Resona Asset Management Co. Ltd. Buys 5,188 Shares of Cigna Group (NYSE:CI)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Cigna Group by 5.8% in Q1, owning a total of 95,062 shares worth approximately $31.22 million at the end of the reporting period.
• Cigna Group recently reported earnings of $7.20 per share, surpassing analyst expectations, with revenue hitting $67.13 billion, reflecting an 11.0% increase year-over-year.
• The company declared a quarterly dividend of $1.51 per share, equating to an annual yield of 2.2%, payable to investors of record on September 4th.

Resona Asset Management Co. Ltd. raised its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 5.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,062 shares of the health services provider's stock after purchasing an additional 5,188 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Cigna Group were worth $31,219,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CI. Putney Financial Group LLC purchased a new stake in shares of Cigna Group during the fourth quarter valued at approximately $36,000. Evermay Wealth Management LLC grew its holdings in shares of Cigna Group by 58.6% during the first quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock valued at $37,000 after buying an additional 41 shares during the last quarter. Transce3nd LLC purchased a new stake in shares of Cigna Group during the fourth quarter valued at approximately $38,000. Richardson Financial Services Inc. purchased a new stake in shares of Cigna Group during the first quarter valued at approximately $38,000. Finally, Wayfinding Financial LLC bought a new position in Cigna Group during the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 86.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Morgan Stanley increased their price objective on shares of Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Royal Bank Of Canada restated an "outperform" rating and set a $371.00 price objective on shares of Cigna Group in a research report on Thursday, June 26th. Barclays lowered their price objective on shares of Cigna Group from $385.00 to $354.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Finally, Wall Street Zen downgraded shares of Cigna Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Three equities 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 company's stock. According to MarketBeat.com, Cigna Group presently has an average rating of "Moderate Buy" and an average price target of $378.33.

Cigna Group Price Performance

CI traded up $6.67 during trading on Friday, hitting $297.02. 2,918,002 shares of the company traded hands, compared to its average volume of 2,115,989. The company has a market cap of $79.28 billion, a PE ratio of 16.21, a P/E/G ratio of 0.87 and a beta of 0.47. The stock's 50-day simple moving average is $302.03 and its two-hundred day simple moving average is $311.13. Cigna Group has a 1 year low of $256.89 and a 1 year high of $370.83. 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 (NYSE:CI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, topping analysts' consensus estimates of $7.15 by $0.05. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The business had revenue of $67.13 billion during the quarter, compared to analysts' expectations of $62.61 billion. During the same period last year, the company posted $6.72 EPS. The business's revenue was up 11.0% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is 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.