The Manufacturers Life Insurance Company Sells 1,144,410 Shares of CGI Inc. (NYSE:GIB)

The Manufacturers Life Insurance Company trimmed its holdings in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 20.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 4,428,100 shares of the technology company’s stock after selling 1,144,410 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.94% of CGI worth $509,866,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC boosted its holdings in CGI by 3,776.8% during the first quarter. Janus Henderson Group PLC now owns 699,798 shares of the technology company’s stock valued at $77,381,000 after purchasing an additional 681,747 shares in the last quarter. Tidal Investments LLC acquired a new stake in CGI in the 1st quarter valued at $226,000. EULAV Asset Management boosted its stake in CGI by 8.7% in the 1st quarter. EULAV Asset Management now owns 376,610 shares of the technology company’s stock valued at $41,612,000 after buying an additional 30,200 shares in the last quarter. First Affirmative Financial Network raised its stake in CGI by 4.0% during the second quarter. First Affirmative Financial Network now owns 2,841 shares of the technology company’s stock worth $284,000 after acquiring an additional 109 shares in the last quarter. Finally, Cigna Investments Inc. New raised its stake in CGI by 3.8% during the second quarter. Cigna Investments Inc. New now owns 3,948 shares of the technology company’s stock worth $394,000 after acquiring an additional 146 shares in the last quarter. 66.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on GIB shares. CIBC upgraded 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 research report on Tuesday, October 15th. Sanford C. Bernstein upgraded shares of CGI to a “strong-buy” rating in a research report on Thursday, August 1st. Cibc World Mkts raised shares of CGI from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, StockNews.com upgraded shares of CGI from a “sell” rating to a “hold” rating in a research report on Friday, November 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $137.00.

CGI Stock Up 0.9 %

Shares of NYSE GIB opened at $112.61 on Tuesday. CGI Inc. has a 52-week low of $96.92 and a 52-week high of $118.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.02 and a current ratio of 1.36. The stock has a market cap of $25.67 billion, a P/E ratio of 20.93, a P/E/G ratio of 2.53 and a beta of 0.96. The firm has a 50 day moving average price of $113.27 and a 200 day moving average price of $108.31.

CGI Announces Dividend

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

CGI Company 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.