The Manufacturers Life Insurance Company Sells 516,235 Shares of CGI Inc. (NYSE:GIB)

The Manufacturers Life Insurance Company trimmed its holdings in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 11.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,911,865 shares of the technology company's stock after selling 516,235 shares during the quarter. The Manufacturers Life Insurance Company owned 1.73% of CGI worth $428,589,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new stake in CGI during the third quarter valued at about $28,000. Sierra Ocean LLC bought a new position in CGI during the 4th quarter worth approximately $62,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in CGI in the 4th quarter worth approximately $83,000. Hoey Investments Inc. bought a new stake in CGI in the fourth quarter valued at approximately $99,000. Finally, Blue Trust Inc. boosted its stake in shares of CGI by 47.6% during the fourth quarter. Blue Trust Inc. now owns 1,163 shares of the technology company's stock valued at $134,000 after purchasing an additional 375 shares during the period. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Trading Down 1.6 %

Shares of NYSE GIB traded down $1.74 during midday trading on Thursday, hitting $104.33. 364,402 shares of the company traded hands, compared to its average volume of 200,914. CGI Inc. has a 12-month low of $92.85 and a 12-month high of $122.79. The firm has a market cap of $23.65 billion, a P/E ratio of 18.87, a P/E/G ratio of 2.58 and a beta of 0.85. The stock has a 50-day moving average price of $103.05 and a 200 day moving average price of $109.45. 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 (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its earnings results 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). The firm had revenue of $2.80 billion for the quarter, compared to analysts' expectations of $4.05 billion. CGI had a return on equity of 19.32% and a net margin of 11.72%. The firm's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $1.97 EPS. As a group, analysts expect that CGI Inc. will post 5.79 earnings per share for the current year.

CGI Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.1086 per share. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, May 16th. This is a boost from CGI's previous quarterly dividend of $0.10. CGI's payout ratio is 7.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $192.00 price target on shares of CGI in a report on Wednesday, March 26th. Jefferies Financial Group lowered their price objective on shares of CGI from $140.00 to $135.00 and set a "buy" rating for the company in a research note on Tuesday, January 21st. Finally, UBS Group raised 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. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, CGI has a consensus 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.