Pinnacle Associates Ltd. Has $1.42 Million Stock Holdings in Cigna Group (NYSE:CI)

Pinnacle Associates Ltd. lessened its holdings in shares of Cigna Group (NYSE:CI) by 2.2% in the first quarter, Holdings Channel.com reports. The fund owned 4,307 shares of the health services provider’s stock after selling 99 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cigna Group were worth $1,417,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Unison Advisors LLC increased its position in shares of Cigna Group by 0.5% in the 1st quarter. Unison Advisors LLC now owns 12,454 shares of the health services provider’s stock valued at $4,097,000 after buying an additional 60 shares in the last quarter. AE Wealth Management LLC increased its position in shares of Cigna Group by 7.2% in the 1st quarter. AE Wealth Management LLC now owns 4,056 shares of the health services provider’s stock valued at $1,335,000 after buying an additional 274 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co increased its position in shares of Cigna Group by 1.3% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 52,034 shares of the health services provider’s stock valued at $17,119,000 after buying an additional 676 shares in the last quarter. Wakefield Asset Management LLLP bought a new stake in shares of Cigna Group in the 1st quarter valued at $505,000. Finally, Wedbush Securities Inc. increased its position in shares of Cigna Group by 6.9% in the 1st quarter. Wedbush Securities Inc. now owns 7,270 shares of the health services provider’s stock valued at $2,392,000 after buying an additional 469 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Morgan Stanley upped their price objective on shares of Cigna Group from $379.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Piper Sandler upped their target price on shares of Cigna Group from $348.00 to $374.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Guggenheim reaffirmed a “buy” rating and issued a $388.00 target price on shares of Cigna Group in a research note on Friday, May 23rd. Truist Financial upped their target price on shares of Cigna Group from $385.00 to $405.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Finally, Mizuho upped their target price on shares of Cigna Group from $360.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $380.39.

Cigna Group Price Performance

Shares of NYSE CI opened at $296.36 on Friday. The business’s 50 day moving average price is $312.53 and its two-hundred day moving average price is $312.10. The company has a market cap of $79.17 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 0.89 and a beta of 0.44. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.65. Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83.

Cigna Group (NYSE:CI) last announced its quarterly earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share for the quarter, topping analysts’ consensus estimates of $6.35 by $0.39. The firm had revenue of $65.45 billion for the quarter, compared to the consensus estimate of $60.39 billion. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The business’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.47 earnings per share. On average, analysts predict that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Thursday, September 4th. Cigna Group’s dividend payout ratio (DPR) is presently 33.44%.

Cigna Group Profile

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.