M&T Bank Corp Trims Stock Holdings in Cigna Group (NYSE:CI)

M&T Bank Corp decreased its position in Cigna Group (NYSE:CI - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,488 shares of the health services provider's stock after selling 1,881 shares during the quarter. M&T Bank Corp's holdings in Cigna Group were worth $16,939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. TCTC Holdings LLC purchased a new position in Cigna Group in the 4th quarter worth approximately $25,000. Putney Financial Group LLC purchased a new position in Cigna Group in the 4th quarter worth approximately $36,000. Transce3nd LLC purchased a new position in Cigna Group in the 4th quarter worth approximately $38,000. Wayfinding Financial LLC purchased a new position in Cigna Group in the 1st quarter worth approximately $40,000. Finally, Ameriflex Group Inc. purchased a new position in Cigna Group in the 4th quarter worth approximately $44,000. Institutional investors own 86.99% of the company's stock.

Cigna Group Stock Down 2.0%

Cigna Group stock traded down $6.07 during mid-day trading on Friday, hitting $302.71. The company had a trading volume of 1,590,753 shares, compared to its average volume of 1,741,564. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65. The stock's 50 day moving average price is $317.02 and its two-hundred day moving average price is $310.62. 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 $80.86 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 0.90 and a beta of 0.44.

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

Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Tuesday, June 3rd. Cigna Group's dividend payout ratio (DPR) is presently 33.44%.

Wall Street Analyst Weigh In

CI has been the topic of a number of analyst reports. Cowen reaffirmed a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Wall Street Zen raised Cigna Group from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Barclays reissued an "overweight" rating and set a $385.00 target price (up from $382.00) on shares of Cigna Group in a research note on Monday, June 2nd. TD Cowen raised Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Cantor Fitzgerald boosted their target price on Cigna Group from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cigna Group presently has an average rating of "Buy" and a consensus price target of $380.39.

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.