Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 22,018 Shares of Cigna Group (NYSE:CI)

Key Points

• Empirical Wealth Management drastically reduced its ownership in Cigna Group, cutting its stake by 92.4% to just 1,802 shares after selling 22,018 shares.
• Cigna Group reported $7.20 earnings per share for the last quarter, exceeding expectations, with revenue of $67.13 billion, an 11% increase from the same quarter last year.
• The company announced a quarterly dividend of $1.51 per share, reflecting an annualized yield of 2.3% and a payout ratio of 33.44%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lowered its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 92.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,802 shares of the health services provider's stock after selling 22,018 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Cigna Group were worth $593,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Evermay Wealth Management LLC increased its position in shares of Cigna Group by 58.6% during the 1st quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock valued at $37,000 after purchasing an additional 41 shares during the period. Richardson Financial Services Inc. acquired a new position in shares of Cigna Group in the 1st quarter worth $38,000. Wayfinding Financial LLC acquired a new position in shares of Cigna Group in the 1st quarter worth $40,000. Putney Financial Group LLC acquired a new position in shares of Cigna Group in the 4th quarter worth $36,000. Finally, Transce3nd LLC acquired a new position in shares of Cigna Group in the 4th quarter worth $38,000. Institutional investors own 86.99% of the company's stock.

Wall Street Analyst Weigh In

CI has been the topic of a number of recent research reports. Mizuho lifted their target price on Cigna Group from $360.00 to $384.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Cowen reiterated a "buy" rating on shares of Cigna Group in a report on Monday, May 5th. Wall Street Zen downgraded Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday. Barclays lowered their price target on Cigna Group from $385.00 to $354.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Morgan Stanley lifted their price target on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Cigna Group currently has an average rating of "Moderate Buy" and an average target price of $376.56.

Cigna Group Stock Performance

Cigna Group stock traded up $4.58 during trading hours on Tuesday, hitting $271.17. The stock had a trading volume of 3,149,966 shares, compared to its average volume of 1,863,230. Cigna Group has a fifty-two week low of $256.89 and a fifty-two week high of $370.83. The company has a market cap of $72.38 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.80 and a beta of 0.47. The company has a 50-day moving average of $307.92 and a two-hundred day moving average of $312.21. The company has a quick ratio of 0.71, a current 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 data on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, beating the consensus estimate of $7.15 by $0.05. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%. The company had revenue of $67.13 billion for the quarter, compared to analyst estimates of $62.61 billion. During the same period in the prior year, the company posted $6.72 EPS. The company's revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts anticipate that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

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

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.