National Bank of Canada FI Raises Stake in CGI Inc. (NYSE:GIB)

National Bank of Canada FI increased its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 23.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,513,733 shares of the technology company’s stock after buying an additional 861,771 shares during the quarter. CGI makes up about 0.6% of National Bank of Canada FI’s portfolio, making the stock its 24th largest position. National Bank of Canada FI’s holdings in CGI were worth $519,072,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GIB. Blue Trust Inc. boosted its position in CGI by 288.2% during the third quarter. Blue Trust Inc. now owns 788 shares of the technology company’s stock worth $91,000 after purchasing an additional 585 shares during the period. CWM LLC lifted its stake in shares of CGI by 14.8% during the 3rd quarter. CWM LLC now owns 1,365 shares of the technology company’s stock valued at $157,000 after buying an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in CGI by 9.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company’s stock worth $205,000 after buying an additional 173 shares during the period. Werba Rubin Papier Wealth Management purchased a new position in CGI in the 3rd quarter valued at approximately $208,000. Finally, Thrivent Financial for Lutherans bought a new stake in CGI during the 3rd quarter valued at $209,000. Institutional investors own 66.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GIB shares. CIBC raised shares of CGI from a “neutral” rating to an “outperformer” rating and increased their price target 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 research note on Friday, November 15th. Finally, Cibc World Mkts upgraded shares of CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, CGI has a consensus rating of “Buy” and a consensus target price of $137.00.

CGI Stock Performance

Shares of NYSE GIB opened at $112.82 on Friday. The stock’s 50-day moving average is $113.03 and its 200 day moving average is $108.75. The stock has a market cap of $25.71 billion, a price-to-earnings ratio of 20.97, a P/E/G ratio of 2.56 and a beta of 0.94. CGI Inc. has a 1-year low of $96.92 and a 1-year high of $118.89. 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 Dividend Announcement

The firm also recently disclosed a — dividend, which will be paid on Friday, December 20th. Stockholders of record on Wednesday, November 20th will be issued a $0.111 dividend. The ex-dividend date is Wednesday, November 20th. This represents a dividend yield of 0.4%. CGI’s payout ratio is 8.18%.

CGI 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.