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Harvest Fund Management Co. Ltd Takes $510,000 Position in Cigna Group (NYSE:CI)

Cigna Group logo with Medical background

Key Points

  • Harvest Fund Management Co. Ltd acquired a stake in Cigna Group worth approximately $510,000 in the first quarter, purchasing 1,548 shares.
  • Cigna Group reported earnings of $6.74 per share for the last quarter, exceeding expectations and reflecting a 14.4% year-over-year revenue growth with total revenue of $65.45 billion.
  • The company declared a quarterly dividend of $1.51 per share, resulting in an annual yield of 2.03%, with the payment scheduled for September 18th.
  • MarketBeat previews the top five stocks to own by September 1st.

Harvest Fund Management Co. Ltd acquired a new stake in Cigna Group (NYSE:CI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,548 shares of the health services provider's stock, valued at approximately $510,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its holdings 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 purchasing an additional 98,715 shares during the last quarter. Sanders Capital LLC boosted its holdings in Cigna Group by 2.0% in the 4th quarter. Sanders Capital LLC now owns 8,054,959 shares of the health services provider's stock valued at $2,224,296,000 after purchasing an additional 154,420 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cigna Group by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 5,957,180 shares of the health services provider's stock valued at $1,640,878,000 after purchasing an additional 101,737 shares during the last quarter. Northern Trust Corp boosted its holdings 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 purchasing an additional 328,320 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. acquired a new position in Cigna Group in the 4th quarter valued at about $724,517,000. Hedge funds and other institutional investors own 86.99% of the company's stock.

Cigna Group Trading Down 1.9%

Shares of CI stock traded down $5.12 during mid-day trading on Friday, reaching $262.26. 3,428,214 shares of the stock traded hands, compared to its average volume of 1,636,711. The stock's fifty day simple moving average is $309.98 and its two-hundred day simple moving average is $312.08. Cigna Group has a 1-year low of $256.89 and a 1-year high of $370.83. The company has a market cap of $70.06 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.47. The company has a quick ratio of 0.72, 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 EPS 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 firm had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. During the same quarter in the previous year, the company posted $6.72 earnings per share. The company's quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts anticipate that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors 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 dividend yield of 2.3%. The ex-dividend date is Thursday, September 4th. Cigna Group's payout ratio is presently 33.44%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CI. Guggenheim reaffirmed a "buy" rating and set a $388.00 price objective on shares of Cigna Group in a research report on Friday, May 23rd. Morgan Stanley increased their price objective on shares of Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Piper Sandler increased their price objective on shares of Cigna Group from $348.00 to $374.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research report on Monday, June 23rd. Finally, Robert W. Baird lowered their price objective on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $378.67.

Read Our Latest Stock Analysis on CI

Cigna Group Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Cigna Group (NYSE:CI)

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