CGI Group, Inc. (NYSE:GIB) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in CGI Group by 16.8% during Q1, selling 339,325 shares and maintaining ownership of 1,681,837 shares worth approximately $167.9 million.
• CGI Group recently announced a quarterly dividend of $0.1086 per share, an increase from the previous dividend of $0.11, representing an annualized yield of 0.5%.
• Currently, CGI Group holds a consensus rating of "Moderate Buy" with a price target set at $148.25, despite recent adjustments by analysts who lowered target prices.

Invesco Ltd. lowered its position in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 16.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,681,837 shares of the technology company's stock after selling 339,325 shares during the quarter. Invesco Ltd. owned approximately 0.74% of CGI Group worth $167,898,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of CGI Group by 9,881.5% during the first quarter. GAMMA Investing LLC now owns 2,695 shares of the technology company's stock valued at $269,000 after acquiring an additional 2,668 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of CGI Group by 239.5% during the first quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock valued at $26,000 after acquiring an additional 182 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of CGI Group by 1.7% during the first quarter. Vontobel Holding Ltd. now owns 6,135 shares of the technology company's stock valued at $613,000 after acquiring an additional 100 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of CGI Group during the first quarter valued at approximately $494,000. Finally, Principal Financial Group Inc. raised its holdings in shares of CGI Group by 0.9% during the first 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 last quarter. Institutional investors and hedge funds own 66.68% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GIB. UBS Group reduced their target price on CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Royal Bank Of Canada cut their price target on CGI Group from $185.00 to $175.00 and set an "outperform" 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $148.25.

CGI Group Price Performance

Shares of NYSE:GIB traded up $0.07 during midday trading on Friday, hitting $93.91. The company had a trading volume of 336,935 shares, compared to its average volume of 367,659. The stock has a market cap of $20.93 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 1.73 and a beta of 0.72. CGI Group, Inc. has a twelve month low of $92.85 and a twelve month high of $122.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 0.94. The business's 50-day simple moving average is $101.91 and its 200-day simple moving average is $105.28.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last issued its quarterly earnings data 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 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%. 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 business posted $1.91 earnings per share. On average, research 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 disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 15th will be given a $0.1086 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from CGI Group's previous quarterly dividend of $0.11. This represents a $0.43 annualized dividend and a yield of 0.5%. CGI Group's dividend payout ratio (DPR) is currently 7.95%.

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.