Cibc World Market Inc. Buys 40,492 Shares of CGI Inc. (NYSE:GIB)

Cibc World Market Inc. grew its holdings in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 2.1% in the fourth quarter, HoldingsChannel reports. The fund owned 1,978,249 shares of the technology company’s stock after buying an additional 40,492 shares during the period. Cibc World Market Inc.’s holdings in CGI were worth $216,369,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of CGI in the third quarter valued at approximately $28,000. Blue Trust Inc. increased its stake in CGI by 288.2% during the 3rd quarter. Blue Trust Inc. now owns 788 shares of the technology company’s stock worth $91,000 after acquiring an additional 585 shares during the period. CWM LLC raised its holdings in CGI by 14.8% in the 3rd quarter. CWM LLC now owns 1,365 shares of the technology company’s stock valued at $157,000 after acquiring an additional 176 shares in the last quarter. Werba Rubin Papier Wealth Management bought a new stake in shares of CGI during the 3rd quarter valued at $208,000. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of CGI during the 3rd quarter worth $209,000. Institutional investors and hedge funds own 66.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group cut their price objective on shares of CGI from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. StockNews.com upgraded shares of CGI from a “sell” rating to a “hold” rating in a research report on Friday, November 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $178.00 price objective on shares of CGI in a research note on Monday, January 6th. CIBC upgraded CGI from a “neutral” rating to an “outperformer” rating and upped their target price for the stock from $155.00 to $178.00 in a research note on Tuesday, October 15th. Finally, Cibc World Mkts upgraded CGI from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, CGI currently has an average rating of “Buy” and a consensus price target of $150.75.

CGI Price Performance

Shares of GIB opened at $119.13 on Friday. The stock has a market cap of $27.15 billion, a P/E ratio of 21.54, a P/E/G ratio of 2.49 and a beta of 0.95. The business’s fifty day moving average is $110.81 and its 200 day moving average is $111.27. The company has a quick ratio of 1.02, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. CGI Inc. has a 12-month low of $96.92 and a 12-month high of $121.55.

CGI (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $1.41 EPS for the quarter, hitting analysts’ consensus estimates of $1.41. CGI had a return on equity of 19.59% and a net margin of 11.72%. Sell-side analysts anticipate that CGI Inc. will post 5.85 earnings per share for the current fiscal year.

CGI Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, February 14th will be issued a dividend of $0.1039 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.42 dividend on an annualized basis and a yield of 0.35%. CGI’s dividend payout ratio (DPR) is currently 8.32%.

CGI Company 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.