Massachusetts Financial Services Co. MA Cuts Holdings in CGI Inc. (NYSE:GIB)

Massachusetts Financial Services Co. MA lowered its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 5.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,894,397 shares of the technology company’s stock after selling 104,023 shares during the period. Massachusetts Financial Services Co. MA’s holdings in CGI were worth $207,095,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in CGI in the third quarter valued at $28,000. Sierra Ocean LLC bought a new position in shares of CGI during the 4th quarter valued at about $62,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of CGI during the 4th quarter valued at about $83,000. Hoey Investments Inc. bought a new stake in CGI in the 4th quarter worth approximately $99,000. Finally, Blue Trust Inc. boosted its stake in CGI by 47.6% in the fourth quarter. Blue Trust Inc. now owns 1,163 shares of the technology company’s stock worth $134,000 after buying an additional 375 shares in the last quarter. 66.68% of the stock is owned by institutional investors.

CGI Price Performance

GIB stock opened at $100.36 on Friday. The stock has a market capitalization of $22.76 billion, a price-to-earnings ratio of 18.15, a PEG ratio of 2.58 and a beta of 0.96. The firm’s 50-day moving average price is $109.53 and its two-hundred day moving average price is $111.15. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.28. CGI Inc. has a 12-month low of $96.75 and a 12-month high of $122.79.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.41. CGI had a return on equity of 19.32% and a net margin of 11.72%. As a group, equities analysts predict that CGI Inc. will post 5.79 earnings per share for the current year.

CGI Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, February 14th were paid a $0.1039 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Friday, February 14th. CGI’s payout ratio is 7.41%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GIB. Jefferies Financial Group lowered their price objective on shares of CGI from $140.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and set a $192.00 price target on shares of CGI in a research report on Wednesday, March 26th. Finally, UBS Group lifted their price objective on CGI from $118.00 to $122.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $156.75.

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.