Mackenzie Financial Corp Reduces Stock Holdings in CGI Inc. (NYSE:GIB)

Mackenzie Financial Corp reduced its holdings in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 5.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,163,961 shares of the technology company’s stock after selling 303,504 shares during the quarter. Mackenzie Financial Corp’s holdings in CGI were worth $515,490,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. APG Asset Management N.V. increased its holdings in shares of CGI by 32.4% during the second quarter. APG Asset Management N.V. now owns 256,013 shares of the technology company’s stock valued at $23,837,000 after acquiring an additional 62,649 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in CGI during the 2nd quarter valued at approximately $2,907,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of CGI by 184.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 28,765 shares of the technology company’s stock worth $2,871,000 after buying an additional 18,644 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in shares of CGI by 6.7% during the second quarter. Evergreen Capital Management LLC now owns 3,437 shares of the technology company’s stock worth $343,000 after buying an additional 215 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of CGI by 9.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company’s stock valued at $205,000 after buying an additional 173 shares during the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on GIB. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a research report on Thursday, August 1st. CIBC downgraded CGI from a “sector outperform” rating to a “neutral” rating in a report on Friday, June 21st. UBS Group started coverage on shares of CGI in a report on Friday, July 19th. They issued a “neutral” rating and a $112.00 price target on the stock. Finally, Jefferies Financial Group lifted their price objective on shares of CGI from $120.00 to $121.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, CGI presently has an average rating of “Moderate Buy” and an average target price of $132.67.

CGI Trading Up 2.3 %

Shares of NYSE:GIB opened at $116.40 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.22. CGI Inc. has a 12-month low of $93.07 and a 12-month high of $118.89. The business has a 50 day moving average of $110.40 and a two-hundred day moving average of $106.71. The company has a market capitalization of $26.86 billion, a PE ratio of 22.43, a PEG ratio of 2.63 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 EPS for the quarter, meeting the consensus estimate of $1.40. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. CGI had a net margin of 11.51% and a return on equity of 20.21%. As a group, analysts forecast that CGI Inc. will post 5.55 EPS for the current year.

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.