Canoe Financial LP Increases Stake in CGI Group, Inc. (NYSE:GIB)

Canoe Financial LP boosted its stake in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 4.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 904,153 shares of the technology company’s stock after purchasing an additional 40,892 shares during the period. Canoe Financial LP owned about 0.40% of CGI Group worth $90,274,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of GIB. Bank of New York Mellon Corp grew its position in shares of CGI Group by 0.5% in the 4th quarter. Bank of New York Mellon Corp now owns 289,654 shares of the technology company’s stock worth $31,665,000 after buying an additional 1,409 shares during the last quarter. Northern Trust Corp grew its position in shares of CGI Group by 64.4% in the 4th quarter. Northern Trust Corp now owns 194,481 shares of the technology company’s stock worth $21,261,000 after buying an additional 76,175 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of CGI Group in the 4th quarter worth approximately $925,000. Commonwealth Equity Services LLC grew its position in shares of CGI Group by 3.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,515 shares of the technology company’s stock worth $1,477,000 after buying an additional 464 shares during the last quarter. Finally, Versor Investments LP grew its position in shares of CGI Group by 96.7% in the 4th quarter. Versor Investments LP now owns 9,045 shares of the technology company’s stock worth $989,000 after buying an additional 4,446 shares during the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

CGI Group Trading Down 1.9%

NYSE GIB opened at $105.25 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. CGI Group, Inc. has a twelve month low of $92.85 and a twelve month high of $122.79. The firm has a market capitalization of $23.62 billion, a PE ratio of 19.17, a P/E/G ratio of 1.94 and a beta of 0.77. The stock’s 50 day moving average is $106.67 and its 200 day moving average is $108.11.

CGI Group (NYSE:GIB) (TSE:GIB.A) last released its quarterly 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 Group had a net margin of 11.53% and a return on equity of 18.86%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $4.05 billion. During the same quarter in the prior year, the firm earned $1.97 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts forecast that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 16th were given a dividend of $0.1086 per share. The ex-dividend date was Friday, May 16th. This is a positive change from CGI Group’s previous quarterly dividend of $0.10. This represents a $0.43 annualized dividend and a dividend yield of 0.41%. CGI Group’s payout ratio is currently 7.83%.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada reiterated an “outperform” rating and issued a $192.00 price objective on shares of CGI Group in a research report 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $156.75.

About CGI Group

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.