CGI Group (NYSE:GIB) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $70.13 and traded as high as $71.70. CGI Group shares last traded at $70.9230, with a volume of 259,385 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GIB. TD Securities cut CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Weiss Ratings restated a “sell (d+)” rating on shares of CGI Group in a research report on Wednesday, June 24th. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $83.67.

CGI Group Price Performance

The firm has a market cap of $14.44 billion, a P/E ratio of 11.96 and a beta of 0.47. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $71.76 and its two-hundred day moving average is $70.11.

CGI Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.0%. CGI Group’s dividend payout ratio is currently 8.23%.

Institutional Trading of CGI Group

A number of large investors have recently bought and sold shares of GIB. Sequoia Financial Advisors LLC grew its stake in shares of CGI Group by 16.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 36,485 shares of the technology company’s stock worth $2,356,000 after acquiring an additional 5,031 shares during the period. Tidal Investments LLC boosted its position in CGI Group by 5.4% during the second quarter. Tidal Investments LLC now owns 14,457 shares of the technology company’s stock worth $933,000 after purchasing an additional 739 shares during the period. Nykredit A S purchased a new position in shares of CGI Group in the second quarter worth about $2,317,000. Groupe la Francaise raised its position in shares of CGI Group by 0.9% in the second quarter. Groupe la Francaise now owns 1,722,751 shares of the technology company’s stock valued at $111,335,000 after purchasing an additional 14,845 shares during the period. Finally, Hudson Portfolio Management LLC purchased a new stake in shares of CGI Group during the 2nd quarter valued at approximately $1,108,000. 66.68% of the stock is owned by hedge funds and other institutional investors.

About CGI Group

CGI Group Inc, also known as CGI, is a global information technology and business consulting company. It provides consulting, systems integration, application development and maintenance, managed IT services, and business process services to organizations in the public and private sectors.

The company helps clients with digital transformation, cloud computing, cybersecurity, enterprise resource planning, data and analytics, and modernization of legacy systems. CGI also develops and supports industry-specific software and technology solutions for areas such as government, financial services, telecommunications, healthcare, manufacturing, utilities, and transportation.

CGI was founded in 1976 in Montreal, Quebec, by Serge Godin and André Imbeau.