Royal Bank of Canada Trims Stock Holdings in CGI Inc. (NYSE:GIB)

Royal Bank of Canada cut its stake in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,403,835 shares of the technology company's stock after selling 157,695 shares during the quarter. Royal Bank of Canada owned approximately 3.27% of CGI worth $809,388,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GIB. Barclays PLC grew its position in shares of CGI by 182.6% during the third quarter. Barclays PLC now owns 476,758 shares of the technology company's stock worth $54,808,000 after buying an additional 308,040 shares in the last quarter. Signal Advisors Wealth LLC grew its position in shares of CGI by 4.5% during the fourth quarter. Signal Advisors Wealth LLC now owns 3,158 shares of the technology company's stock worth $345,000 after buying an additional 135 shares in the last quarter. Avanza Fonder AB acquired a new position in shares of CGI during the fourth quarter worth about $1,453,000. Canoe Financial LP acquired a new position in shares of CGI during the fourth quarter worth about $94,390,000. Finally, Crossmark Global Holdings Inc. lifted its stake in CGI by 3.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 15,492 shares of the technology company's stock worth $1,694,000 after purchasing an additional 529 shares during the last quarter. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Stock Down 0.1%

GIB stock traded down $0.16 during trading on Monday, hitting $108.10. 88,238 shares of the company's stock were exchanged, compared to its average volume of 200,873. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.28. CGI Inc. has a 52-week low of $92.85 and a 52-week high of $122.79. The business has a 50-day moving average price of $103.00 and a two-hundred day moving average price of $108.72. The stock has a market capitalization of $24.51 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.58 and a beta of 0.78.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing analysts' consensus estimates of $1.50 by ($0.02). CGI had a net margin of 11.72% and a return on equity of 19.32%. The firm 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 posted $1.97 EPS. CGI's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts expect that CGI Inc. will post 5.79 EPS for the current year.

CGI Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GIB shares. UBS Group boosted their target price on CGI from $118.00 to $122.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. Royal Bank of Canada restated an "outperform" rating and set a $192.00 target price on shares of CGI in a research note on Wednesday, March 26th. Finally, Jefferies Financial Group decreased their target price on CGI from $140.00 to $135.00 and set a "buy" rating for the company in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, CGI has an average rating of "Buy" and an average price target of $156.75.

About CGI

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.