Cigna Group (NYSE:CI) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Cigna Group by 35.1%, selling 66,012 shares and holding 122,055 shares valued at approximately $40.15 million.
• Analysts have generally given Cigna Group a positive outlook, with a consensus rating of "Buy" and an average target price of $380.39, reflecting strong confidence in the company's future performance.
• Cigna Group announced a quarterly dividend of $1.51 per share, set to be paid on September 18th, 2023, with a current yield of 2.04% based on an annualized basis.

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 35.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 122,055 shares of the health services provider's stock after selling 66,012 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Cigna Group were worth $40,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Putney Financial Group LLC purchased a new position in shares of Cigna Group in the 4th quarter valued at $36,000. Transce3nd LLC purchased a new position in shares of Cigna Group in the 4th quarter valued at $38,000. Richardson Financial Services Inc. purchased a new position in shares of Cigna Group in the 1st quarter valued at $38,000. Wayfinding Financial LLC purchased a new position in shares of Cigna Group in the 1st quarter valued at $40,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Cigna Group in the 4th quarter valued at $44,000. 86.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CI has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Mizuho lifted their price target on Cigna Group from $360.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Robert W. Baird cut their price target on Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen downgraded Cigna Group from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Finally, Barclays reiterated an "overweight" rating and issued a $385.00 price target (up from $382.00) on shares of Cigna Group in a report on Monday, June 2nd. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Cigna Group has an average rating of "Buy" and a consensus target price of $380.39.

Cigna Group Stock Performance

Cigna Group stock traded down $18.92 during trading hours on Thursday, hitting $278.94. 2,238,023 shares of the stock traded hands, compared to its average volume of 1,811,595. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.72 and a quick ratio of 0.72. The firm's 50 day moving average price is $310.91 and its 200-day moving average price is $312.18. The stock has a market capitalization of $74.52 billion, a price-to-earnings ratio of 15.48, a P/E/G ratio of 0.88 and a beta of 0.44. Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83.

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 for the quarter, beating the consensus estimate of $7.15 by $0.05. The business had revenue of $67.13 billion for the quarter, compared to the consensus estimate of $62.61 billion. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The company's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.72 EPS. As a group, equities analysts expect that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a $1.51 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.17%. Cigna Group's dividend payout ratio (DPR) is presently 33.44%.

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.