King Wealth Management Group Cuts Stock Position in Cigna Group (NYSE:CI)

Key Points

• King Wealth Management Group has reduced its stake in Cigna Group by 40.9% in Q1, now holding 7,257 shares valued at approximately $2.39 million.
• Analysts have generally positive outlooks for Cigna, with several firms raising price targets, leading to an average target price of $380.39 and an overall rating of "Buy."
• Cigna Group recently reported strong financial results, with $6.74 EPS for the quarter, exceeding expectations, along with a 14.4% increase in revenue year-over-year.

King Wealth Management Group cut its stake in shares of Cigna Group (NYSE:CI - Free Report) by 40.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,257 shares of the health services provider's stock after selling 5,019 shares during the quarter. King Wealth Management Group's holdings in Cigna Group were worth $2,388,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. purchased a new position in shares of Cigna Group in the 4th quarter valued at $724,517,000. GAMMA Investing LLC boosted 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 valued at $583,852,000 after purchasing an additional 1,771,613 shares in the last quarter. Two Sigma Advisers LP grew its stake in Cigna Group by 278.0% in the fourth quarter. Two Sigma Advisers LP now owns 816,200 shares of the health services provider's stock valued at $225,385,000 after purchasing an additional 600,300 shares during the last quarter. Voloridge Investment Management LLC raised its holdings in Cigna Group by 400.9% in the fourth quarter. Voloridge Investment Management LLC now owns 643,253 shares of the health services provider's stock worth $177,628,000 after purchasing an additional 514,841 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Cigna Group by 4.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,556,278 shares of the health services provider's stock valued at $3,191,151,000 after buying an additional 501,320 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company's stock.

Cigna Group Stock Performance

Cigna Group stock traded down $5.12 during mid-day trading on Friday, hitting $262.26. The company had a trading volume of 3,428,214 shares, compared to its average volume of 1,636,711. The company has a market capitalization of $70.06 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 0.79 and a beta of 0.47. Cigna Group has a 12-month low of $256.89 and a 12-month high of $370.83. The company's fifty day moving average is $308.90 and its 200-day moving average is $311.92. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65.

Cigna Group (NYSE:CI - Get Free Report) last posted its earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.15 by $0.05. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The business 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 for the quarter was up 11.0% on a year-over-year basis. Equities research analysts predict that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a 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 analysts have recently issued reports on CI shares. Truist Financial lifted their price objective on shares of Cigna Group from $385.00 to $405.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $371.00 price objective on shares of Cigna Group in a report on Thursday, June 26th. Piper Sandler boosted their target price on Cigna Group from $348.00 to $374.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, Guggenheim reiterated a "buy" rating and issued a $388.00 price target on shares of Cigna Group in a research note on Friday, May 23rd. Three equities 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $378.67.

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.