Cidel Asset Management Inc. Cuts Holdings in CGI Group, Inc. $GIB

Cidel Asset Management Inc. lowered its position in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 49.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,349 shares of the technology company’s stock after selling 161,864 shares during the quarter. Cidel Asset Management Inc.’s holdings in CGI Group were worth $10,878,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GIB. EverSource Wealth Advisors LLC increased its stake in CGI Group by 21.6% during the first quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company’s stock worth $98,000 after acquiring an additional 237 shares during the last quarter. Strive Financial Group LLC acquired a new position in shares of CGI Group in the 4th quarter valued at about $37,000. Glenmede Trust Co. NA lifted its stake in shares of CGI Group by 38.3% in the 1st quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company’s stock valued at $249,000 after purchasing an additional 944 shares in the last quarter. Ethic Inc. grew its holdings in shares of CGI Group by 13.4% during the 4th quarter. Ethic Inc. now owns 9,804 shares of the technology company’s stock worth $905,000 after purchasing an additional 1,158 shares during the period. Finally, Entropy Technologies LP purchased a new stake in shares of CGI Group during the 3rd quarter worth about $236,000. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Group Stock Performance

CGI Group stock opened at $70.68 on Wednesday. The stock’s 50 day moving average price is $71.16 and its 200 day moving average price is $70.20. The firm has a market capitalization of $14.64 billion, a PE ratio of 12.12 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, Inc. has a one year low of $59.63 and a one year high of $96.65.

CGI Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, August 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.0%. CGI Group’s dividend payout ratio (DPR) is currently 8.23%.

Wall Street Analyst Weigh In

GIB has been the topic of several research reports. TD Securities lowered shares of CGI Group from a “buy” rating to a “hold” rating in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CGI Group in a research report on Wednesday, June 24th. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $83.67.

CGI Group Company Profile

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.