CGI Group, Inc. $GIB Stock: Beutel Goodman & Co Ltd. Decreases Stake

Key Points

• Beutel Goodman cut its CGI Group stake by 11.8% in the third quarter, selling 381,732 shares; it retained 2.85 million shares, worth about $193.9 million.
• Institutional investors and hedge funds own 66.68% of CGI Group. Several other investors increased their holdings during recent quarters.
• Analyst sentiment is broadly neutral: six analysts rate the stock Hold, with a consensus price target of $85. The shares opened at $82.63 in the article’s reported session.

Beutel Goodman & Co Ltd. cut its position in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 11.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,845,117 shares of the technology company's stock after selling 381,732 shares during the quarter. Beutel Goodman & Co Ltd. owned 1.37% of CGI Group worth $193,882,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of CGI Group by 21.6% in the first 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 in the last quarter. Net Worth Advisory Group grew its position in CGI Group by 6.1% in the third quarter. Net Worth Advisory Group now owns 4,976 shares of the technology company's stock valued at $353,000 after purchasing an additional 285 shares in the last quarter. Tidal Investments LLC grew its position in CGI Group by 5.4% in the second quarter. Tidal Investments LLC now owns 14,457 shares of the technology company's stock valued at $933,000 after purchasing an additional 739 shares in the last quarter. Versant Capital Management Inc grew its position in CGI Group by 48.0% in the third quarter. Versant Capital Management Inc now owns 2,313 shares of the technology company's stock valued at $158,000 after purchasing an additional 750 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its stake in CGI Group by 10.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,378 shares of the technology company's stock valued at $570,000 after buying an additional 762 shares during the last quarter. Institutional investors and hedge funds own 66.68% of the company's stock.

CGI Group Trading Down 0.8%

NYSE GIB opened at $82.63 on Tuesday. The company has a market cap of $17.11 billion, a PE ratio of 12.91 and a beta of 0.42. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28. CGI Group, Inc. has a 12 month low of $59.63 and a 12 month high of $95.20. The stock has a 50 day moving average of $74.07 and a 200-day moving average of $72.25.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings upgraded shares of CGI Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 21st. TD Securities cut CGI Group from a "buy" rating to a "hold" rating in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $100.00 target price on shares of CGI Group in a research report on Tuesday, October 6th. Six investment analysts have rated the stock with a Hold rating. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $85.00.

CGI Group Company Profile

CGI Inc, formerly known as CGI Group, is a Canadian information technology and business consulting company founded in 1976 in Montréal. It works with businesses and government organizations to plan, build and operate technology and business systems.

The company provides IT and business consulting, systems integration, application development and maintenance, managed IT services, and business process services. Its work also covers areas such as cloud computing, cybersecurity, data analytics and digital transformation.

CGI serves clients across North America, Europe and the Asia-Pacific region.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.