Shikiar Asset Management Inc. Decreases Holdings in Cigna Group (NYSE:CI)

Shikiar Asset Management Inc. reduced its stake in shares of Cigna Group (NYSE:CI - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,857 shares of the health services provider's stock after selling 10,865 shares during the period. Cigna Group accounts for about 2.2% of Shikiar Asset Management Inc.'s portfolio, making the stock its 15th largest holding. Shikiar Asset Management Inc.'s holdings in Cigna Group were worth $7,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CI. TCTC Holdings LLC acquired a new stake in shares of Cigna Group during the fourth quarter valued at about $25,000. Putney Financial Group LLC purchased a new stake in Cigna Group during the 4th quarter worth about $36,000. Transce3nd LLC purchased a new position in shares of Cigna Group in the 4th quarter valued at about $38,000. Ameriflex Group Inc. acquired a new position in shares of Cigna Group during the fourth quarter worth about $44,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Cigna Group during the fourth quarter worth approximately $53,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CI has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price objective on shares of Cigna Group from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Thursday, March 20th. Guggenheim restated a "buy" rating and issued a $388.00 price target on shares of Cigna Group in a research note on Friday, May 23rd. Mizuho upped their price objective on Cigna Group from $360.00 to $384.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Piper Sandler boosted their target price on Cigna Group from $348.00 to $374.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, Morgan Stanley increased their price target on shares of Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $380.39.

Cigna Group Price Performance

Shares of NYSE:CI traded up $1.83 during midday trading on Thursday, hitting $314.34. 1,170,259 shares of the stock were exchanged, compared to its average volume of 1,715,859. Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83. 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 company has a 50 day moving average price of $322.05 and a 200-day moving average price of $308.09. The stock has a market cap of $83.97 billion, a P/E ratio of 17.41, a PEG ratio of 0.93 and a beta of 0.44.

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

Cigna Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were paid a $1.51 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $6.04 annualized dividend and a yield of 1.92%. Cigna Group's payout ratio is currently 33.44%.

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.