Bank of New York Mellon Corp Lowers Stock Holdings in CGI Group, Inc. (NYSE:GIB)

Bank of New York Mellon Corp lowered its holdings in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 256,322 shares of the technology company’s stock after selling 33,332 shares during the period. Bank of New York Mellon Corp owned 0.11% of CGI Group worth $25,589,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in CGI Group in the fourth quarter valued at $286,970,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in CGI Group by 1,190.6% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 845,916 shares of the technology company’s stock valued at $92,438,000 after acquiring an additional 780,370 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in CGI Group by 29.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company’s stock valued at $327,007,000 after acquiring an additional 678,431 shares during the last quarter. Bank of Montreal Can boosted its holdings in CGI Group by 17.3% in the fourth quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company’s stock valued at $419,976,000 after acquiring an additional 567,868 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in CGI Group by 27.5% in the fourth quarter. Geode Capital Management LLC now owns 1,272,840 shares of the technology company’s stock valued at $140,266,000 after acquiring an additional 274,370 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada reiterated an “outperform” rating and issued a $192.00 target price on shares of CGI Group in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $156.75.

CGI Group Trading Up 0.8%

Shares of GIB opened at $101.02 on Thursday. The stock’s 50-day moving average is $106.16 and its two-hundred day moving average is $107.17. The stock has a market cap of $22.67 billion, a PE ratio of 18.40, a P/E/G ratio of 1.86 and a beta of 0.76. CGI Group, Inc. has a 12 month low of $92.85 and a 12 month high of $122.79. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 0.92.

CGI Group (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $1.48 EPS for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.02). The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $4.05 billion. CGI Group had a return on equity of 18.86% and a net margin of 11.53%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.97 EPS. Equities analysts forecast that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

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

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.