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

The Manufacturers Life Insurance Company reduced its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 20.5% during the 3rd quarter, according to its most recent 13F 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’s holdings in CGI were worth $509,866,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of GIB. Fiera Capital Corp boosted its position in shares of CGI by 2.7% during the third quarter. Fiera Capital Corp now owns 4,384,639 shares of the technology company’s stock worth $505,173,000 after buying an additional 114,864 shares during the period. Bank of Montreal Can boosted its position in CGI by 3.3% during the 3rd quarter. Bank of Montreal Can now owns 3,275,421 shares of the technology company’s stock worth $373,887,000 after acquiring an additional 104,300 shares during the last quarter. TD Asset Management Inc grew its stake in shares of CGI by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 2,203,320 shares of the technology company’s stock worth $219,873,000 after acquiring an additional 43,355 shares in the last quarter. Cibc World Market Inc. raised its holdings in shares of CGI by 6.2% in the second quarter. Cibc World Market Inc. now owns 1,803,131 shares of the technology company’s stock valued at $180,025,000 after purchasing an additional 105,817 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CGI by 68.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,368,822 shares of the technology company’s stock valued at $157,485,000 after purchasing an additional 555,017 shares during the last quarter. Institutional investors own 66.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on GIB. CIBC raised shares of CGI from a “neutral” rating to an “outperformer” rating and raised their target price for the company from $155.00 to $178.00 in a research report on Tuesday, October 15th. StockNews.com upgraded CGI from a “sell” rating to a “hold” rating in a report on Friday, November 15th. Cibc World Mkts upgraded CGI from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $137.00.

CGI Stock Performance

GIB opened at $112.61 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $113.27 and a 200-day moving average of $108.31. CGI Inc. has a 12-month low of $96.92 and a 12-month high of $118.89. The stock has a market cap of $25.67 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 2.53 and a beta of 0.96.

CGI Announces Dividend

The business also recently announced a — dividend, which will be paid on Friday, December 20th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.111 per share. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, November 20th. CGI’s payout ratio 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.