6,296 CGI Group, Inc. $GIB Shares Acquired by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC boosted its holdings in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 5.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 130,553 shares of the technology company’s stock after buying an additional 6,296 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in CGI Group were worth $8,903,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Groupe la Francaise raised its stake in CGI Group by 0.9% during the second quarter. Groupe la Francaise now owns 1,722,751 shares of the technology company’s stock worth $111,335,000 after purchasing an additional 14,845 shares during the period. QV Investors Inc. increased its position in shares of CGI Group by 31.2% in the second quarter. QV Investors Inc. now owns 908,728 shares of the technology company’s stock worth $58,716,000 after acquiring an additional 216,086 shares in the last quarter. Wellington Management Group LLP raised its position in CGI Group by 60.4% in the second quarter. Wellington Management Group LLP now owns 213,433 shares of the technology company’s stock valued at $13,791,000 after purchasing an additional 80,368 shares during the period. Mn Services Vermogensbeheer B.V. lifted its stake in shares of CGI Group by 14.8% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 58,052 shares of the technology company’s stock worth $3,956,000 after purchasing an additional 7,500 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of CGI Group during the 2nd quarter valued at about $2,918,000. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Group Stock Up 0.7%

CGI Group stock opened at $79.56 on Thursday. The company has a 50-day simple moving average of $72.14 and a 200-day simple moving average of $69.81. CGI Group, Inc. has a one year low of $59.63 and a one year high of $95.20. The firm has a market capitalization of $16.47 billion, a P/E ratio of 13.65 and a beta of 0.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.66 and a current ratio of 0.93.

CGI Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 14th were given a C$0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, August 14th. CGI Group’s dividend payout ratio is currently 8.23%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GIB. TD Securities lowered shares of CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Weiss Ratings cut CGI Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, October 6th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of CGI Group in a research report on Tuesday, October 6th. Six investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $83.67.

CGI Group Company Profile

CGI Inc, formerly known as CGI Group, is a Canadian information technology and business consulting company headquartered in Montreal, Quebec. Founded in 1976, the company provides technology and business solutions to organizations in the private and public sectors.

CGI’s services include business and IT consulting, systems integration, application development and management, cloud computing, cybersecurity, data analytics, digital transformation, and managed IT services. The company also develops and supports proprietary software and industry-specific solutions for areas such as financial services, government, healthcare, manufacturing, telecommunications, utilities, and retail.

CGI serves clients through operations across North America, Europe, and the Asia-Pacific region.