Equitable Trust Co. Reduces Position in Cigna Group (NYSE:CI)

Equitable Trust Co. cut its holdings in shares of Cigna Group (NYSE:CI) by 13.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,307 shares of the health services provider’s stock after selling 200 shares during the period. Equitable Trust Co.’s holdings in Cigna Group were worth $430,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CI. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Cigna Group during the fourth quarter valued at $724,517,000. GAMMA Investing LLC boosted its position in Cigna Group by 58,799.0% in the first quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider’s stock worth $583,852,000 after purchasing an additional 1,771,613 shares during the last quarter. Two Sigma Advisers LP boosted its position in Cigna Group by 278.0% in the fourth quarter. Two Sigma Advisers LP now owns 816,200 shares of the health services provider’s stock worth $225,385,000 after purchasing an additional 600,300 shares during the last quarter. Voloridge Investment Management LLC boosted its position in Cigna Group by 400.9% in the fourth quarter. Voloridge Investment Management LLC now owns 643,253 shares of the health services provider’s stock worth $177,628,000 after purchasing an additional 514,841 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Cigna Group by 4.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,556,278 shares of the health services provider’s stock worth $3,191,151,000 after purchasing an additional 501,320 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Robert W. Baird dropped their target price on Cigna Group from $388.00 to $362.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Barclays reissued an “overweight” rating and issued a $385.00 target price (up from $382.00) on shares of Cigna Group in a research report on Monday, June 2nd. Wall Street Zen cut Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 18th. Cowen reissued a “buy” rating on shares of Cigna Group in a research report on Monday, May 5th. Finally, Guggenheim reissued a “buy” rating and issued a $388.00 target price on shares of Cigna Group in a research report on Friday, May 23rd. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $380.39.

Cigna Group Stock Up 0.8%

Shares of CI opened at $296.36 on Friday. The business’s 50 day moving average is $312.53 and its 200 day moving average is $312.10. The company has a market capitalization 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. Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65.

Cigna Group (NYSE:CI) last issued its earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.35 by $0.39. The company 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 firm’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the company earned $6.47 EPS. Research analysts expect that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Announces Dividend

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

About Cigna Group

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.