Banque Cantonale Vaudoise Purchases New Position in Cigna Group (NYSE:CI)

Key Points

• Banque Cantonale Vaudoise acquired 20,540 shares of Cigna Group valued at approximately $6.76 million, reflecting increasing institutional investment in the company.
• Cigna Group reported a quarterly EPS of $6.74, exceeding analysts' estimates of $6.35, with a revenue of $65.45 billion for the quarter.
• Equities research analysts have set new price targets for Cigna Group, with an average target of $380.39 and a majority rating the stock as "Buy".

Banque Cantonale Vaudoise bought a new position in shares of Cigna Group (NYSE:CI - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 20,540 shares of the health services provider's stock, valued at approximately $6,758,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CI. Evermay Wealth Management LLC boosted its stake in Cigna Group by 58.6% in the 1st quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock valued at $37,000 after purchasing an additional 41 shares during the period. Richardson Financial Services Inc. acquired a new position in Cigna Group in the 1st quarter valued at $38,000. Wayfinding Financial LLC acquired a new position in Cigna Group in the 1st quarter valued at $40,000. Putney Financial Group LLC acquired a new position in Cigna Group in the 4th quarter valued at $36,000. Finally, Transce3nd LLC acquired a new position in Cigna Group in the 4th quarter valued at $38,000. 86.99% of the stock is currently owned by institutional investors.

Cigna Group Stock Down 2.0%

Shares of Cigna Group stock traded down $5.40 on Friday, hitting $261.98. The company had a trading volume of 2,691,170 shares, compared to its average volume of 1,839,275. The stock has a market capitalization of $69.99 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 0.90 and a beta of 0.44. Cigna Group has a 1 year low of $256.89 and a 1 year high of $370.83. The stock has a 50 day moving average of $309.98 and a 200-day moving average of $312.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.72 and a current ratio of 0.72.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, topping the consensus estimate of $7.15 by $0.05. The firm had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The company's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $6.72 earnings per share. As a group, sell-side analysts forecast that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is currently 33.44%.

Analysts Set New Price Targets

Several brokerages have weighed in on CI. TD Cowen raised Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Barclays dropped their price objective on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a report on Friday. Guggenheim reaffirmed a "buy" rating and issued a $388.00 price objective on shares of Cigna Group in a report on Friday, May 23rd. Wall Street Zen cut Cigna Group from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Finally, Robert W. Baird dropped their price objective on Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $378.67.

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.