Associated Banc Corp Has $38.31 Million Stock Holdings in Cigna Group (NYSE:CI)

Key Points

• Associated Banc Corp reduced its stake in Cigna Group by 1.4%, selling 1,647 shares, and now holds 116,441 shares valued at approximately $38.31 million.
• Cigna Group reported a strong quarterly earnings result, achieving $7.20 earnings per share, which surpassed analysts' expectations of $7.15, alongside a revenue increase of 11% year-over-year.
• The company announced a quarterly dividend of $1.51 per share, with a yield of 2.3%, reflecting a payout ratio of 32.97%.

Associated Banc Corp lowered its position in shares of Cigna Group (NYSE:CI - Free Report) by 1.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,441 shares of the health services provider's stock after selling 1,647 shares during the period. Cigna Group makes up about 1.2% of Associated Banc Corp's investment portfolio, making the stock its 22nd largest position. Associated Banc Corp's holdings in Cigna Group were worth $38,309,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CI. Evermay Wealth Management LLC lifted its holdings 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 worth $37,000 after buying an additional 41 shares in the last quarter. Richardson Financial Services Inc. purchased a new position in Cigna Group in the first quarter valued at about $38,000. Wayfinding Financial LLC acquired a new stake in Cigna Group during the 1st quarter valued at approximately $40,000. Putney Financial Group LLC purchased a new stake in Cigna Group during the 4th quarter worth approximately $36,000. Finally, Transce3nd LLC purchased a new position in shares of Cigna Group during the 4th quarter valued at approximately $38,000. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen cut shares of Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Piper Sandler upped their target price on shares of Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Barclays decreased their price target on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. TD Cowen upgraded Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Robert W. Baird reduced their target price on Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cigna Group currently has an average rating of "Moderate Buy" and a consensus price target of $377.72.

Cigna Group Price Performance

CI traded up $0.04 during trading on Thursday, reaching $270.00. The stock had a trading volume of 1,964,136 shares, compared to its average volume of 1,999,262. Cigna Group has a 1-year low of $256.89 and a 1-year high of $370.83. The firm has a market capitalization of $72.07 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 0.79 and a beta of 0.47. The stock has a 50 day moving average of $305.39 and a two-hundred day moving average of $311.54. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65.

Cigna Group (NYSE:CI - Get Free Report) last announced its earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, beating the consensus estimate of $7.15 by $0.05. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%. The business had revenue of $67.13 billion during the quarter, compared to analysts' expectations of $62.61 billion. During the same quarter last year, the business posted $6.72 earnings per share. The company's quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts anticipate that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

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. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a yield of 2.2%. Cigna Group's dividend payout ratio is currently 32.97%.

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.