Martingale Asset Management L P Sells 30,568 Shares of Cigna Group $CI

Key Points

• Martingale Asset Management L P reduced its stake in Cigna Group by 36.9% in the first quarter, selling 30,568 shares and leaving it with 52,266 shares worth approximately $17.2 million.
• In a recent insider transaction, Nicole S. Jones sold 28,526 shares for about $8.56 million, marking a 52.66% decrease in her ownership of the stock.
• Cigna Group's recent earnings report showed a 11% revenue increase year-over-year, with $67.13 billion in revenue, surpassing analysts' expectations of $62.61 billion.

Martingale Asset Management L P cut its stake in Cigna Group (NYSE:CI - Free Report) by 36.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,266 shares of the health services provider's stock after selling 30,568 shares during the quarter. Martingale Asset Management L P's holdings in Cigna Group were worth $17,196,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Cigna Group

In other news, insider Nicole S. Jones sold 28,526 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $300.00, for a total transaction of $8,557,800.00. Following the completion of the transaction, the insider directly owned 25,648 shares in the company, valued at approximately $7,694,400. This represents a 52.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CI shares. Barclays decreased their price objective on Cigna Group from $385.00 to $354.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Piper Sandler upped their price target 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. Guggenheim reiterated a "buy" rating and issued a $350.00 price objective (down previously from $388.00) on shares of Cigna Group in a research note on Monday, August 4th. Robert W. Baird set a $372.00 price objective on shares of Cigna Group in a report on Thursday, August 14th. Finally, Cowen restated a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cigna Group currently has a consensus rating of "Buy" and a consensus target price of $374.82.

Cigna Group Stock Performance

NYSE CI opened at $304.49 on Thursday. The firm's 50 day simple moving average is $301.44 and its 200 day simple moving average is $311.25. The firm has a market capitalization of $81.28 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 0.88 and a beta of 0.47. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.65. Cigna Group has a 1 year low of $256.89 and a 1 year high of $370.83.

Cigna Group (NYSE:CI - Get Free Report) last released its earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, topping 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 analysts' expectations of $62.61 billion. During the same period in the prior year, the company earned $6.72 earnings per share. The company's quarterly revenue was up 11.0% on a year-over-year basis. Cigna Group has set its FY 2025 guidance at 29.600- EPS. As a group, research analysts expect that Cigna Group will post 29.77 earnings per share 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 $1.51 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a yield of 2.0%. Cigna Group's dividend payout ratio is presently 32.97%.

Cigna Group 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.

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