Procyon Advisors LLC Makes New Investment in The Cigna Group (NYSE:CI)

Procyon Advisors LLC acquired a new stake in The Cigna Group (NYSE:CI - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,438 shares of the health services provider's stock, valued at approximately $1,131,000.

Several other hedge funds have also recently modified their holdings of CI. TCTC Holdings LLC purchased a new position in shares of The Cigna Group in the 4th quarter worth about $25,000. Collier Financial bought a new stake in The Cigna Group in the fourth quarter worth about $32,000. Putney Financial Group LLC purchased a new position in The Cigna Group in the fourth quarter valued at about $36,000. Compagnie Lombard Odier SCmA purchased a new position in The Cigna Group in the fourth quarter valued at about $37,000. Finally, Transce3nd LLC bought a new position in shares of The Cigna Group during the 4th quarter valued at approximately $38,000. Institutional investors own 86.99% of the company's stock.

Insider Activity

In related news, Director Elder Granger sold 2,376 shares of the company's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $310.35, for a total value of $737,391.60. Following the sale, the director now directly owns 5,471 shares of the company's stock, valued at $1,697,924.85. This represents a 30.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CI shares. Robert W. Baird lowered their price target on shares of The Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Cowen restated a "buy" rating on shares of The Cigna Group in a research note on Monday, May 5th. Truist Financial upped their price target on The Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Mizuho lifted their price objective on The Cigna Group from $360.00 to $384.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Finally, Barclays reaffirmed an "overweight" rating and set a $385.00 price objective (up from $382.00) on shares of The Cigna Group in a report on Monday, June 2nd. Two 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $380.39.

The Cigna Group Stock Performance

NYSE:CI opened at $311.68 on Friday. The firm has a market cap of $83.26 billion, a PE ratio of 25.46, a price-to-earnings-growth ratio of 0.98 and a beta of 0.44. The Cigna Group has a fifty-two week low of $262.03 and a fifty-two week high of $370.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66. The business has a 50 day moving average price of $323.39 and a 200-day moving average price of $309.05.

The Cigna Group (NYSE:CI - Get Free Report) last posted its earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share for the quarter, topping analysts' consensus estimates of $6.35 by $0.39. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The company had revenue of $65.45 billion during the quarter, compared to analyst estimates of $60.39 billion. During the same period in the prior year, the business posted $6.47 earnings per share. The Cigna Group's revenue for the quarter was up 14.4% on a year-over-year basis. Equities research analysts predict that The Cigna Group will post 29.77 earnings per share for the current year.

The Cigna Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a $1.51 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $6.04 annualized dividend and a dividend yield of 1.94%. The Cigna Group's dividend payout ratio is 33.44%.

The 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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