Panagora Asset Management Inc. Has $39.07 Million Position in Cigna Group $CI

Key Points

• Panagora Asset Management Inc. significantly reduced its stake in Cigna Group by 72.4%, selling 311,981 shares and now holds 118,767 shares valued at approximately $39 million.
• Cigna Group reported earnings of $7.20 per share for the latest quarter, surpassing analysts' expectations of $7.15, with revenue reaching $67.13 billion.
• The company announced a quarterly dividend of $1.51 per share, set to be paid on September 18th, which translates to an annualized yield of 2.0%.

Panagora Asset Management Inc. reduced its stake in Cigna Group (NYSE:CI - Free Report) by 72.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,767 shares of the health services provider's stock after selling 311,981 shares during the period. Panagora Asset Management Inc.'s holdings in Cigna Group were worth $39,074,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Family Legacy Inc. lifted its holdings in shares of Cigna Group by 0.5% during the first quarter. Family Legacy Inc. now owns 6,497 shares of the health services provider's stock valued at $2,138,000 after purchasing an additional 31 shares in the last quarter. Impact Investors Inc grew its holdings in Cigna Group by 1.6% during the 1st quarter. Impact Investors Inc now owns 1,975 shares of the health services provider's stock valued at $650,000 after buying an additional 31 shares in the last quarter. Mission Wealth Management LP boosted its holdings in shares of Cigna Group by 1.5% in the 1st quarter. Mission Wealth Management LP now owns 2,101 shares of the health services provider's stock worth $691,000 after purchasing an additional 32 shares during the period. Westend Capital Management LLC lifted its stake in shares of Cigna Group by 8.1% during the 1st quarter. Westend Capital Management LLC now owns 427 shares of the health services provider's stock worth $140,000 after acquiring an additional 32 shares during the last quarter. Finally, Moody National Bank Trust Division lifted its holdings in shares of Cigna Group by 0.7% in the 1st quarter. Moody National Bank Trust Division now owns 4,587 shares of the health services provider's stock worth $1,509,000 after buying an additional 34 shares during the period. 86.99% of the stock is owned by institutional investors.

Cigna Group Trading Down 0.2%

NYSE CI traded down $0.53 on Wednesday, hitting $300.19. 1,512,564 shares of the stock were exchanged, compared to its average volume of 1,836,254. The company's 50-day moving average price is $298.92 and its two-hundred day moving average price is $311.91. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.71 and a quick ratio of 0.71. Cigna Group has a 52-week low of $256.89 and a 52-week high of $370.83. The company has a market capitalization of $80.13 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 0.88 and a beta of 0.48.

Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.15 by $0.05. The business had revenue of $67.13 billion during the quarter, compared to analyst estimates of $62.61 billion. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. Cigna Group's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.72 EPS. Cigna Group has set its FY 2025 guidance at 29.600- EPS. 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. Shareholders of record on Thursday, September 4th will be paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's dividend payout ratio is currently 32.97%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $371.00 target price on shares of Cigna Group in a research report on Thursday, June 26th. Cantor Fitzgerald reissued an "overweight" rating and set a $365.00 target price on shares of Cigna Group in a research note on Tuesday, August 26th. Barclays decreased their target price on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Truist Financial set a $375.00 target price on Cigna Group in a research report on Tuesday. Finally, Wall Street Zen cut Cigna Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $373.06.

Insider Activity at Cigna Group

In other news, insider Nicole S. Jones sold 28,526 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 25,648 shares of the company's stock, valued at $7,694,400. This represents a 52.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by company insiders.

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.