Goldman Sachs Group Inc. Purchases 457,052 Shares of Cigna Group (NYSE:CI)

Key Points

• Goldman Sachs Group Inc. increased its stake in Cigna Group by 38.3%, owning approximately 1.65 million shares worth around $542.8 million.
• Cigna Group recently reported $7.20 earnings per share (EPS), surpassing analysts' expectations, along with a revenue increase of 11.0% year-over-year.
• The company announced a quarterly dividend of $1.51 per share, with a dividend yield of 2.2%, set to be paid on September 18th.

Goldman Sachs Group Inc. lifted its holdings in Cigna Group (NYSE:CI - Free Report) by 38.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,649,837 shares of the health services provider's stock after purchasing an additional 457,052 shares during the period. Goldman Sachs Group Inc. owned 0.62% of Cigna Group worth $542,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CI. Putney Financial Group LLC acquired a new stake in shares of Cigna Group in the 4th quarter valued at $36,000. Evermay Wealth Management LLC lifted its position in Cigna Group by 58.6% during the 1st quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock worth $37,000 after acquiring an additional 41 shares during the last quarter. Transce3nd LLC acquired a new position in Cigna Group during the 4th quarter worth $38,000. Richardson Financial Services Inc. acquired a new position in Cigna Group during the 1st quarter worth $38,000. Finally, Wayfinding Financial LLC acquired a new position in Cigna Group during the 1st quarter worth $40,000. Institutional investors and hedge funds own 86.99% of the company's stock.

Analyst Upgrades and Downgrades

CI has been the subject of a number of research analyst reports. Royal Bank Of Canada reissued an "outperform" rating and set a $371.00 target price on shares of Cigna Group in a research report on Thursday, June 26th. Deutsche Bank Aktiengesellschaft set a $415.00 target price on shares of Cigna Group and gave the company a "buy" rating in a research note on Tuesday, August 5th. Wall Street Zen cut shares of Cigna Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler upped their target price on shares of Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Finally, TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $377.72.

Cigna Group Stock Up 0.5%

Shares of NYSE:CI traded up $1.26 during midday trading on Monday, reaching $276.16. 479,918 shares of the company were exchanged, compared to its average volume of 1,850,279. Cigna Group has a fifty-two week low of $256.89 and a fifty-two week high of $370.83. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65. The stock has a fifty day simple moving average of $304.57 and a two-hundred day simple moving average of $311.72. The firm has a market cap of $73.72 billion, a PE ratio of 15.06, a P/E/G ratio of 0.81 and a beta of 0.47.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 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 firm's quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the business posted $6.72 earnings per share. As a group, sell-side analysts forecast that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend 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 (DPR) is 32.97%.

About Cigna Group

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.