CGI (TSE:GIB.A) Cut to “Neutral” at CIBC

CIBC downgraded shares of CGI (TSE:GIB.A) (NYSE:GIB) from an outperform rating to a neutral rating in a research note released on Monday morning,BayStreet.CA reports. The brokerage currently has C$139.00 target price on the stock, down from their previous target price of C$146.00.

Other research analysts also recently issued research reports about the stock. Desjardins decreased their target price on shares of CGI from C$169.00 to C$160.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Sanford C. Bernstein increased their price objective on shares of CGI from C$137.00 to C$142.00 in a research note on Thursday, November 6th. TD Securities lowered their target price on CGI from C$190.00 to C$145.00 and set a “buy” rating on the stock in a research report on Friday, October 3rd. Finally, Raymond James Financial dropped their target price on CGI from C$178.00 to C$168.00 in a report on Thursday, November 6th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$165.90.

CGI Price Performance

Shares of GIB.A opened at C$127.33 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 34.24. CGI has a twelve month low of C$117.71 and a twelve month high of C$175.35. The stock has a market capitalization of C$28.38 billion, a P/E ratio of 17.32, a P/E/G ratio of 2.24 and a beta of 0.22. The company has a 50 day moving average of C$123.38 and a 200-day moving average of C$131.47.

CGI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 19th will be issued a $0.17 dividend. The ex-dividend date is Friday, November 21st. This is an increase from CGI’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 0.5%. CGI’s dividend payout ratio is currently 8.16%.

CGI Company Profile

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 91,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions.