Wellington Management Group LLP Trims Stock Position in CGI Group, Inc. $GIB

Key Points

• Wellington Management Group LLP reduced its stake in CGI Group by 3.7% in the first quarter, holding 98,300 shares valued at approximately $9.81 million after selling 3,780 shares.
• CGI Group reported $1.52 earnings per share for the recent quarter, which surpassed analysts' expectations, despite revenues of $3 billion falling short of consensus estimates of $4.01 billion.
• The company announced a quarterly dividend of $0.1086 per share, reflecting an increase from the previous quarter’s dividend, with a yield of 0.4%.

Wellington Management Group LLP decreased its holdings in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 3.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,300 shares of the technology company's stock after selling 3,780 shares during the quarter. Wellington Management Group LLP's holdings in CGI Group were worth $9,812,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GIB. Fifth Third Bancorp boosted its position in shares of CGI Group by 239.5% in the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock worth $26,000 after purchasing an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of CGI Group by 292.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,005 shares of the technology company's stock worth $100,000 after purchasing an additional 749 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of CGI Group by 371.7% in the 1st quarter. Versant Capital Management Inc now owns 1,052 shares of the technology company's stock worth $105,000 after purchasing an additional 829 shares in the last quarter. Creekmur Asset Management LLC boosted its position in shares of CGI Group by 7,051.9% in the 1st quarter. Creekmur Asset Management LLC now owns 1,931 shares of the technology company's stock worth $193,000 after purchasing an additional 1,904 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of CGI Group in the 4th quarter worth $221,000. Institutional investors and hedge funds own 66.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GIB. UBS Group lowered their price objective on CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a research 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, CGI Group presently has a consensus rating of "Buy" and a consensus price target of $148.25.

CGI Group Stock Performance

Shares of NYSE GIB traded down $0.42 during trading on Tuesday, reaching $96.76. 290,130 shares of the company traded hands, compared to its average volume of 332,553. The firm's fifty day simple moving average is $99.09 and its 200 day simple moving average is $103.29. The stock has a market cap of $21.57 billion, a P/E ratio of 17.88, a PEG ratio of 1.79 and a beta of 0.75. CGI Group, Inc. has a 12-month low of $92.85 and a 12-month high of $122.79. The company has a current ratio of 1.27, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.51 by $0.01. The business 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 company's revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $1.91 EPS. As a group, research analysts anticipate that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.1086 per share. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.4%. 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 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.