Skandinaviska Enskilda Banken AB publ Sells 7,479 Shares of Cigna Group (NYSE:CI)

Key Points

• Skandinaviska Enskilda Banken AB reduced its position in Cigna Group by 4.1% during Q1, holding 173,368 shares valued at approximately $57.04 million.
• Analysts have shown optimism for Cigna Group, with several increasing their price targets and ratings, leading to a consensus rating of "Buy" and an average price target of $380.39.
• Cigna Group reported earnings of $6.74 per share for the latest quarter, exceeding expectations, with quarterly revenue up 14.4% year-over-year.

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Cigna Group (NYSE:CI - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,368 shares of the health services provider's stock after selling 7,479 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.06% of Cigna Group worth $57,038,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Cigna Group by 0.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,654,993 shares of the health services provider's stock valued at $3,834,493,000 after acquiring an additional 98,715 shares during the last quarter. Sanders Capital LLC lifted its stake in shares of Cigna Group by 2.0% in the 4th quarter. Sanders Capital LLC now owns 8,054,959 shares of the health services provider's stock valued at $2,224,296,000 after acquiring an additional 154,420 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cigna Group by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 5,957,180 shares of the health services provider's stock valued at $1,640,878,000 after acquiring an additional 101,737 shares during the last quarter. Norges Bank bought a new position in shares of Cigna Group in the 4th quarter valued at $867,785,000. Finally, Northern Trust Corp lifted its stake in shares of Cigna Group by 11.7% in the 4th quarter. Northern Trust Corp now owns 3,140,201 shares of the health services provider's stock valued at $867,135,000 after acquiring an additional 328,320 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Trading Up 0.6%

Cigna Group stock traded up $1.69 during trading hours on Tuesday, reaching $294.08. 940,507 shares of the company's stock were exchanged, compared to its average volume of 1,797,526. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.65. The firm's 50 day simple moving average is $311.94 and its 200 day simple moving average is $312.42. The firm has a market capitalization of $78.56 billion, a PE ratio of 16.30, a PEG ratio of 0.89 and a beta of 0.44. Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83.

Cigna Group (NYSE:CI - Get Free Report) last issued its earnings results on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, beating the consensus estimate of $6.35 by $0.39. The company had revenue of $65.45 billion during 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 firm's revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period last year, the business posted $6.47 EPS. Research analysts predict that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Dividend Announcement

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 paid a $1.51 dividend. The ex-dividend date is Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.05%. Cigna Group's dividend payout ratio is presently 33.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CI. Wall Street Zen cut Cigna Group from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Truist Financial increased their price target on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Barclays reiterated an "overweight" rating and issued a $385.00 price target (up from $382.00) on shares of Cigna Group in a research note on Monday, June 2nd. Robert W. Baird lowered their target price on Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Finally, Guggenheim reaffirmed a "buy" rating and set a $388.00 target price on shares of Cigna Group in a research report on Friday, May 23rd. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price 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.