Toronto Dominion Bank Cuts Stake in CGI Inc. (NYSE:GIB)

Toronto Dominion Bank lessened its stake in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 8.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 514,335 shares of the technology company's stock after selling 47,406 shares during the period. Toronto Dominion Bank owned 0.23% of CGI worth $56,207,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GIB. Vanguard Group Inc. increased its stake in shares of CGI by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 7,942,779 shares of the technology company's stock valued at $869,067,000 after purchasing an additional 128,285 shares during the last quarter. Bank of Montreal Can increased its stake in shares of CGI by 17.3% in the fourth quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company's stock valued at $419,976,000 after buying an additional 567,868 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of CGI by 29.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company's stock valued at $327,007,000 after buying an additional 678,431 shares during the period. Norges Bank bought a new stake in CGI during the fourth quarter valued at $286,970,000. Finally, TD Asset Management Inc. grew its stake in CGI by 3.5% during the fourth quarter. TD Asset Management Inc. now owns 2,383,862 shares of the technology company's stock worth $260,697,000 after purchasing an additional 81,440 shares during the period. Institutional investors own 66.68% of the company's stock.

CGI Stock Up 0.1%

Shares of NYSE GIB traded up $0.16 during mid-day trading on Tuesday, hitting $108.24. 176,961 shares of the stock traded hands, compared to its average volume of 201,317. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31. CGI Inc. has a 52 week low of $92.85 and a 52 week high of $122.79. The company has a market cap of $24.54 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 2.58 and a beta of 0.78. The stock has a fifty day moving average price of $103.24 and a 200-day moving average price of $108.70.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings results 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 return on equity of 19.32% and a net margin of 11.72%. The business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $4.05 billion. During the same quarter in the prior year, the firm earned $1.97 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts anticipate that CGI Inc. will post 5.79 EPS for the current year.

CGI Increases Dividend

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

Analyst Upgrades and Downgrades

GIB has been the subject of a number of research reports. Royal Bank of Canada reissued an "outperform" rating and issued a $192.00 price objective on shares of CGI in a research note on Wednesday, March 26th. UBS Group upped their price objective on CGI from $118.00 to $122.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Finally, Jefferies Financial Group dropped their price target on CGI from $140.00 to $135.00 and set a "buy" rating on the stock in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $156.75.

CGI 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.