Cigna Group $CI Stock Position Reduced by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Cigna stake by 29.1% in the third quarter, selling 35,681 shares; it held 86,922 shares valued at about $23.6 million afterward.
• Cigna reported quarterly EPS of $7.98, beating the $7.52 consensus, while revenue rose 5.6% year over year to $73.79 billion.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $336.20. Cigna also declared a quarterly dividend of $1.56 per share, equivalent to a 2.1% annualized yield.

Commonwealth Equity Services LLC decreased its position in Cigna Group (NYSE:CI - Free Report) by 29.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,922 shares of the health services provider's stock after selling 35,681 shares during the quarter. Commonwealth Equity Services LLC's holdings in Cigna Group were worth $23,628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CI. Pathway Financial Advisers LLC lifted its stake in shares of Cigna Group by 2.3% during the third quarter. Pathway Financial Advisers LLC now owns 2,640 shares of the health services provider's stock valued at $718,000 after buying an additional 60 shares during the period. Rakuten Investment Management Inc. increased its stake in Cigna Group by 9.8% in the third quarter. Rakuten Investment Management Inc. now owns 47,447 shares of the health services provider's stock valued at $13,060,000 after purchasing an additional 4,230 shares during the last quarter. Provenance Wealth Advisors LLC lifted its position in Cigna Group by 198.1% during the third quarter. Provenance Wealth Advisors LLC now owns 4,618 shares of the health services provider's stock worth $1,255,000 after buying an additional 3,069 shares during the period. Lyell Wealth Management LP lifted its position in Cigna Group by 4.7% during the third quarter. Lyell Wealth Management LP now owns 915 shares of the health services provider's stock worth $249,000 after buying an additional 41 shares during the period. Finally, Associated Banc Corp acquired a new stake in Cigna Group in the 3rd quarter worth about $16,682,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Everett Neville sold 617 shares of Cigna Group stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $284.05, for a total transaction of $175,258.85. Following the transaction, the insider directly owned 5,053 shares of the company's stock, valued at $1,435,304.65. The trade was a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicole Jones sold 2,677 shares of Cigna Group stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $279.61, for a total transaction of $748,515.97. Following the completion of the transaction, the insider owned 25,880 shares in the company, valued at approximately $7,236,306.80. This trade represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

CI has been the topic of several research analyst reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $337.00 target price on shares of Cigna Group in a research report on Thursday, October 1st. Piper Sandler reaffirmed an "overweight" rating on shares of Cigna Group in a research report on Friday, October 23rd. Wall Street Zen raised shares of Cigna Group from a "hold" rating to a "buy" rating in a research report on Sunday. Raymond James Financial downgraded shares of Cigna Group from a "strong-buy" rating to an "outperform" rating and cut their price target for the stock from $350.00 to $320.00 in a research note on Monday, August 3rd. Finally, Evercore initiated coverage on shares of Cigna Group in a research note on Wednesday, September 9th. They set an "in-line" rating and a $290.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $336.20.

Cigna Group Trading Up 0.6%

NYSE:CI opened at $295.37 on Tuesday. The company has a market cap of $78.05 billion, a PE ratio of 13.04, a P/E/G ratio of 1.03 and a beta of 0.25. The business's 50 day moving average is $286.14 and its two-hundred day moving average is $282.27. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.68. Cigna Group has a 52 week low of $256.52 and a 52 week high of $318.05.

Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The health services provider reported $7.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.52 by $0.46. Cigna Group had a return on equity of 19.75% and a net margin of 2.27%. The business had revenue of $73.79 billion for the quarter, compared to the consensus estimate of $72.64 billion. During the same quarter last year, the business posted $7.83 EPS. The business's revenue was up 5.6% on a year-over-year basis. On average, analysts predict that Cigna Group will post 30.62 EPS for the current year.

Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Thursday, December 3rd will be paid a dividend of $1.56 per share. This represents a $6.24 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, December 3rd. Cigna Group's dividend payout ratio (DPR) is presently 27.54%.

Cigna Group Company Profile

The Cigna Group is a global health services company that provides health insurance and related services through its Cigna Healthcare and Evernorth Health Services businesses. Cigna Healthcare offers medical, dental, behavioral health and other coverage and services to employers, individuals and government-program members.

Evernorth provides pharmacy benefit management, specialty pharmacy, care delivery and other health services. Its offerings include prescription drug benefits and services for people with complex or chronic conditions.

The company serves customers in the United States and select international markets.

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