Canoe Financial LP Purchases New Shares in CGI Inc. (NYSE:GIB)

Canoe Financial LP purchased a new position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 863,261 shares of the technology company’s stock, valued at approximately $94,390,000. CGI accounts for about 1.4% of Canoe Financial LP’s investment portfolio, making the stock its 29th largest position. Canoe Financial LP owned 0.38% of CGI at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GIB. Caisse DE Depot ET Placement DU Quebec grew its position in shares of CGI by 1.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 16,290,487 shares of the technology company’s stock worth $1,876,550,000 after buying an additional 230,000 shares during the period. National Bank of Canada FI boosted its stake in CGI by 23.6% during the third quarter. National Bank of Canada FI now owns 4,513,733 shares of the technology company’s stock worth $519,072,000 after acquiring an additional 861,771 shares in the last quarter. Fiera Capital Corp grew its holdings in CGI by 2.7% in the third quarter. Fiera Capital Corp now owns 4,384,639 shares of the technology company’s stock worth $505,173,000 after purchasing an additional 114,864 shares during the period. Bank of Montreal Can increased its stake in shares of CGI by 3.3% during the third quarter. Bank of Montreal Can now owns 3,275,421 shares of the technology company’s stock valued at $373,887,000 after purchasing an additional 104,300 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of CGI by 68.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,368,822 shares of the technology company’s stock valued at $157,485,000 after purchasing an additional 555,017 shares during the last quarter. Institutional investors own 66.68% of the company’s stock.

CGI Trading Down 0.3 %

Shares of GIB stock opened at $108.42 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.02 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 $118.89. The stock has a market capitalization of $24.71 billion, a P/E ratio of 20.15, a P/E/G ratio of 2.31 and a beta of 0.95. The firm’s 50 day moving average is $110.54 and its 200 day moving average is $110.62.

CGI Announces Dividend

The company also recently disclosed a — dividend, which was paid on Friday, December 20th. Investors of record on Wednesday, November 20th were issued a $0.111 dividend. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, November 20th. CGI’s payout ratio is currently 8.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GIB shares. CIBC raised CGI from a “neutral” rating to an “outperformer” rating and boosted their target price for the stock from $155.00 to $178.00 in a report on Tuesday, October 15th. StockNews.com upgraded shares of CGI from a “sell” rating to a “hold” rating in a report on Friday, November 15th. Cibc World Mkts raised shares of CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $178.00 price objective on shares of CGI in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, CGI has an average rating of “Buy” and a consensus price target of $147.25.

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.