Raymond James Financial Services Advisors Inc. lowered its position in The Cigna Group (NYSE:CI - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,484 shares of the health services provider's stock after selling 3,298 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in The Cigna Group were worth $47,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of CI. Confluence Wealth Services Inc. boosted its stake in shares of The Cigna Group by 5.8% during the first quarter. Confluence Wealth Services Inc. now owns 1,467 shares of the health services provider's stock valued at $533,000 after purchasing an additional 80 shares during the period. Byrne Asset Management LLC purchased a new stake in shares of The Cigna Group during the first quarter valued at approximately $51,000. Harfst & Associates Inc. purchased a new stake in shares of The Cigna Group during the first quarter valued at approximately $1,577,000. PFG Investments LLC purchased a new stake in shares of The Cigna Group during the first quarter valued at approximately $894,000. Finally, Raymond James & Associates boosted its stake in shares of The Cigna Group by 4.4% during the first quarter. Raymond James & Associates now owns 583,606 shares of the health services provider's stock valued at $211,960,000 after purchasing an additional 24,708 shares during the period. Hedge funds and other institutional investors own 86.99% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. StockNews.com raised The Cigna Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, March 14th. Deutsche Bank Aktiengesellschaft raised The Cigna Group from a "hold" rating to a "buy" rating and raised their price target for the stock from $355.00 to $370.00 in a research note on Thursday, February 1st. Royal Bank of Canada raised The Cigna Group from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $327.00 to $354.00 in a research note on Monday, February 5th. Morgan Stanley reaffirmed an "overweight" rating and issued a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a research note on Monday, March 4th. Finally, Wells Fargo & Company raised their price target on The Cigna Group from $334.00 to $348.00 and gave the stock an "equal weight" rating in a research note on Tuesday, February 6th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $362.14.
Check Out Our Latest Stock Report on The Cigna Group
The Cigna Group Stock Down 3.6 %
CI traded down $12.68 during trading on Thursday, reaching $344.50. The stock had a trading volume of 2,809,301 shares, compared to its average volume of 1,583,638. The stock's 50 day moving average is $350.82 and its two-hundred day moving average is $319.39. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $100.72 billion, a price-to-earnings ratio of 19.81, a P/E/G ratio of 1.09 and a beta of 0.57. The Cigna Group has a one year low of $240.50 and a one year high of $365.71.
The Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings results on Friday, February 2nd. The health services provider reported $6.79 earnings per share for the quarter, beating the consensus estimate of $6.54 by $0.25. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The firm had revenue of $51.15 billion during the quarter, compared to the consensus estimate of $48.91 billion. During the same period last year, the company earned $4.96 earnings per share. The company's revenue was up 11.8% on a year-over-year basis. As a group, analysts expect that The Cigna Group will post 28.36 earnings per share for the current year.
The Cigna Group Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $5.60 annualized dividend and a dividend yield of 1.63%. The Cigna Group's payout ratio is presently 32.20%.
Insider Activity
In related news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of The Cigna Group stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $330.48, for a total value of $1,608,446.16. Following the completion of the sale, the senior vice president now directly owns 2,102 shares in the company, valued at approximately $694,668.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of The Cigna Group stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $330.48, for a total value of $1,608,446.16. Following the completion of the sale, the senior vice president now directly owns 2,102 shares in the company, valued at approximately $694,668.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric P. Palmer sold 1,017 shares of the firm's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $335.26, for a total value of $340,959.42. Following the completion of the transaction, the insider now directly owns 45,564 shares in the company, valued at $15,275,786.64. The disclosure for this sale can be found here. Insiders sold 114,144 shares of company stock worth $39,296,330 over the last three months. 0.60% of the stock is currently owned by corporate insiders.
The Cigna Group Company Profile
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Free Report)
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.
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