Wedge Capital Management L L P NC Sells 95,246 Shares of The Cigna Group (NYSE:CI)

Wedge Capital Management L L P NC reduced its stake in shares of The Cigna Group (NYSE:CI - Free Report) by 76.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,820 shares of the health services provider's stock after selling 95,246 shares during the period. Wedge Capital Management L L P NC's holdings in The Cigna Group were worth $9,811,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Park Avenue Securities LLC increased its holdings in The Cigna Group by 19.7% in the 1st quarter. Park Avenue Securities LLC now owns 12,718 shares of the health services provider's stock worth $4,184,000 after acquiring an additional 2,095 shares during the last quarter. Wynn Capital LLC increased its stake in shares of The Cigna Group by 1.0% in the first quarter. Wynn Capital LLC now owns 3,451 shares of the health services provider's stock worth $1,135,000 after purchasing an additional 35 shares in the last quarter. KMG Fiduciary Partners LLC increased its stake in shares of The Cigna Group by 8.0% in the first quarter. KMG Fiduciary Partners LLC now owns 10,228 shares of the health services provider's stock worth $3,365,000 after purchasing an additional 757 shares in the last quarter. Miracle Mile Advisors LLC raised its position in shares of The Cigna Group by 0.9% in the first quarter. Miracle Mile Advisors LLC now owns 16,832 shares of the health services provider's stock valued at $5,538,000 after purchasing an additional 151 shares during the period. Finally, Sivia Capital Partners LLC lifted its stake in shares of The Cigna Group by 40.1% during the 1st quarter. Sivia Capital Partners LLC now owns 1,051 shares of the health services provider's stock valued at $346,000 after buying an additional 301 shares in the last quarter. 86.99% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other The Cigna Group news, Director Elder Granger sold 2,376 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $310.35, for a total transaction of $737,391.60. Following the completion of the sale, the director now directly owns 5,471 shares in the company, valued at $1,697,924.85. This represents a 30.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.70% of the company's stock.

The Cigna Group Price Performance

Shares of The Cigna Group stock traded down $0.85 on Monday, hitting $311.33. 2,312,881 shares of the company traded hands, compared to its average volume of 1,698,687. The Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83. The company has a current ratio of 0.66, a quick ratio of 0.72 and a debt-to-equity ratio of 0.70. The company has a market cap of $83.17 billion, a P/E ratio of 25.44, a P/E/G ratio of 0.98 and a beta of 0.44. The firm's 50-day simple moving average is $323.39 and its 200 day simple moving average is $308.90.

The Cigna Group (NYSE:CI - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The health services provider reported $6.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.35 by $0.39. The firm had revenue of $65.45 billion during the quarter, compared to analysts' expectations of $60.39 billion. The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. The company's revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the prior year, the business earned $6.47 EPS. Analysts expect that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, June 3rd. The Cigna Group's payout ratio is currently 33.44%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of The Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Truist Financial lifted their price target on The Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Barclays reiterated an "overweight" rating and set a $385.00 price objective (up from $382.00) on shares of The Cigna Group in a research note on Monday, June 2nd. Morgan Stanley raised their target price on The Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, Cantor Fitzgerald upped their price target on The Cigna Group from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Thursday, March 20th. Two equities research 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's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $380.39.

The 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.