CGI Group, Inc. $GIB Shares Sold by Turn8 Private Wealth Inc.

Turn8 Private Wealth Inc. decreased its position in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 61.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,050 shares of the technology company’s stock after selling 15,971 shares during the quarter. Turn8 Private Wealth Inc.’s holdings in CGI Group were worth $1,054,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in shares of CGI Group by 275.3% in the 1st 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 in the last quarter. Principal Financial Group Inc. lifted its holdings in CGI Group by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 55,151 shares of the technology company’s stock worth $5,505,000 after buying an additional 500 shares during the last quarter. Amundi boosted its position in shares of CGI Group by 5.2% during the 1st quarter. Amundi now owns 358,628 shares of the technology company’s stock worth $35,985,000 after acquiring an additional 17,740 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of CGI Group in the 1st quarter valued at about $645,000. Finally, American Century Companies Inc. increased its holdings in shares of CGI Group by 49.6% in the 1st quarter. American Century Companies Inc. now owns 41,686 shares of the technology company’s stock valued at $4,162,000 after acquiring an additional 13,827 shares during the last quarter. Institutional investors and hedge funds own 66.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GIB shares. TD Securities raised CGI Group to a “strong-buy” rating in a report on Friday, October 3rd. Jefferies Financial Group restated a “hold” rating and issued a $81.00 target price (down previously from $105.00) on shares of CGI Group in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of CGI Group in a research note on Wednesday, October 8th. UBS Group reduced their price target on shares of CGI Group from $112.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, July 31st. Finally, Royal Bank Of Canada dropped their price objective on CGI Group from $175.00 to $165.00 and set an “outperform” rating on the stock in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, CGI Group presently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

CGI Group Stock Up 1.1%

GIB stock opened at $86.69 on Wednesday. The company has a fifty day moving average price of $89.98 and a 200 day moving average price of $98.25. CGI Group, Inc. has a 12 month low of $84.00 and a 12 month high of $122.79. The company has a market cap of $19.32 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 1.46 and a beta of 0.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 0.94.

CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, November 5th. The technology company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. CGI Group had a net margin of 11.01% and a return on equity of 18.53%. The company had revenue of $2.88 billion for the quarter, compared to analyst estimates of $4 billion. During the same period in the previous year, the business posted $1.92 earnings per share. CGI Group’s quarterly revenue was up 9.7% on a year-over-year basis. Sell-side analysts expect that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, November 21st will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $0.68 annualized dividend and a yield of 0.8%. This is a boost from CGI Group’s previous quarterly dividend of $0.11. CGI Group’s dividend payout ratio (DPR) is currently 9.13%.

CGI Group 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.