Cigna Group (NYSE:CI) Shares Sold by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Cigna Group by 15.1% during the first quarter, now holding 12,600 shares valued at $4.15 million.
• Cigna Group reported $7.20 earnings per share for the last quarter, exceeding analyst expectations, with a revenue of $67.13 billion.
• The company is set to pay a quarterly dividend of $1.51 per share on September 18th, resulting in an annual yield of 2.2%.

Maryland State Retirement & Pension System trimmed its holdings in Cigna Group (NYSE:CI - Free Report) by 15.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,600 shares of the health services provider's stock after selling 2,249 shares during the period. Maryland State Retirement & Pension System's holdings in Cigna Group were worth $4,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Putney Financial Group LLC purchased a new position in Cigna Group during the fourth quarter worth about $36,000. Evermay Wealth Management LLC boosted its stake in Cigna Group by 58.6% during the first 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 during the period. Transce3nd LLC purchased a new position in Cigna Group during the fourth quarter worth about $38,000. Richardson Financial Services Inc. purchased a new position in Cigna Group during the first quarter worth about $38,000. Finally, Wayfinding Financial LLC purchased a new position in Cigna Group during the first quarter worth about $40,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Cigna Group Stock Up 0.0%

CI stock opened at $270.00 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.65. Cigna Group has a twelve month low of $256.89 and a twelve month high of $370.83. The company's 50 day moving average is $305.39 and its two-hundred day moving average is $311.54. The stock has a market cap of $72.07 billion, a P/E ratio of 14.74, a PEG ratio of 0.79 and a beta of 0.47.

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 (EPS) for the quarter, topping analysts' consensus estimates of $7.15 by $0.05. The business had revenue of $67.13 billion for the quarter, compared to analyst estimates of $62.61 billion. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The company's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the firm posted $6.72 earnings per share. Research analysts expect that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is 32.97%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $371.00 target price on shares of Cigna Group in a research note on Thursday, June 26th. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Piper Sandler increased their target price on shares of Cigna Group from $348.00 to $374.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Cowen reissued a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Finally, Deutsche Bank Aktiengesellschaft set a $415.00 price objective on shares of Cigna Group and gave the company a "buy" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $377.72.

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.

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