Wedge Capital Management L L P NC Sells 4,397 Shares of Cigna Group $CI

Key Points

• Wedge Capital Management L L P NC reduced its holdings in Cigna Group by 14.7% during the 2nd quarter, now owning 25,423 shares valued at approximately $8.4 million.
• Several hedge funds have modified their positions in Cigna Group, with Modern Wealth Management LLC significantly increasing its ownership by 91.3% in the first quarter.
• Analysts have upgraded Cigna Group's stock ratings, with Barclays increasing its price target from $354.00 to $383.00, now maintaining a consensus rating of "Buy."

Wedge Capital Management L L P NC lessened its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 14.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,423 shares of the health services provider's stock after selling 4,397 shares during the quarter. Wedge Capital Management L L P NC's holdings in Cigna Group were worth $8,404,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CI. Nuveen LLC acquired a new stake in Cigna Group during the 1st quarter worth $727,905,000. GAMMA Investing LLC raised its stake in shares of Cigna Group by 58,799.0% in the 1st quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider's stock valued at $583,852,000 after purchasing an additional 1,771,613 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Cigna Group by 10.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,056,806 shares of the health services provider's stock valued at $3,966,690,000 after purchasing an additional 1,094,327 shares during the period. GQG Partners LLC raised its stake in shares of Cigna Group by 21.5% in the 1st quarter. GQG Partners LLC now owns 4,886,674 shares of the health services provider's stock valued at $1,607,716,000 after purchasing an additional 865,092 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Cigna Group by 38.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,649,837 shares of the health services provider's stock valued at $542,796,000 after purchasing an additional 457,052 shares during the period. Institutional investors and hedge funds own 86.99% of the company's stock.

Insider Buying and Selling at Cigna Group

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

Analysts Set New Price Targets

CI has been the topic of several recent research reports. Wells Fargo & Company dropped their price target on Cigna Group from $341.00 to $340.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 14th. Robert W. Baird set a $372.00 price objective on Cigna Group in a report on Thursday, August 14th. Truist Financial set a $375.00 price objective on Cigna Group in a report on Tuesday, September 2nd. Cantor Fitzgerald restated an "overweight" rating and issued a $365.00 price objective on shares of Cigna Group in a report on Tuesday, August 26th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $371.00 price objective on shares of Cigna Group in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cigna Group currently has an average rating of "Buy" and a consensus target price of $371.81.

Cigna Group Price Performance

Shares of NYSE CI traded up $1.51 during midday trading on Tuesday, reaching $290.13. 618,220 shares of the company were exchanged, compared to its average volume of 1,798,921. The stock's 50-day moving average price is $293.71 and its 200-day moving average price is $311.30. The stock has a market cap of $77.44 billion, a P/E ratio of 15.85, a PEG ratio of 0.85 and a beta of 0.48. Cigna Group has a one year low of $256.89 and a one year high of $358.88. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65.

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 for the quarter, topping analysts' consensus estimates of $7.15 by $0.05. The firm had revenue of $67.13 billion for the quarter, compared to analysts' expectations of $62.61 billion. Cigna Group had a net margin of 1.92% and a return on equity of 18.80%. The company's revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.72 earnings per share. Cigna Group has set its FY 2025 guidance at 29.600- EPS. On average, sell-side analysts anticipate that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, September 4th. Cigna Group's dividend payout ratio is presently 32.97%.

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.