Bank of America Corp DE Grows Position in CGI Inc. (NYSE:GIB)

Bank of America Corp DE lifted its stake in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 47.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 736,901 shares of the technology company’s stock after buying an additional 236,333 shares during the quarter. Bank of America Corp DE’s holdings in CGI were worth $80,558,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GIB. Wilmington Savings Fund Society FSB purchased a new position in shares of CGI in the third quarter worth $28,000. Sierra Ocean LLC purchased a new stake in CGI during the fourth quarter valued at $62,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in CGI during the fourth quarter valued at $83,000. Hoey Investments Inc. purchased a new stake in CGI during the fourth quarter valued at $99,000. Finally, Blue Trust Inc. raised its stake in 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 in the last quarter. Hedge funds and other institutional investors own 66.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. UBS Group upped their price target on shares of CGI from $118.00 to $122.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Jefferies Financial Group decreased their price target on shares of CGI from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $192.00 price target on shares of CGI in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, CGI has an average rating of “Buy” and a consensus price target of $156.75.

CGI Trading Down 0.3%

Shares of GIB opened at $105.87 on Monday. CGI Inc. has a twelve month low of $92.85 and a twelve month high of $122.79. The company has a market cap of $24.00 billion, a P/E ratio of 19.14, a P/E/G ratio of 2.58 and a beta of 0.78. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $102.65 and its 200-day simple moving average is $108.91.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its earnings results on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $1.97 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. As a group, analysts expect that CGI Inc. will post 5.79 EPS for the current year.

CGI Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders 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 annualized dividend and a dividend yield of 0.41%. This is an increase from CGI’s previous quarterly dividend of $0.10. CGI’s dividend payout ratio is currently 7.47%.

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.