Canoe Financial LP Makes New Investment in CGI Inc. (NYSE:GIB)

Canoe Financial LP purchased a new position in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 863,261 shares of the technology company's stock, valued at approximately $94,390,000. CGI makes up approximately 1.4% of Canoe Financial LP's holdings, making the stock its 29th biggest holding. Canoe Financial LP owned 0.38% of CGI at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of GIB. American Century Companies Inc. raised its holdings in shares of CGI by 2.0% in the second quarter. American Century Companies Inc. now owns 27,896 shares of the technology company's stock valued at $2,784,000 after purchasing an additional 540 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in CGI by 15.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,488 shares of the technology company's stock valued at $248,000 after buying an additional 331 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of CGI by 22.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 625,106 shares of the technology company's stock worth $62,394,000 after buying an additional 113,903 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of CGI by 23.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,301 shares of the technology company's stock worth $1,406,000 after buying an additional 2,737 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of CGI in the second quarter valued at approximately $230,000. 66.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on GIB. Cibc World Mkts upgraded CGI from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 15th. CIBC raised shares of CGI from a "neutral" rating to an "outperformer" rating and boosted 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 report on Friday, November 15th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $178.00 target price on shares of CGI in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, CGI presently has a consensus rating of "Buy" and a consensus price target of $147.25.

CGI Stock Performance

NYSE:GIB traded down $0.33 on Friday, reaching $108.42. 138,776 shares of the company's stock were exchanged, compared to its average volume of 130,319. CGI Inc. has a 52 week low of $96.92 and a 52 week high of $118.89. The firm has a market cap of $24.71 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 2.31 and a beta of 0.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.02. The stock has a fifty day simple moving average of $110.48 and a 200-day simple moving average of $110.75.

CGI Announces Dividend

The company also recently announced a -- dividend, which was paid on Friday, December 20th. Shareholders of record on Wednesday, November 20th were paid a $0.111 dividend. This represents a yield of 0.4%. The ex-dividend date was Wednesday, November 20th. CGI's dividend payout ratio is presently 8.55%.

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.