CIBC Private Wealth Group LLC Purchases 2,899 Shares of CGI Inc. (NYSE:GIB)

CIBC Private Wealth Group LLC boosted its position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 840.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,244 shares of the technology company’s stock after purchasing an additional 2,899 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in CGI were worth $354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans bought a new stake in CGI during the third quarter valued at $209,000. Townsquare Capital LLC bought a new stake in shares of CGI during the 3rd quarter valued at about $281,000. Verition Fund Management LLC bought a new stake in shares of CGI during the 3rd quarter valued at about $307,000. Quantinno Capital Management LP grew its holdings in shares of CGI by 6.6% during the third quarter. Quantinno Capital Management LP now owns 16,165 shares of the technology company’s stock worth $1,861,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of CGI by 21.1% in the third quarter. Wellington Management Group LLP now owns 96,516 shares of the technology company’s stock worth $11,118,000 after purchasing an additional 16,844 shares during the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $192.00 target price on shares of CGI in a research report on Wednesday, March 26th. UBS Group upped their target price on shares of CGI from $118.00 to $122.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Finally, Jefferies Financial Group lowered their price target on CGI from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $156.75.

CGI Price Performance

Shares of NYSE:GIB opened at $96.51 on Friday. The company’s fifty day moving average is $109.23 and its 200 day moving average is $110.99. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.28. CGI Inc. has a 52 week low of $95.75 and a 52 week high of $122.79. The stock has a market cap of $21.88 billion, a PE ratio of 17.45, a PEG ratio of 2.58 and a beta of 0.96.

CGI (NYSE:GIB) (TSE:GIB.A) last issued its earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share for the quarter, meeting the consensus estimate of $1.41. CGI had a return on equity of 19.32% and a net margin of 11.72%. Research analysts anticipate that CGI Inc. will post 5.79 earnings per share for the current year.

CGI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, February 14th were issued a $0.1039 dividend. This represents a $0.42 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Friday, February 14th. CGI’s dividend payout ratio is 7.41%.

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.