Wright Investors Service Inc. Cuts Stock Holdings in The Cigna Group (NYSE:CI)

Wright Investors Service Inc. reduced its position in The Cigna Group (NYSE:CI - Free Report) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,726 shares of the health services provider's stock after selling 1,136 shares during the quarter. The Cigna Group makes up about 1.2% of Wright Investors Service Inc.'s investment portfolio, making the stock its 25th largest holding. Wright Investors Service Inc.'s holdings in The Cigna Group were worth $3,529,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CI. TCTC Holdings LLC bought a new position in The Cigna Group during the fourth quarter valued at $25,000. Collier Financial purchased a new stake in shares of The Cigna Group in the fourth quarter valued at $32,000. Putney Financial Group LLC purchased a new stake in shares of The Cigna Group in the fourth quarter valued at $36,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of The Cigna Group in the fourth quarter valued at $37,000. Finally, Transce3nd LLC purchased a new stake in shares of The Cigna Group in the fourth quarter valued at $38,000. 86.99% of the stock is currently owned by institutional investors.

The Cigna Group Stock Performance

CI stock traded down $0.02 during trading on Thursday, reaching $310.10. The company had a trading volume of 377,687 shares, compared to its average volume of 1,686,935. The firm has a 50-day simple moving average of $324.14 and a 200-day simple moving average of $309.30. The company has a market cap of $82.84 billion, a price-to-earnings ratio of 25.33, a price-to-earnings-growth ratio of 0.98 and a beta of 0.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66. The Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83.

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

The Cigna Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Tuesday, June 3rd. The Cigna Group's dividend payout ratio (DPR) is presently 33.44%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald increased their target price on shares of The Cigna Group from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. Robert W. Baird reduced their price target on shares of The Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Guggenheim reaffirmed a "buy" rating and issued a $388.00 price target on shares of The Cigna Group in a research note on Friday, May 23rd. Barclays raised their price target on shares of The Cigna Group from $382.00 to $385.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Morgan Stanley raised their price target on shares of The Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $380.39.

Insider Buying and Selling

In other The Cigna Group news, insider Noelle K. Eder sold 9,944 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the transaction, the insider now directly owns 13,406 shares of the company's stock, valued at approximately $4,289,920. This trade represents a 42.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Elder Granger sold 2,376 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $310.35, for a total transaction of $737,391.60. Following the transaction, the director now directly owns 5,471 shares of the company's stock, valued at $1,697,924.85. This represents a 30.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

About The 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.