Massachusetts Financial Services Co. MA Has $3.83 Billion Stock Position in Cigna Group (NYSE:CI)

Massachusetts Financial Services Co. MA increased its position in shares of Cigna Group (NYSE:CI - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,654,993 shares of the health services provider's stock after purchasing an additional 98,715 shares during the quarter. Cigna Group accounts for 1.3% of Massachusetts Financial Services Co. MA's investment portfolio, making the stock its 10th biggest holding. Massachusetts Financial Services Co. MA owned approximately 4.26% of Cigna Group worth $3,834,493,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. TCTC Holdings LLC acquired a new position in Cigna Group in the fourth quarter valued at $25,000. Wayfinding Financial LLC acquired a new position in Cigna Group in the first quarter valued at $40,000. Putney Financial Group LLC acquired a new position in Cigna Group in the fourth quarter valued at $36,000. Transce3nd LLC acquired a new position in Cigna Group in the fourth quarter valued at $38,000. Finally, Ameriflex Group Inc. acquired a new position in Cigna Group in the fourth quarter valued at $44,000. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Robert W. Baird lowered their price target on Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Royal Bank Of Canada reissued an "outperform" rating and set a $371.00 price target on shares of Cigna Group in a research report on Thursday, June 26th. Cowen reissued a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Truist Financial boosted their price target on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, TD Cowen raised Cigna Group to a "strong-buy" rating in a research report on Monday, June 23rd. Two research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cigna Group has a consensus rating of "Buy" and a consensus price target of $380.39.

Cigna Group Stock Down 0.5%

NYSE CI traded down $1.52 on Tuesday, hitting $301.55. 302,364 shares of the stock traded hands, compared to its average volume of 1,732,689. The stock has a 50-day moving average of $316.42 and a 200 day moving average of $311.00. Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83. The company has a market capitalization of $80.55 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 0.90 and a beta of 0.44. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65.

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

Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 2.00%. The ex-dividend date was Tuesday, June 3rd. Cigna Group's payout ratio 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.