Bank of Nova Scotia Sells 382,163 Shares of CGI Inc. (NYSE:GIB)

Bank of Nova Scotia cut its stake in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 32.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 781,416 shares of the technology company's stock after selling 382,163 shares during the period. Bank of Nova Scotia owned about 0.34% of CGI worth $85,485,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Metis Global Partners LLC increased its stake in CGI by 1.0% in the 4th quarter. Metis Global Partners LLC now owns 10,534 shares of the technology company's stock worth $1,153,000 after buying an additional 108 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of CGI by 0.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 31,209 shares of the technology company's stock worth $3,412,000 after acquiring an additional 111 shares during the period. Signal Advisors Wealth LLC grew its position in shares of CGI by 4.5% during the fourth quarter. Signal Advisors Wealth LLC now owns 3,158 shares of the technology company's stock worth $345,000 after purchasing an additional 135 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in CGI during the 3rd quarter valued at approximately $28,000. Finally, PCJ Investment Counsel Ltd. lifted its holdings in CGI by 3.1% in the 4th quarter. PCJ Investment Counsel Ltd. now owns 10,960 shares of the technology company's stock worth $1,198,000 after purchasing an additional 330 shares in the last quarter. 66.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GIB shares. Royal Bank of Canada reiterated an "outperform" rating and set a $192.00 price objective on shares of CGI in a research report on Wednesday, March 26th. UBS Group lifted their price target on shares of CGI from $118.00 to $122.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Finally, Jefferies Financial Group dropped 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. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $156.75.

CGI Price Performance

GIB stock traded up $3.82 during trading on Friday, hitting $102.03. 410,298 shares of the company's stock traded hands, compared to its average volume of 195,366. CGI Inc. has a 52 week low of $92.85 and a 52 week high of $122.79. The stock has a market capitalization of $23.13 billion, a price-to-earnings ratio of 18.45, a P/E/G ratio of 2.58 and a beta of 0.85. The business has a fifty day simple moving average of $106.77 and a 200 day simple moving average of $110.26. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.04 and a current ratio of 1.31.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $1.41 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%. As a group, research analysts expect that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Announces Dividend

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

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.