Bank of New York Mellon Corp Sells 102,599 Shares of Cigna Group (NYSE:CI)

Bank of New York Mellon Corp reduced its stake in Cigna Group (NYSE:CI - Free Report) by 5.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,813,634 shares of the health services provider's stock after selling 102,599 shares during the period. Bank of New York Mellon Corp owned 0.66% of Cigna Group worth $596,685,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CI. Norges Bank purchased a new stake in Cigna Group during the 4th quarter valued at $867,785,000. T. Rowe Price Investment Management Inc. bought a new position in Cigna Group during the 4th quarter valued at about $724,517,000. GAMMA Investing LLC boosted its holdings in shares of Cigna Group by 58,799.0% during the 1st quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider's stock valued at $583,852,000 after acquiring an additional 1,771,613 shares during the last quarter. GQG Partners LLC grew its stake in shares of Cigna Group by 22.4% in the fourth quarter. GQG Partners LLC now owns 4,021,582 shares of the health services provider's stock worth $1,110,520,000 after acquiring an additional 737,099 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in shares of Cigna Group by 278.0% during the fourth quarter. Two Sigma Advisers LP now owns 816,200 shares of the health services provider's stock valued at $225,385,000 after purchasing an additional 600,300 shares during the last quarter. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Cigna Group Price Performance

CI traded down $6.41 during trading on Monday, hitting $313.34. 1,397,162 shares of the company traded hands, compared to its average volume of 1,742,260. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65. The company has a market cap of $83.71 billion, a PE ratio of 17.35, a P/E/G ratio of 0.95 and a beta of 0.44. The stock's 50-day simple moving average is $319.74 and its two-hundred day simple moving average is $309.81. Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83.

Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, beating analysts' consensus estimates of $6.35 by $0.39. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The company had revenue of $65.45 billion during the quarter, compared to analyst estimates of $60.39 billion. During the same period in the prior year, the company earned $6.47 earnings per share. The firm's revenue was up 14.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Tuesday, June 3rd. Cigna Group's payout ratio is 33.44%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CI. Barclays reissued an "overweight" rating and set a $385.00 price target (up from $382.00) on shares of Cigna Group in a report on Monday, June 2nd. Cantor Fitzgerald increased their price objective on shares of Cigna Group from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Thursday, March 20th. Mizuho upped their target price on shares of Cigna Group from $360.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Robert W. Baird decreased their price target on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $380.39.

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.