State of New Jersey Common Pension Fund D Sells 9,474 Shares of Cigna Group $CI

Key Points

• The State of New Jersey Common Pension Fund D has decreased its stake in Cigna Group by 9.2%, now holding 93,477 shares valued at approximately $30.75 million.
• Cigna Group reported earnings of $7.20 per share in its latest quarter, exceeding expectations and showing an 11% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.51, with a payout ratio of 32.97% and a dividend yield of 2.0%.

State of New Jersey Common Pension Fund D trimmed its position in Cigna Group (NYSE:CI - Free Report) by 9.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,477 shares of the health services provider's stock after selling 9,474 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Cigna Group were worth $30,754,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Nations Financial Group Inc. IA ADV raised its stake in Cigna Group by 4.4% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 3,376 shares of the health services provider's stock valued at $1,111,000 after purchasing an additional 141 shares during the last quarter. Horizon Investments LLC grew its holdings in shares of Cigna Group by 3.3% in the 1st quarter. Horizon Investments LLC now owns 5,012 shares of the health services provider's stock worth $1,649,000 after purchasing an additional 162 shares during the last quarter. English Capital Management LLC grew its holdings in Cigna Group by 9.3% during the 1st quarter. English Capital Management LLC now owns 22,506 shares of the health services provider's stock worth $7,404,000 after acquiring an additional 1,920 shares during the last quarter. Cookson Peirce & Co. Inc. grew its holdings in Cigna Group by 13.7% during the 1st quarter. Cookson Peirce & Co. Inc. now owns 2,818 shares of the health services provider's stock worth $927,000 after acquiring an additional 340 shares during the last quarter. Finally, OneAscent Investment Solutions LLC bought a new stake in Cigna Group during the 1st quarter worth about $340,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cigna Group

In related news, insider Nicole S. Jones sold 28,526 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $300.00, for a total value of $8,557,800.00. Following the transaction, the insider directly owned 25,648 shares in the company, valued at $7,694,400. This trade represents a 52.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is currently owned by company insiders.

Cigna Group Price Performance

Shares of CI stock traded up $2.3520 on Wednesday, reaching $304.4620. The company had a trading volume of 1,055,436 shares, compared to its average volume of 1,853,865. The business's 50-day moving average is $301.55 and its 200 day moving average is $311.30. Cigna Group has a one year low of $256.89 and a one year high of $370.83. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $81.27 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 0.87 and a beta of 0.47.

Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.15 by $0.05. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%.The company had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. During the same quarter in the prior year, the firm posted $6.72 earnings per share. The firm's revenue was up 11.0% compared to the same quarter last year. Cigna Group has set its FY 2025 guidance at 29.600- EPS. Equities research analysts forecast that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a dividend of $1.51 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.0%. Cigna Group's dividend payout ratio (DPR) is 32.97%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CI. TD Cowen raised shares of Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Barclays dropped their target price on shares of Cigna Group from $385.00 to $354.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Wells Fargo & Company dropped their target price on shares of Cigna Group from $341.00 to $340.00 and set an "equal weight" rating on the stock in a report on Thursday, August 14th. Truist Financial lifted their price objective on shares of Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Wall Street Zen downgraded shares of Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $378.33.

About Cigna Group

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.