Bridgewater Associates LP Sells 962 Shares of CGI Inc. (NYSE:GIB)

Bridgewater Associates LP lessened its holdings in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 6.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,944 shares of the technology company’s stock after selling 962 shares during the period. Bridgewater Associates LP’s holdings in CGI were worth $1,721,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Crestwood Advisors Group LLC boosted its stake in CGI by 2.4% in the 3rd quarter. Crestwood Advisors Group LLC now owns 4,222 shares of the technology company’s stock worth $485,000 after purchasing an additional 97 shares in the last quarter. First Affirmative Financial Network boosted its stake in CGI by 4.0% in the 2nd quarter. First Affirmative Financial Network now owns 2,841 shares of the technology company’s stock worth $284,000 after purchasing an additional 109 shares in the last quarter. West Family Investments Inc. boosted its stake in CGI by 5.5% in the 3rd quarter. West Family Investments Inc. now owns 2,323 shares of the technology company’s stock worth $267,000 after purchasing an additional 121 shares in the last quarter. Cigna Investments Inc. New boosted its stake in CGI by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 3,948 shares of the technology company’s stock worth $394,000 after purchasing an additional 146 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in CGI by 9.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company’s stock worth $205,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 66.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GIB. StockNews.com upgraded shares of CGI from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. CIBC raised CGI from a “neutral” rating to an “outperformer” rating and boosted their target price for the stock from $155.00 to $178.00 in a research report on Tuesday, October 15th. Finally, Cibc World Mkts raised CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $137.00.

CGI Price Performance

NYSE GIB opened at $112.42 on Monday. CGI Inc. has a 52 week low of $96.92 and a 52 week high of $118.89. The firm has a market capitalization of $25.62 billion, a P/E ratio of 20.90, a PEG ratio of 2.54 and a beta of 0.96. 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 company has a 50-day moving average price of $113.17 and a 200-day moving average price of $108.58.

CGI Dividend Announcement

The firm also recently declared a — dividend, which will be paid on Friday, December 20th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.111 per share. This represents a dividend yield of 0.4%. The ex-dividend date is Wednesday, November 20th. CGI’s payout ratio is currently 8.18%.

CGI 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.