Norges Bank Invests $286.97 Million in CGI Inc. (NYSE:GIB)

Norges Bank purchased a new stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,626,122 shares of the technology company’s stock, valued at approximately $286,970,000. Norges Bank owned 1.16% of CGI at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Canoe Financial LP bought a new stake in CGI during the 4th quarter valued at approximately $94,390,000. National Bank of Canada FI boosted its position in shares of CGI by 23.6% during the third quarter. National Bank of Canada FI now owns 4,513,733 shares of the technology company’s stock valued at $519,072,000 after purchasing an additional 861,771 shares in the last quarter. Barclays PLC boosted its position in shares of CGI by 182.6% during the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock valued at $54,808,000 after purchasing an additional 308,040 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in CGI by 1.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 16,290,487 shares of the technology company’s stock worth $1,876,550,000 after purchasing an additional 230,000 shares in the last quarter. Finally, Mufg Securities Canada LTD. lifted its position in CGI by 72.1% during the fourth quarter. Mufg Securities Canada LTD. now owns 311,295 shares of the technology company’s stock valued at $34,038,000 after buying an additional 130,379 shares during the period. 66.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

CGI Stock Down 1.2 %

NYSE:GIB 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 firm has a market cap of $22.24 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.58 and a beta of 0.96. CGI Inc. has a fifty-two week low of $96.92 and a fifty-two week high of $122.79. The firm has a 50-day simple moving average of $110.31 and a two-hundred day simple moving average of $111.53.

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 for the quarter, meeting the consensus estimate of $1.41. CGI had a net margin of 11.72% and a return on equity of 19.32%. Analysts predict that CGI Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Announces Dividend

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

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.