OLD National Bancorp IN Lowers Stock Holdings in The Cigna Group (NYSE:CI)

OLD National Bancorp IN reduced its stake in The Cigna Group (NYSE:CI) by 20.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,867 shares of the health services provider’s stock after selling 1,249 shares during the quarter. OLD National Bancorp IN’s holdings in The Cigna Group were worth $1,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CI. Royal Fund Management LLC raised its stake in The Cigna Group by 3.1% in the third quarter. Royal Fund Management LLC now owns 4,009 shares of the health services provider’s stock valued at $1,147,000 after purchasing an additional 122 shares in the last quarter. Howland Capital Management LLC grew its position in The Cigna Group by 6.9% during the third quarter. Howland Capital Management LLC now owns 1,556 shares of the health services provider’s stock valued at $445,000 after acquiring an additional 100 shares during the last quarter. Meridian Wealth Management LLC grew its position in The Cigna Group by 617.2% during the third quarter. Meridian Wealth Management LLC now owns 7,488 shares of the health services provider’s stock valued at $2,142,000 after acquiring an additional 6,444 shares during the last quarter. Strategic Blueprint LLC grew its position in The Cigna Group by 4.8% during the third quarter. Strategic Blueprint LLC now owns 784 shares of the health services provider’s stock valued at $224,000 after acquiring an additional 36 shares during the last quarter. Finally, Caprock Group LLC grew its position in The Cigna Group by 10.8% during the third quarter. Caprock Group LLC now owns 6,827 shares of the health services provider’s stock valued at $1,953,000 after acquiring an additional 667 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The Cigna Group

In other news, insider Eric P. Palmer sold 1,017 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $335.26, for a total transaction of $340,959.42. Following the sale, the insider now directly owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO David Cordani sold 38,065 shares of The Cigna Group stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the completion of the sale, the chief executive officer now owns 329,321 shares in the company, valued at approximately $110,394,985.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric P. Palmer sold 1,017 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.26, for a total value of $340,959.42. Following the completion of the sale, the insider now owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The disclosure for this sale can be found here. Insiders have sold 114,144 shares of company stock valued at $39,296,330 in the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CI. Sanford C. Bernstein upgraded shares of The Cigna Group from a “market perform” rating to an “outperform” rating and increased their price target for the company from $330.00 to $372.00 in a research report on Thursday, January 4th. Mizuho raised their price objective on The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 5th. Oppenheimer reissued an “outperform” rating and set a $360.00 price objective on shares of The Cigna Group in a research report on Wednesday, January 17th. StockNews.com raised The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 14th. Finally, Royal Bank of Canada raised The Cigna Group from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $327.00 to $354.00 in a research report on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $362.14.

The Cigna Group Stock Down 0.1 %

NYSE CI opened at $352.70 on Wednesday. The stock’s 50 day moving average is $349.03 and its 200 day moving average is $316.84. 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 Cigna Group has a 12 month low of $240.50 and a 12 month high of $365.71. The stock has a market cap of $103.12 billion, a PE ratio of 20.28, a P/E/G ratio of 1.08 and a beta of 0.56.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.54 by $0.25. The business had revenue of $51.15 billion for the quarter, compared to analysts’ expectations of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $4.96 EPS. Research analysts predict that The Cigna Group will post 28.36 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.59%. This is a boost from The Cigna Group’s previous quarterly dividend of $1.23. The ex-dividend date of this dividend was Tuesday, March 5th. The Cigna Group’s dividend payout ratio is 32.20%.

The 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.