Illinois Municipal Retirement Fund Trims Stock Position in Cigna Group (NYSE:CI)

Illinois Municipal Retirement Fund lessened its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 19.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,091 shares of the health services provider's stock after selling 10,852 shares during the period. Illinois Municipal Retirement Fund's holdings in Cigna Group were worth $15,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CI. TCTC Holdings LLC purchased a new position in Cigna Group in the fourth quarter valued at $25,000. Putney Financial Group LLC purchased a new position in Cigna Group in the fourth quarter valued at $36,000. Transce3nd LLC purchased a new position in Cigna Group in the fourth quarter valued at $38,000. Ameriflex Group Inc. purchased a new position in Cigna Group in the fourth quarter valued at $44,000. Finally, Heck Capital Advisors LLC purchased a new position in Cigna Group in the fourth quarter valued at $53,000. Hedge funds and other institutional investors own 86.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Robert W. Baird cut their price objective on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Mizuho lifted their price objective on shares of Cigna Group from $360.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Morgan Stanley lifted their price objective on shares of Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Guggenheim reaffirmed a "buy" rating and issued a $388.00 price objective on shares of Cigna Group in a report on Friday, May 23rd. Finally, TD Cowen upgraded shares of Cigna Group to a "strong-buy" rating in a research report on Monday. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $380.39.

Cigna Group Price Performance

Shares of CI stock opened at $328.66 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.72 and a quick ratio of 0.72. The firm's 50-day moving average is $320.71 and its two-hundred day moving average is $307.71. Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83. The company has a market capitalization of $87.80 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 0.94 and a beta of 0.44.

Cigna Group (NYSE:CI - Get Free Report) last issued its earnings results on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, topping analysts' consensus estimates of $6.35 by $0.39. Cigna Group had a net margin of 1.97% and a return on equity of 18.63%. The company had revenue of $65.45 billion for the quarter, compared to the consensus estimate of $60.39 billion. During the same period in the previous year, the firm earned $6.47 earnings per share. Cigna Group's quarterly revenue was up 14.4% compared to the same quarter last year. Analysts predict that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, June 3rd. Cigna Group's dividend payout ratio (DPR) is 33.44%.

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.

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