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

Canoe Financial LP acquired a new position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 863,261 shares of the technology company’s stock, valued at approximately $94,390,000. CGI makes up 1.4% of Canoe Financial LP’s investment portfolio, making the stock its 29th biggest position.

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

CGI Stock Down 0.3 %

Shares of GIB opened at $108.42 on Friday. 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 market capitalization of $24.71 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 2.31 and a beta of 0.95. CGI Inc. has a 1 year low of $96.92 and a 1 year high of $118.89. The business’s 50 day simple moving average is $110.54 and its 200-day simple moving average is $110.62.

CGI Dividend Announcement

The firm also recently declared a — dividend, which was paid on Friday, December 20th. Investors of record on Wednesday, November 20th were paid a dividend of $0.111 per share. This represents a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, November 20th. CGI’s payout ratio is 8.55%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GIB. Royal Bank of Canada reissued an “outperform” rating and set a $178.00 target price on shares of CGI in a research note on Monday, January 6th. StockNews.com upgraded shares of CGI from a “sell” rating to a “hold” rating in a research report on Friday, November 15th. CIBC upgraded shares of CGI from a “neutral” rating to an “outperformer” rating and upped their target price for the stock from $155.00 to $178.00 in a research report on Tuesday, October 15th. Finally, Cibc World Mkts upgraded shares of CGI from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have given 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 $147.25.

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.