CGI Group (NYSE:GIB) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $71.62 and traded as high as $74.27. CGI Group shares last traded at $74.1830, with a volume of 400,818 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently commented on GIB. TD Securities downgraded shares of CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada cut shares of CGI Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $150.00 to $100.00 in a research report on Thursday, April 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of CGI Group in a report on Wednesday, June 24th. Finally, UBS Group decreased their price objective on shares of CGI Group from $79.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Six investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $83.67.

CGI Group Price Performance

The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average price is $67.29 and its two-hundred day moving average price is $71.62. The stock has a market cap of $15.69 billion, a P/E ratio of 12.72 and a beta of 0.46.

CGI Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, August 14th. CGI Group’s payout ratio is 8.06%.

Institutional Investors Weigh In On CGI Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strive Financial Group LLC bought a new position in CGI Group during the 4th quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its position in shares of CGI Group by 21.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company’s stock worth $98,000 after purchasing an additional 237 shares during the last quarter. Entropy Technologies LP bought a new position in CGI Group in the 3rd quarter worth about $236,000. Venturi Wealth Management LLC purchased a new stake in CGI Group during the 1st quarter valued at about $204,000. Finally, Glenmede Trust Co. NA increased its stake in CGI Group by 38.3% during the 1st quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company’s stock valued at $249,000 after purchasing an additional 944 shares in the last quarter. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Group Company Profile

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.