Westpac Banking Corp Lowers Position in Cigna Group (NYSE:CI)

Key Points

• Westpac Banking Corp reduced its stake in Cigna Group by 86.4%, owning only 2,740 shares, following the sale of 17,470 shares during the first quarter.
• Cigna Group reported $7.20 EPS for the last quarter, exceeding analyst expectations of $7.15, with a revenue of $67.13 billion, up 11.0% compared to the previous year.
• The company declared a quarterly dividend of $1.51 per share, yielding 2.1%, to be paid on September 18th to stockholders who are on record by September 4th.

Westpac Banking Corp trimmed its position in shares of Cigna Group (NYSE:CI - Free Report) by 86.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,740 shares of the health services provider's stock after selling 17,470 shares during the quarter. Westpac Banking Corp's holdings in Cigna Group were worth $901,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Callan Family Office LLC raised its position in Cigna Group by 1.2% in the 1st quarter. Callan Family Office LLC now owns 9,527 shares of the health services provider's stock valued at $3,134,000 after buying an additional 115 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in Cigna Group in the 1st quarter valued at $66,000. Capital Planning Advisors LLC raised its position in Cigna Group by 5.9% in the 1st quarter. Capital Planning Advisors LLC now owns 848 shares of the health services provider's stock valued at $279,000 after buying an additional 47 shares during the last quarter. Public Sector Pension Investment Board raised its position in Cigna Group by 5.9% in the 1st quarter. Public Sector Pension Investment Board now owns 36,951 shares of the health services provider's stock valued at $12,157,000 after buying an additional 2,046 shares during the last quarter. Finally, AIA Group Ltd grew its stake in Cigna Group by 25.7% in the 1st quarter. AIA Group Ltd now owns 4,724 shares of the health services provider's stock valued at $1,554,000 after purchasing an additional 967 shares during the period. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Cowen restated a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Morgan Stanley upped their price objective on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Royal Bank Of Canada restated an "outperform" rating and issued a $371.00 price objective on shares of Cigna Group in a research note on Thursday, June 26th. TD Cowen upgraded Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Finally, Robert W. Baird set a $372.00 price objective on Cigna Group in a research note on Thursday. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $378.33.

Cigna Group Trading Up 2.3%

CI traded up $6.67 on Friday, hitting $297.02. 2,918,002 shares of the company were exchanged, compared to its average volume of 2,115,989. The firm has a fifty day simple moving average of $302.03 and a two-hundred day simple moving average of $311.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.71 and a current ratio of 0.71. Cigna Group has a 12 month low of $256.89 and a 12 month high of $370.83. The stock has a market capitalization of $79.28 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 0.87 and a beta of 0.47.

Cigna Group (NYSE:CI - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, topping 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 business had revenue of $67.13 billion for the quarter, compared to analyst estimates of $62.61 billion. During the same period last year, the company earned $6.72 EPS. Cigna Group's revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Dividend Announcement

The firm 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 $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is currently 32.97%.

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.