered their price target on CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, CGI Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.25.

CGI Group Stock Down 1.2%

NYSE:GIB traded down $1.16 on Tuesday, hitting $93.98. The stock had a trading volume of 449,630 shares, compared to its average volume of 327,961. 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 $102.71 and its two-hundred day simple moving average is $105.69. 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 $20.95 billion, a P/E ratio of 17.37, a price-to-earnings-growth ratio of 1.75 and a beta of 0.72.

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

CGI Group Increases Dividend

The firm 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 annualized dividend and a dividend yield of 0.5%. This is a boost from CGI Group's previous quarterly dividend of $0.11. CGI Group's payout ratio is 7.95%.

CGI Group 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.