Correct Capital Wealth Management Sells 1,562 Shares of Cigna Group (NYSE:CI)

Correct Capital Wealth Management cut its position in shares of Cigna Group (NYSE:CI - Free Report) by 44.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,914 shares of the health services provider's stock after selling 1,562 shares during the quarter. Correct Capital Wealth Management's holdings in Cigna Group were worth $630,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Cigna Group by 9.3% in the 4th quarter. Brighton Jones LLC now owns 3,736 shares of the health services provider's stock valued at $1,032,000 after purchasing an additional 318 shares during the period. Proficio Capital Partners LLC grew its position in Cigna Group by 24.5% during the fourth quarter. Proficio Capital Partners LLC now owns 864 shares of the health services provider's stock valued at $239,000 after purchasing an additional 170 shares in the last quarter. Simplicity Wealth LLC purchased a new position in Cigna Group during the fourth quarter valued at approximately $208,000. Johnson Investment Counsel Inc. grew its position in Cigna Group by 4.2% during the fourth quarter. Johnson Investment Counsel Inc. now owns 5,527 shares of the health services provider's stock valued at $1,526,000 after purchasing an additional 221 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in shares of Cigna Group by 179.3% during the 4th quarter. Independent Advisor Alliance now owns 5,895 shares of the health services provider's stock valued at $1,628,000 after buying an additional 3,784 shares during the period. 86.99% of the stock is owned by hedge funds and other institutional investors.

Cigna Group Stock Performance

NYSE CI traded down $5.22 during trading on Friday, hitting $303.56. The company's stock had a trading volume of 872,689 shares, compared to its average volume of 1,732,835. The firm has a 50 day moving average price of $317.65 and a 200 day moving average price of $310.26. The firm has a market cap of $81.09 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 0.92 and a beta of 0.44. 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 has a 52 week low of $262.03 and a 52 week high of $370.83.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings results 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. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The firm had revenue of $65.45 billion for the quarter, compared to analyst estimates of $60.39 billion. During the same period in the previous year, the company posted $6.47 earnings per share. The company's quarterly revenue was up 14.4% compared to the same quarter last year. Equities research analysts forecast that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a $1.51 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $6.04 annualized dividend and a yield of 1.99%. Cigna Group's dividend payout ratio (DPR) is currently 33.44%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CI shares. Piper Sandler lifted 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. 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. Barclays reissued an "overweight" rating and issued a $385.00 price target (up previously from $382.00) on shares of Cigna Group in a research note on Monday, June 2nd. Cowen reiterated a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Cigna Group from a "buy" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price 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.