Cary Street Partners Asset Management LLC Decreases Stock Holdings in The Cigna Group (NYSE:CI)

Cary Street Partners Asset Management LLC reduced its stake in shares of The Cigna Group (NYSE:CI) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,777 shares of the health services provider’s stock after selling 591 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in The Cigna Group were worth $2,928,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Bogart Wealth LLC lifted its stake in shares of The Cigna Group by 104.5% during the 3rd quarter. Bogart Wealth LLC now owns 90 shares of the health services provider’s stock worth $26,000 after purchasing an additional 46 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of The Cigna Group during the 3rd quarter worth $26,000. Fortitude Family Office LLC purchased a new stake in shares of The Cigna Group during the 4th quarter worth $29,000. VisionPoint Advisory Group LLC lifted its stake in shares of The Cigna Group by 112.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock worth $30,000 after purchasing an additional 55 shares during the last quarter. Finally, Pacifica Partners Inc. lifted its stake in shares of The Cigna Group by 73.2% during the 4th quarter. Pacifica Partners Inc. now owns 142 shares of the health services provider’s stock worth $43,000 after purchasing an additional 60 shares during the last quarter. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $384.00 price target on shares of The Cigna Group in a research note on Wednesday, April 10th. Barclays assumed coverage on The Cigna Group in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 price target for the company. Wells Fargo & Company increased their price target on The Cigna Group from $334.00 to $348.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 6th. Morgan Stanley reiterated an “overweight” rating and issued a $392.00 price target (up from $382.00) on shares of The Cigna Group in a research note on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded The Cigna Group from a “hold” rating to a “buy” rating and increased their price target for the company from $355.00 to $370.00 in a research note on Thursday, February 1st. Two 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 stock. According to MarketBeat.com, The Cigna Group currently has an average rating of “Buy” and an average price target of $362.14.

Insider Buying and Selling

In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the sale, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other The Cigna Group news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 2,102 shares of the company’s stock, valued at $694,668.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David Cordani sold 31,209 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the transaction, the chief executive officer now owns 348,054 shares in the company, valued at approximately $123,618,339.18. The disclosure for this sale can be found here. Insiders have sold a total of 114,144 shares of company stock valued at $39,296,330 over the last ninety days. Company insiders own 0.70% of the company’s stock.

The Cigna Group Stock Performance

The Cigna Group stock traded down $0.29 during midday trading on Wednesday, hitting $356.75. 691,736 shares of the company were exchanged, compared to its average volume of 1,550,259. The firm has a market capitalization of $104.30 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.09 and a beta of 0.56. The Cigna Group has a fifty-two week low of $240.50 and a fifty-two week high of $365.71. The business has a fifty day simple moving average of $350.50 and a two-hundred day simple moving average of $318.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.67 and a current ratio of 0.67.

The Cigna Group (NYSE:CI) last posted its earnings results on Friday, February 2nd. The health services provider reported $6.79 EPS for the quarter, topping the consensus estimate of $6.54 by $0.25. The firm had revenue of $51.15 billion for the quarter, compared to analyst estimates of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The Cigna Group’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $4.96 earnings per share. On average, sell-side analysts forecast that The Cigna Group will post 28.36 earnings per share for the current year.

The Cigna Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Tuesday, June 4th. The Cigna Group’s dividend payout ratio (DPR) is 32.20%.

The Cigna Group 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.