Cidel Asset Management Inc. Has $33.06 Million Holdings in CGI Inc. (NYSE:GIB)

Cidel Asset Management Inc. cut its holdings in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 0.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 302,347 shares of the technology company’s stock after selling 217 shares during the period. CGI accounts for approximately 2.2% of Cidel Asset Management Inc.’s portfolio, making the stock its 13th biggest position. Cidel Asset Management Inc.’s holdings in CGI were worth $33,064,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GIB. Canoe Financial LP acquired a new stake in shares of CGI during the fourth quarter worth about $94,390,000. National Bank of Canada FI raised its holdings in CGI by 23.6% during the 3rd quarter. National Bank of Canada FI now owns 4,513,733 shares of the technology company’s stock worth $519,072,000 after buying an additional 861,771 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in CGI by 68.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,368,822 shares of the technology company’s stock worth $157,485,000 after buying an additional 555,017 shares during the period. Barclays PLC lifted its stake in CGI by 182.6% in the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock valued at $54,808,000 after buying an additional 308,040 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of CGI by 1.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 16,290,487 shares of the technology company’s stock valued at $1,876,550,000 after buying an additional 230,000 shares during the period. 66.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. UBS Group boosted their price objective on shares of CGI from $118.00 to $122.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Jefferies Financial Group dropped their price target on CGI from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $178.00 price objective on shares of CGI in a research report on Monday, January 6th. Cibc World Mkts raised CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, CIBC raised CGI from a “neutral” rating to an “outperformer” rating and upped their price target for the stock from $155.00 to $178.00 in a research report on Tuesday, October 15th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $153.25.

CGI Price Performance

NYSE:GIB opened at $119.16 on Friday. CGI Inc. has a 52-week low of $96.92 and a 52-week high of $121.55. The company has a market cap of $27.02 billion, a P/E ratio of 21.55, a P/E/G ratio of 2.59 and a beta of 0.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31. The stock’s 50-day simple moving average is $111.60 and its 200 day simple moving average is $111.75.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share for the quarter, hitting the consensus estimate of $1.41. CGI had a return on equity of 19.32% and a net margin of 11.72%. As a group, sell-side analysts forecast that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Dividend Announcement

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

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.