Commonwealth Equity Services LLC Grows Stock Holdings in The Cigna Group (NYSE:CI)

Commonwealth Equity Services LLC grew its holdings in The Cigna Group (NYSE:CI) by 3.6% during the fourth quarter, HoldingsChannel reports. The firm owned 110,970 shares of the health services provider’s stock after acquiring an additional 3,905 shares during the period. Commonwealth Equity Services LLC’s holdings in The Cigna Group were worth $30,643,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Swedbank AB raised its position in shares of The Cigna Group by 26.6% during the 3rd quarter. Swedbank AB now owns 570,283 shares of the health services provider’s stock valued at $197,569,000 after buying an additional 119,681 shares during the period. Harbour Investments Inc. raised its position in The Cigna Group by 23.6% in the third quarter. Harbour Investments Inc. now owns 661 shares of the health services provider’s stock valued at $229,000 after purchasing an additional 126 shares during the period. Huntington National Bank raised its position in The Cigna Group by 2.5% in the third quarter. Huntington National Bank now owns 7,558 shares of the health services provider’s stock valued at $2,618,000 after purchasing an additional 181 shares during the period. Zions Bancorporation N.A. raised its position in The Cigna Group by 9.4% in the third quarter. Zions Bancorporation N.A. now owns 943 shares of the health services provider’s stock valued at $327,000 after purchasing an additional 81 shares during the period. Finally, Curi RMB Capital LLC purchased a new stake in The Cigna Group in the third quarter valued at approximately $330,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

The Cigna Group Price Performance

Shares of CI opened at $313.35 on Friday. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The stock has a market cap of $85.76 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72. The firm has a fifty day moving average price of $296.79 and a 200 day moving average price of $316.52.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter in the previous year, the firm earned $6.79 earnings per share. As a group, sell-side analysts anticipate that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th will be issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.93%. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Wednesday, March 5th. The Cigna Group’s dividend payout ratio is presently 49.35%.

Analysts Set New Price Targets

CI has been the topic of a number of research analyst reports. Barclays cut their target price on The Cigna Group from $420.00 to $339.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Piper Sandler reissued an “overweight” rating and issued a $348.00 target price (down previously from $394.00) on shares of The Cigna Group in a research report on Monday, February 3rd. Stephens dropped their price target on shares of The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Cantor Fitzgerald dropped their price target on shares of The Cigna Group from $400.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Finally, Royal Bank of Canada set a $355.00 price target on shares of The Cigna Group in a research note on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, The Cigna Group has an average rating of “Buy” and an average target price of $372.31.

Insider Activity

In related news, CEO David Cordani sold 26,527 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $8,173,499.24. Following the completion of the sale, the chief executive officer now owns 127,767 shares in the company, valued at $39,367,568.04. This trade represents a 17.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Noelle K. Eder sold 9,944 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the sale, the insider now owns 13,406 shares of the company’s stock, valued at approximately $4,289,920. The trade was a 42.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,375 shares of company stock valued at $12,866,600. Insiders own 0.60% of the company’s stock.

The Cigna Group Company 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.