HB Wealth Management LLC Has $4.20 Million Stake in Cigna Group (NYSE:CI)

Key Points

• HB Wealth Management LLC increased its stake in Cigna Group by 27.9%, acquiring a total of 12,750 shares worth approximately $4.2 million.
• Cigna Group reported a quarterly EPS of $6.74, exceeding estimates and showing a 14.4% year-over-year revenue growth to $65.45 billion.
• The company announced a quarterly dividend of $1.51, reflecting an annualized yield of 2.04% with a payout ratio of 33.44%.

HB Wealth Management LLC boosted its holdings in Cigna Group (NYSE:CI - Free Report) by 27.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,750 shares of the health services provider's stock after acquiring an additional 2,779 shares during the quarter. HB Wealth Management LLC's holdings in Cigna Group were worth $4,195,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. acquired a new position in shares of Cigna Group in the 4th quarter valued at about $724,517,000. GAMMA Investing LLC increased its holdings in shares of Cigna Group by 58,799.0% in 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 purchasing an additional 1,771,613 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Cigna Group by 278.0% in the 4th 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 period. Voloridge Investment Management LLC increased its holdings in shares of Cigna Group by 400.9% in the 4th quarter. Voloridge Investment Management LLC now owns 643,253 shares of the health services provider's stock valued at $177,628,000 after purchasing an additional 514,841 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Cigna Group by 4.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 11,556,278 shares of the health services provider's stock valued at $3,191,151,000 after purchasing an additional 501,320 shares during the period. 86.99% of the stock is currently owned by institutional investors.

Cigna Group Stock Performance

Shares of CI stock traded down $18.92 during trading hours on Thursday, reaching $278.94. 2,238,023 shares of the company's stock were exchanged, compared to its average volume of 1,811,595. Cigna Group has a fifty-two week low of $262.03 and a fifty-two week high of $370.83. The stock has a market capitalization of $74.52 billion, a P/E ratio of 15.48, a P/E/G ratio of 0.88 and a beta of 0.44. The business has a fifty day moving average price of $310.91 and a 200-day moving average price of $312.18. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.65.

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

Cigna Group Dividend Announcement

The company 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 $1.51 dividend. The ex-dividend date is Thursday, September 4th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.17%. Cigna Group's payout ratio is 33.44%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CI shares. Barclays reiterated an "overweight" rating and issued a $385.00 target price (up previously from $382.00) on shares of Cigna Group in a report on Monday, June 2nd. Wall Street Zen downgraded Cigna Group from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Guggenheim reissued a "buy" rating and issued a $388.00 price target on shares of Cigna Group in a research note on Friday, May 23rd. Morgan Stanley boosted their price target on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Finally, Piper Sandler boosted their price target on Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Cigna Group currently has a consensus rating of "Buy" and an average target price of $380.39.

Cigna Group 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.