Modern Wealth Management LLC Takes Position in CGI Group, Inc. $GIB

Key Points

• Modern Wealth Management LLC acquired 3,876 shares of CGI Group, Inc. valued at approximately $387,000, marking their new stake in the company.
• Several institutional investors, including British Columbia Investment Management Corp and Goldman Sachs, significantly increased their stakes in CGI Group, with changes in ownership contributing to 66.68% institutional ownership of the stock.
• CGI Group recently declared a quarterly dividend of $0.1086 per share, reflecting a slight increase from the previous dividend, with a yield of 0.5%.

Modern Wealth Management LLC purchased a new stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,876 shares of the technology company's stock, valued at approximately $387,000.

Several other hedge funds have also modified their holdings of GIB. Federation des caisses Desjardins du Quebec grew its stake in shares of CGI Group by 22.5% during the first quarter. Federation des caisses Desjardins du Quebec now owns 4,933,984 shares of the technology company's stock valued at $491,725,000 after purchasing an additional 907,876 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake 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 purchasing an additional 780,370 shares during the last quarter. Royal Bank of Canada grew its stake in shares of CGI Group by 10.1% during the first quarter. Royal Bank of Canada now owns 8,151,753 shares of the technology company's stock valued at $813,792,000 after purchasing an additional 747,918 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of CGI Group by 275.3% during the first quarter. Goldman Sachs Group Inc. now owns 898,276 shares of the technology company's stock valued at $89,675,000 after purchasing an additional 658,925 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of CGI Group by 35.6% during the first quarter. Canada Pension Plan Investment Board now owns 956,460 shares of the technology company's stock valued at $95,499,000 after purchasing an additional 251,242 shares during the last quarter. 66.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. UBS Group reduced their price objective on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, July 31st. Royal Bank Of Canada reduced their price objective on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $148.25.

CGI Group Trading Down 0.9%

Shares of NYSE:GIB opened at $93.43 on Monday. CGI Group, Inc. has a 12 month low of $92.21 and a 12 month high of $122.79. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company's fifty day simple moving average is $97.54 and its 200 day simple moving average is $102.09. The firm has a market cap of $20.83 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.71 and a beta of 0.75.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last issued its quarterly 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. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the business earned $1.91 EPS. The company's revenue was up 11.4% compared to the same quarter last year. As a group, research analysts forecast that CGI Group, Inc. will post 5.79 EPS for the current fiscal year.

CGI Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be paid a $0.1086 dividend. This represents a $0.43 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, August 15th. This is an increase from CGI Group's previous quarterly dividend of $0.11. CGI Group's dividend payout ratio (DPR) is presently 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.

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