Cigna Group (NYSE:CI) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden has reduced its stake in Cigna Group by 10.6%, holding 87,200 shares valued at approximately $28.69 million as of the end of the last quarter.
• Cigna Group reported $7.20 earnings per share for the last quarter, exceeding expectations, along with a revenue of $67.13 billion, which marked an 11% increase year-over-year.
• The company announced a quarterly dividend of $1.51 per share, which represents a dividend yield of 2.2% and a payout ratio of 32.97%.

Forsta AP Fonden lowered its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 10.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,200 shares of the health services provider's stock after selling 10,300 shares during the period. Forsta AP Fonden's holdings in Cigna Group were worth $28,689,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CI. T. Rowe Price Investment Management Inc. acquired a new position in Cigna Group during the fourth quarter worth about $724,517,000. GAMMA Investing LLC raised its position in Cigna Group by 58,799.0% during the first quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider's stock worth $583,852,000 after acquiring an additional 1,771,613 shares during the last quarter. Two Sigma Advisers LP raised its position in Cigna Group by 278.0% during the fourth quarter. Two Sigma Advisers LP now owns 816,200 shares of the health services provider's stock worth $225,385,000 after acquiring an additional 600,300 shares during the last quarter. Voloridge Investment Management LLC raised its position in Cigna Group by 400.9% during the fourth quarter. Voloridge Investment Management LLC now owns 643,253 shares of the health services provider's stock worth $177,628,000 after acquiring an additional 514,841 shares during the last quarter. Finally, TAM Capital Management Inc. acquired a new position in shares of Cigna Group in the fourth quarter valued at approximately $128,590,000. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Stock Up 1.5%

Shares of CI stock traded up $4.03 on Friday, hitting $275.03. The stock had a trading volume of 1,518,156 shares, compared to its average volume of 2,047,994. The firm has a market capitalization of $73.41 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 0.81 and a beta of 0.47. The stock's 50 day moving average is $304.57 and its 200-day moving average is $311.60. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.71 and a current ratio of 0.71. Cigna Group has a 52-week low of $256.89 and a 52-week high of $370.83.

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 for the quarter, beating the consensus estimate of $7.15 by $0.05. The business had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The business's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.72 earnings per share. As a group, research analysts expect that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The business 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 dividend of $1.51 per share. 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 is 32.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Royal Bank Of Canada reissued an "outperform" rating and issued a $371.00 price objective on shares of Cigna Group in a research report on Thursday, June 26th. Deutsche Bank Aktiengesellschaft set a $415.00 price objective on shares of Cigna Group and gave the company a "buy" rating in a research report on Tuesday. Barclays cut their price objective on shares of Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Finally, TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research report on Monday, June 23rd. Three research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cigna Group has an average rating of "Moderate Buy" and a consensus price target of $377.72.

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.