Motco Sells 1,388 Shares of Cigna Group (NYSE:CI)

Key Points

• Motco reduced its stake in Cigna Group by 9.0%, selling 1,388 shares, and currently holds 14,074 shares valued at approximately $4.63 million.
• Cigna Group reported earnings of $6.74 per share, surpassing analysts' expectations and showing a 14.4% increase in revenue year-over-year at $65.45 billion.
• The company declared a quarterly dividend of $1.51 to be paid on September 18th, with a yield of 2.04%, reflecting a 33.44% dividend payout ratio.

Motco lowered its position in shares of Cigna Group (NYSE:CI - Free Report) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,074 shares of the health services provider's stock after selling 1,388 shares during the quarter. Motco's holdings in Cigna Group were worth $4,630,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Family Legacy Inc. raised its position in shares of Cigna Group by 0.5% in the first quarter. Family Legacy Inc. now owns 6,497 shares of the health services provider's stock valued at $2,138,000 after purchasing an additional 31 shares during the period. Impact Investors Inc boosted its stake in shares of Cigna Group by 1.6% in the 1st quarter. Impact Investors Inc now owns 1,975 shares of the health services provider's stock valued at $650,000 after purchasing an additional 31 shares in the last quarter. Mission Wealth Management LP boosted its stake in shares of Cigna Group by 1.5% in the 1st quarter. Mission Wealth Management LP now owns 2,101 shares of the health services provider's stock valued at $691,000 after purchasing an additional 32 shares in the last quarter. Westend Capital Management LLC raised its holdings in Cigna Group by 8.1% in the 1st quarter. Westend Capital Management LLC now owns 427 shares of the health services provider's stock valued at $140,000 after buying an additional 32 shares during the last quarter. Finally, Moody National Bank Trust Division raised its holdings in Cigna Group by 0.7% in the 1st quarter. Moody National Bank Trust Division now owns 4,587 shares of the health services provider's stock valued at $1,509,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Trading Up 2.1%

Shares of NYSE CI traded up $6.06 during midday trading on Wednesday, reaching $298.23. 1,066,358 shares of the stock were exchanged, compared to its average volume of 1,798,184. Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.72 and a quick ratio of 0.72. The business has a 50-day simple moving average of $311.29 and a two-hundred day simple moving average of $312.28. The company has a market capitalization of $79.67 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 0.88 and a beta of 0.44.

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 net margin of 1.97% and a return on equity of 18.63%. The business had revenue of $65.45 billion for the quarter, compared to analyst estimates of $60.39 billion. During the same quarter in the prior year, the business earned $6.47 EPS. Cigna Group's quarterly revenue was up 14.4% on a year-over-year basis. As a group, equities research analysts expect that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is 33.44%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research report on Monday, June 23rd. Guggenheim reissued a "buy" rating and issued a $388.00 price target on shares of Cigna Group in a report on Friday, May 23rd. Robert W. Baird dropped their price objective on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Mizuho upped their target price on Cigna Group from $360.00 to $384.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Finally, Morgan Stanley increased their price objective on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average 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.