State of Michigan Retirement System Sells 1,200 Shares of Cigna Group (NYSE:CI)

State of Michigan Retirement System cut its position in shares of Cigna Group (NYSE:CI - Free Report) by 0.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 234,541 shares of the health services provider's stock after selling 1,200 shares during the quarter. State of Michigan Retirement System owned approximately 0.09% of Cigna Group worth $77,164,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Cigna Group during the fourth quarter valued at about $867,785,000. T. Rowe Price Investment Management Inc. bought a new position in Cigna Group during the 4th quarter worth approximately $724,517,000. GAMMA Investing LLC grew its position in Cigna Group by 58,799.0% during the 1st quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider's stock worth $583,852,000 after acquiring an additional 1,771,613 shares during the last quarter. GQG Partners LLC increased its stake in Cigna Group by 22.4% in the 4th quarter. GQG Partners LLC now owns 4,021,582 shares of the health services provider's stock worth $1,110,520,000 after purchasing an additional 737,099 shares during the period. Finally, Two Sigma Advisers LP lifted its position in Cigna Group by 278.0% in the fourth quarter. Two Sigma Advisers LP now owns 816,200 shares of the health services provider's stock valued at $225,385,000 after purchasing an additional 600,300 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Royal Bank Of Canada reissued an "outperform" rating and issued a $371.00 price target on shares of Cigna Group in a report on Thursday, June 26th. Robert W. Baird lowered their price objective on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Wall Street Zen upgraded shares of Cigna Group from a "buy" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Guggenheim restated a "buy" rating and set a $388.00 price target on shares of Cigna Group in a report on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Cigna Group presently has an average rating of "Buy" and an average target price of $380.39.

Cigna Group Stock Down 2.0%

Shares of Cigna Group stock traded down $6.07 during trading on Friday, hitting $302.71. The company's stock had a trading volume of 1,590,753 shares, compared to its average volume of 1,737,879. Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The company has a market capitalization of $80.86 billion, a PE ratio of 16.76, a P/E/G ratio of 0.92 and a beta of 0.44. The company has a fifty day simple moving average of $317.65 and a two-hundred day simple moving average of $310.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.72 and a current ratio of 0.72.

Cigna Group (NYSE:CI - Get Free Report) last announced its earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share for the quarter, beating analysts' consensus estimates of $6.35 by $0.39. Cigna Group had a net margin of 1.97% and a return on equity of 18.63%. The business had revenue of $65.45 billion during the quarter, compared to the consensus estimate of $60.39 billion. During the same quarter last year, the firm earned $6.47 earnings per share. The business's revenue for the quarter was up 14.4% on a year-over-year basis. Equities research analysts predict that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Tuesday, June 3rd. Cigna Group's payout ratio is 33.44%.

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.