Cigna Group (NYSE:CI) Shares Sold by Prudential PLC

Key Points

• Prudential PLC has reduced its holdings in Cigna Group by 54.2% during the first quarter, owning 10,499 shares worth approximately $3.45 million after selling 12,434 shares.
• Despite some institutional selling, several funds increased their stakes, including Resona Asset Management, which raised its holdings by 5.8%, now owning 95,062 shares valued at $31.22 million.
• Cigna Group has announced a quarterly dividend of $1.51, representing an annualized dividend yield of 2.1%, with a payout ratio of 32.97%.

Prudential PLC cut its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 54.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,499 shares of the health services provider's stock after selling 12,434 shares during the period. Prudential PLC's holdings in Cigna Group were worth $3,454,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its stake in Cigna Group by 0.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,654,993 shares of the health services provider's stock valued at $3,834,493,000 after buying an additional 98,715 shares in the last quarter. Northern Trust Corp lifted its stake in Cigna Group by 11.7% in the 4th quarter. Northern Trust Corp now owns 3,140,201 shares of the health services provider's stock valued at $867,135,000 after buying an additional 328,320 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in Cigna Group in the 4th quarter valued at about $724,517,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cigna Group by 15.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,592 shares of the health services provider's stock valued at $689,133,000 after buying an additional 326,633 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Cigna Group by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,450,463 shares of the health services provider's stock worth $676,655,000 after purchasing an additional 18,059 shares in the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on CI shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $371.00 target price on shares of Cigna Group in a research note on Thursday, June 26th. Deutsche Bank Aktiengesellschaft set a $415.00 target price on shares of Cigna Group and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Truist Financial raised their target price on shares of Cigna Group from $385.00 to $405.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Wall Street Zen lowered shares of Cigna Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $378.33.

Cigna Group Price Performance

Shares of CI stock traded up $6.67 during trading hours on Friday, hitting $297.02. The company's stock had a trading volume of 2,918,002 shares, compared to its average volume of 2,115,989. The business has a fifty day moving average of $302.03 and a 200-day moving average of $311.07. The stock has a market cap of $79.28 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 0.87 and a beta of 0.47. Cigna Group has a twelve month low of $256.89 and a twelve month high of $370.83. 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 (NYSE:CI - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the business earned $6.72 earnings per share. As a group, equities research analysts anticipate that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a $1.51 dividend. The ex-dividend date is Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.0%. Cigna Group's dividend payout ratio is currently 32.97%.

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.