CGI Group (NYSE:GIB) Shares Gap Up – Still a Buy?

by · The Markets Daily

CGI Group, Inc. (NYSE:GIB – Get Free Report) (TSE:GIB.A) shares gapped up prior to trading on Thursday. The stock had previously closed at $68.03, but opened at $71.91. CGI Group shares last traded at $73.1980, with a volume of 90,151 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. TD Securities downgraded shares of CGI Group from a “buy” rating to a “hold” rating in a report on Thursday, July 23rd. Weiss Ratings upgraded CGI Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, September 17th. Seven analysts have rated the stock with a Hold rating, According to MarketBeat.com, CGI Group has an average rating of “Hold” and a consensus target price of $83.67.

Check Out Our Latest Stock Analysis on GIB

CGI Group Stock Performance

The company has a 50-day moving average price of $72.03 and a two-hundred day moving average price of $69.77. The company has a market capitalization of $14.65 billion, a PE ratio of 12.12 and a beta of 0.47. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 0.28.

CGI Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, August 14th were paid a C$0.17 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.68 annualized dividend and a yield of 1.0%. CGI Group’s dividend payout ratio is currently 8.23%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GIB. Wellington Management Group LLP lifted its position in CGI Group by 60.4% during 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 last quarter. Andra AP fonden bought a new position in shares of CGI Group during the second quarter valued at about $1,201,000. Ethic Inc. increased its stake in CGI Group by 156.4% in the 2nd quarter. Ethic Inc. now owns 24,785 shares of the technology company’s stock worth $1,600,000 after purchasing an additional 15,120 shares during the period. Nykredit A S purchased a new position in shares of CGI Group in the second quarter worth $2,317,000. Finally, Groupe la Francaise raised its stake in shares of CGI Group by 0.9% during the second quarter. Groupe la Francaise now owns 1,722,751 shares of the technology company’s stock valued at $111,335,000 after acquiring an additional 14,845 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company’s stock.

About CGI Group

(Get Free Report)

CGI Inc, formerly known as CGI Group Inc, is a Canadian information technology and business consulting services company headquartered in Montreal, Quebec. Founded in 1976 by Serge Godin and André Imbeau, the company has grown into a global provider of technology and business solutions for commercial and government clients.

CGI’s services include IT and business consulting, systems integration, application development and maintenance, managed IT services, cybersecurity, cloud computing, and business process services.

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