LSV Asset Management Decreases Stake in Cigna Group (NYSE:CI)

Key Points

• LSV Asset Management decreased its stake in Cigna Group by 4.9%, owning 569,550 shares valued at approximately $187.38 million after selling 29,160 shares in the first quarter.
• Cigna Group's quarterly earnings surpassed estimates, reporting $7.20 EPS compared to a consensus of $7.15, with revenues of $67.13 billion, reflecting a year-over-year growth of 11%.
• The company announced a quarterly dividend of $1.51 to be paid on September 18th, which translates to an annualized yield of 2.3%.

LSV Asset Management lowered its position in shares of Cigna Group (NYSE:CI - Free Report) by 4.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 569,550 shares of the health services provider's stock after selling 29,160 shares during the period. LSV Asset Management owned approximately 0.21% of Cigna Group worth $187,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its position in Cigna Group by 9.3% in the fourth quarter. Brighton Jones LLC now owns 3,736 shares of the health services provider's stock valued at $1,032,000 after acquiring an additional 318 shares during the last quarter. Wellington Management Group LLP lifted its position in Cigna Group by 11.1% in the fourth quarter. Wellington Management Group LLP now owns 16,869 shares of the health services provider's stock valued at $4,658,000 after acquiring an additional 1,689 shares during the last quarter. Huntington National Bank lifted its position in Cigna Group by 0.6% in the fourth quarter. Huntington National Bank now owns 7,603 shares of the health services provider's stock valued at $2,099,000 after acquiring an additional 45 shares during the last quarter. OneAscent Financial Services LLC lifted its position in Cigna Group by 39.6% in the fourth quarter. OneAscent Financial Services LLC now owns 1,832 shares of the health services provider's stock valued at $506,000 after acquiring an additional 520 shares during the last quarter. Finally, Nicolet Advisory Services LLC lifted its position in Cigna Group by 6.3% in the fourth quarter. Nicolet Advisory Services LLC now owns 938 shares of the health services provider's stock valued at $262,000 after acquiring an additional 56 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Price Performance

Shares of NYSE:CI traded down $5.12 on Friday, hitting $262.26. The company had a trading volume of 3,428,214 shares, compared to its average volume of 1,808,167. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.65. The company has a market cap of $70.01 billion, a PE ratio of 14.32, a PEG ratio of 0.79 and a beta of 0.47. The business has a 50 day moving average of $308.90 and a 200 day moving average of $312.33. 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 issued its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $62.61 billion. During the same period last year, the company earned $6.72 EPS. The firm's quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts anticipate that Cigna Group will post 29.77 earnings per share for the current fiscal 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 dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's dividend payout ratio is 32.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Truist Financial boosted their price target on shares of Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Mizuho upped their target price 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. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $371.00 target price on shares of Cigna Group in a report on Thursday, June 26th. Morgan Stanley upped their target price 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. Finally, Wall Street Zen cut shares of Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday. Three equities 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 data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $378.67.

Cigna Group Company 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.