Vestcor Inc Has $5.07 Million Stake in Cigna Group (NYSE:CI)

Key Points

• Vestcor Inc reduced its holdings in Cigna Group by 9.4%, selling 1,598 shares in the first quarter, bringing its total shares to 15,404 worth approximately $5,068,000.
• Cigna Group has received several upgrades from analysts, with target prices ranging from $374.00 to $390.00, and a consensus rating of "Buy" with a target of $380.39.
• The company reported earnings per share of $6.74 for the last quarter, exceeding expectations, and announced a quarterly dividend of $1.51 to be paid on September 18th.

Vestcor Inc trimmed its position in Cigna Group (NYSE:CI - Free Report) by 9.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,404 shares of the health services provider's stock after selling 1,598 shares during the quarter. Vestcor Inc's holdings in Cigna Group were worth $5,068,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its stake in shares of Cigna Group by 0.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 11,654,993 shares of the health services provider's stock worth $3,834,493,000 after purchasing an additional 98,715 shares in the last quarter. Sanders Capital LLC grew its stake in shares of Cigna Group by 2.0% in the fourth quarter. Sanders Capital LLC now owns 8,054,959 shares of the health services provider's stock worth $2,224,296,000 after purchasing an additional 154,420 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cigna Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 5,957,180 shares of the health services provider's stock worth $1,640,878,000 after purchasing an additional 101,737 shares in the last quarter. Northern Trust Corp grew its stake in shares of Cigna Group by 11.7% in the fourth quarter. Northern Trust Corp now owns 3,140,201 shares of the health services provider's stock worth $867,135,000 after purchasing an additional 328,320 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of Cigna Group in the fourth quarter worth $724,517,000. 86.99% of the stock is currently owned by institutional investors.

Cigna Group Trading Down 1.9%

NYSE:CI traded down $5.12 on Friday, reaching $262.26. The company's stock had a trading volume of 3,428,214 shares, compared to its average volume of 1,636,711. Cigna Group has a 1-year low of $256.89 and a 1-year high of $370.83. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market cap of $70.06 billion, a PE ratio of 14.32, a PEG ratio of 0.81 and a beta of 0.47. The business's 50-day moving average price is $308.90 and its two-hundred day moving average price is $311.92.

Cigna Group (NYSE:CI - Get Free Report) last posted its earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.15 by $0.05. The firm had revenue of $67.13 billion during the quarter, compared to analysts' expectations of $62.61 billion. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%. The company's revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $6.72 earnings per share. Equities research analysts anticipate that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors 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 yield of 2.3%. Cigna Group's dividend payout ratio is 33.44%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CI shares. Mizuho increased their price target on Cigna Group from $360.00 to $384.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Truist Financial raised their target price on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research note on Monday, May 12th. TD Cowen raised Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Cowen reaffirmed a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Finally, Piper Sandler raised their target price on Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $378.67.

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.