Macquarie Initiates Coverage on CGI Group Inc. (GIB)
Analysts at Macquarie started coverage on shares of CGI Group Inc. (NYSE:GIB) in a research report issued to clients and investors on Tuesday. The brokerage set a “neutral” rating and a $50.00 price target on the stock. Macquarie’s price target suggests a potential upside of 3.50% from the company’s previous close.
Several other equities analysts have also commented on the stock. Zacks Investment Research upgraded shares of CGI Group from a “sell” rating to a “hold” rating in a research report on Tuesday, September 20th. Canaccord Genuity reiterated a “buy” rating on shares of CGI Group in a research report on Thursday, September 8th. Jefferies Group increased their price objective on shares of CGI Group from $46.00 to $47.00 and gave the company a “hold” rating in a research report on Monday, August 1st. Finally, Barclays PLC increased their price objective on shares of CGI Group from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $49.33.
Shares of CGI Group (NYSE:GIB) opened at 48.31 on Tuesday. The stock’s 50 day moving average is $48.39 and its 200-day moving average is $46.61. The company has a market cap of $14.62 billion, a price-to-earnings ratio of 19.57 and a beta of 0.93. CGI Group has a 52 week low of $35.38 and a 52 week high of $50.58.
CGI Group (NYSE:GIB) last issued its earnings results on Wednesday, July 27th. The company reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.01. CGI Group had a net margin of 9.61% and a return on equity of 17.06%. The firm earned $2.67 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the business earned $0.80 earnings per share. CGI Group’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities analysts anticipate that CGI Group will post $2.63 earnings per share for the current year.
Several large investors have recently made changes to their positions in GIB. Apex Capital Management increased its position in CGI Group by 52.3% in the first quarter. Apex Capital Management now owns 21,695 shares of the company’s stock valued at $1,037,000 after buying an additional 7,449 shares in the last quarter. Virginia Retirement System bought a new position in CGI Group during the first quarter valued at approximately $7,702,000. Addenda Capital Inc. increased its position in CGI Group by 0.9% in the first quarter. Addenda Capital Inc. now owns 413,580 shares of the company’s stock valued at $19,847,000 after buying an additional 3,680 shares in the last quarter. CIBC World Markets Inc. increased its position in CGI Group by 2.8% in the first quarter. CIBC World Markets Inc. now owns 4,315,185 shares of the company’s stock valued at $206,180,000 after buying an additional 118,230 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware increased its position in CGI Group by 7.8% in the first quarter. Mckinley Capital Management LLC Delaware now owns 33,518 shares of the company’s stock valued at $1,601,000 after buying an additional 2,426 shares in the last quarter. 71.70% of the stock is currently owned by institutional investors and hedge funds.
CGI Group Company Profile
CGI Group Inc (CGI) is a Canada-based company that provides information technology (IT) consulting, systems integration, IT outsourcing and business solutions. The Company’s delivery model provides for work to be carried out onsite at client premises, or through its centers located globally. In addition, CGI has a range of business solutions, which helps its clients and shareholders.
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