2,626,122 Shares in CGI Inc. (NYSE:GIB) Acquired by Norges Bank

Norges Bank bought a new stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,626,122 shares of the technology company’s stock, valued at approximately $286,970,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans bought a new position in CGI in the third quarter valued at about $209,000. Cerity Partners LLC lifted its stake in shares of CGI by 60.2% in the 3rd quarter. Cerity Partners LLC now owns 7,379 shares of the technology company’s stock worth $848,000 after purchasing an additional 2,772 shares during the period. Townsquare Capital LLC purchased a new position in shares of CGI in the third quarter worth approximately $281,000. Glenmede Trust Co. NA bought a new stake in CGI during the third quarter valued at approximately $273,000. Finally, Verition Fund Management LLC purchased a new stake in CGI during the third quarter valued at approximately $307,000. 66.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GIB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $192.00 price target on shares of CGI in a research note on Wednesday. Jefferies Financial Group cut their price target on CGI from $140.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. Finally, UBS Group upped their price target on CGI from $118.00 to $122.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $156.75.

CGI Trading Down 1.2 %

Shares of GIB stock opened at $98.09 on Friday. 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 has a fifty day simple moving average of $110.31 and a two-hundred day simple moving average of $111.53. The firm has a market capitalization of $22.24 billion, a PE ratio of 17.74, a PEG ratio of 2.58 and a beta of 0.96. CGI Inc. has a 52-week low of $96.92 and a 52-week high of $122.79.

CGI (NYSE:GIB) (TSE:GIB.A) last released its earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share (EPS) 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%. On average, analysts predict that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, February 14th were issued a $0.1039 dividend. This represents a $0.42 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Friday, February 14th. CGI’s dividend payout ratio (DPR) is presently 7.41%.

CGI Company Profile

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.