CGI Inc Stock Price, News & Analysis

CGI (NYSE: GIB, TSX: GIB.A) has secured a 10-year managed IT services contract with FashionCube, encompassing six prominent European fashion brands. The contract, valued at 96 million euros, will see CGI manage various IT activities, enhancing synergies and supporting brand transformations toward 'Positive Impact Fashion.' The partnership involves 61 employees joining CGI across France, Germany, Spain, and Poland. CGI aims to improve service quality and accelerate key transformation projects throughout the contract duration.

CGI (NYSE: GIB) has renewed its contract with Highmark Health, focusing on identifying and correcting billing errors in healthcare. This extension allows CGI to deploy its ProperPay solution to reduce waste and fraud in claims. Notably, CGI has previously aided in recovering over $3 billion in lost payments. Highmark values CGI's expertise for optimizing healthcare resources. CGI had a revenue of C$12.16 billion in fiscal 2020 and continues to strengthen partnerships with major healthcare payers.

CGI held its Annual General Meeting of Shareholders on January 27, 2021, in Montréal, Quebec. All 16 proposed directors were elected, with approval rates ranging from 94.53% to 99.69%. Highlights include: Alain Bouchard (95.08%), George A. Cope (99.30%), and Michael B. Pedersen (99.62%). CGI reported a revenue of C$12.16 billion for Fiscal 2020, solidifying its position as one of the largest independent IT and business consulting firms globally. The firm continues to focus on digital transformation and enhancing service delivery for clients worldwide.

CGI reported strong Q1-F2021 results with revenue of $3.02 billion, slightly down from the previous year, and net earnings up 18.4% to $343.5 million. Diluted EPS increased by 24.5% to $1.32. Additionally, bookings rose 24% year-over-year to $3.40 billion, indicating a robust book-to-bill ratio of 112.5%. The company demonstrated improved margins and cash generation, contributing to its positive growth outlook.

CGI announced the renewal of its Normal Course Issuer Bid (NCIB), pending Toronto Stock Exchange approval. The NCIB allows the company to repurchase up to 19,184,831 Class A Shares, approximately 10% of its public float, to enhance shareholder value. The share repurchases may begin on February 6, 2021, and end on February 5, 2022, or once the maximum share limit is met. CGI has already repurchased 16,364,064 shares under its previous NCIB, totaling approximately $1.59 billion.

CGI (NYSE: GIB) has launched a refreshed brand identity to mark its 45th anniversary, emphasizing its commitment to helping clients leverage technology for value creation. The updated tagline, Insights you can act on, reflects CGI's extensive industry knowledge and collaborative approach. This brand refresh coincides with the annual Voice of Our Clients initiative, which has gathered insights from over 6,775 conversations, representing organizations with a collective revenue of C$9 trillion. CGI aims to assist clients in navigating post-pandemic business priorities through informed strategic decisions.

CGI will host its Annual General Meeting on January 27, 2021, and release its fiscal 2021 first quarter results on the same day. Shareholders can participate online and vote, as in-person attendance is not permitted. The fiscal results will reflect the performance for the quarter ended December 31, 2020. The conference call for discussing the results will begin at 9:00 a.m. (EST). CGI reported revenue of C$12.16 billion for fiscal 2020, positioning itself as a leading IT and business consulting services firm globally.

CGI (NYSE: GIB, TSX: GIB.A) announced that Vantage Bank Texas has successfully implemented CGI All Payments as part of its digital transformation strategy. This solution replaces legacy FedWire and ACH systems, facilitating real-time payments and enhancing operational efficiency. The project was executed in just four months, enabling Vantage Bank to better meet customer expectations and future-proof its payment systems. CGI All Payments aims to reduce transaction costs and improve service availability while ensuring security through Microsoft Azure.