Cigna Group (NYSE:CI) Shares Sold by Assetmark Inc.

Key Points

• Assetmark Inc. has significantly reduced its stake in Cigna Group by 81.4%, holding only 47,250 shares after selling over 206,000 during the first quarter.
• Several institutional investors increased their positions in Cigna Group, with Two Sigma Investments LP raising its stake by 32.6%, owning now nearly 765,000 shares.
• Analysts have mixed opinions on Cigna Group, with ratings ranging from "buy" to "strong-buy," but the average price target is currently set at $380.39.

Assetmark Inc. decreased its stake in Cigna Group (NYSE:CI - Free Report) by 81.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,250 shares of the health services provider's stock after selling 206,946 shares during the quarter. Assetmark Inc.'s holdings in Cigna Group were worth $15,545,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Putney Financial Group LLC acquired a new position in Cigna Group in the 4th quarter worth about $36,000. Transce3nd LLC acquired a new position in Cigna Group in the 4th quarter worth about $38,000. Richardson Financial Services Inc. acquired a new position in shares of Cigna Group during the first quarter valued at approximately $38,000. Wayfinding Financial LLC acquired a new position in shares of Cigna Group during the first quarter valued at approximately $40,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Cigna Group during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 86.99% of the company's stock.

Cigna Group Stock Up 0.7%

Shares of NYSE CI traded up $2.18 during mid-day trading on Wednesday, hitting $294.35. The company had a trading volume of 437,592 shares, compared to its average volume of 1,793,853. The company has a market capitalization of $78.63 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 0.88 and a beta of 0.44. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.72 and a quick ratio of 0.72. Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The business's 50-day simple moving average is $311.29 and its 200 day simple moving average is $312.28.

Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $65.45 billion for the quarter, compared to analysts' expectations of $60.39 billion. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The company's revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period last year, the firm earned $6.47 earnings per share. On average, analysts predict that Cigna Group will post 29.77 earnings per share 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 paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio is presently 33.44%.

Analysts Set New Price Targets

A number of equities analysts have commented on CI shares. TD Cowen raised Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Truist Financial increased their target price on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a report on Monday, May 12th. Mizuho increased their target price on Cigna Group from $360.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $371.00 target price on shares of Cigna Group in a report on Thursday, June 26th. Finally, Barclays reaffirmed an "overweight" rating and issued a $385.00 price target (up previously from $382.00) on shares of Cigna Group in a report on Monday, June 2nd. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Cigna Group currently has a consensus rating of "Buy" and an average price target of $380.39.

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.