JPMorgan Chase & Co. Sells 63,290 Shares of Cigna Co. (NYSE:CI)

JPMorgan Chase & Co. trimmed its stake in Cigna Co. (NYSE:CI) by 0.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,622,841 shares of the health services provider’s stock after selling 63,290 shares during the period. JPMorgan Chase & Co. owned 3.35% of Cigna worth $2,809,706,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cypress Point Wealth Management LLC bought a new position in Cigna during the fourth quarter valued at approximately $31,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cigna during the 1st quarter valued at about $37,000. MV Capital Management Inc. increased its position in shares of Cigna by 226.0% during the 4th quarter. MV Capital Management Inc. now owns 163 shares of the health services provider’s stock valued at $34,000 after purchasing an additional 113 shares during the last quarter. Capital Asset Advisory Services LLC bought a new position in Cigna in the 4th quarter valued at $36,000. Finally, Graves Light Private Wealth Management Inc. bought a new stake in shares of Cigna during the fourth quarter worth $39,000. Hedge funds and other institutional investors own 88.22% of the company’s stock.

Shares of Cigna stock traded up $1.52 during mid-day trading on Friday, reaching $241.17. 27,284 shares of the stock traded hands, compared to its average volume of 1,726,157. The company has a 50-day moving average price of $253.54. The stock has a market capitalization of $82.76 billion, a PE ratio of 10.30, a PEG ratio of 1.05 and a beta of 0.91. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.66. Cigna Co. has a fifty-two week low of $158.84 and a fifty-two week high of $272.81.

Cigna (NYSE:CI) last issued its earnings results on Thursday, May 6th. The health services provider reported $4.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.42 by $0.31. The business had revenue of $40.97 billion for the quarter, compared to analysts’ expectations of $40.27 billion. Cigna had a return on equity of 13.82% and a net margin of 5.18%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.69 EPS. As a group, analysts forecast that Cigna Co. will post 20.45 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 23rd. Investors of record on Tuesday, June 8th will be issued a $1.00 dividend. The ex-dividend date is Monday, June 7th. This represents a $4.00 annualized dividend and a yield of 1.66%. Cigna’s dividend payout ratio (DPR) is presently 21.68%.

In other news, CEO David Cordani sold 130,443 shares of Cigna stock in a transaction on Thursday, April 15th. The shares were sold at an average price of $253.52, for a total transaction of $33,069,909.36. Following the completion of the sale, the chief executive officer now directly owns 144,865 shares of the company’s stock, valued at approximately $36,726,174.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nicole S. Jones sold 19,375 shares of the company’s stock in a transaction dated Thursday, April 15th. The stock was sold at an average price of $251.51, for a total value of $4,873,006.25. Following the transaction, the executive vice president now directly owns 55,503 shares of the company’s stock, valued at $13,959,559.53. The disclosure for this sale can be found here. Insiders have sold 260,920 shares of company stock worth $66,671,458 in the last three months. Corporate insiders own 0.80% of the company’s stock.

A number of brokerages recently weighed in on CI. Royal Bank of Canada lifted their price objective on shares of Cigna from $265.00 to $304.00 and gave the company an “outperform” rating in a report on Friday, May 14th. Truist upped their price objective on shares of Cigna from $300.00 to $320.00 in a research note on Monday, May 10th. Zacks Investment Research lowered Cigna from a “hold” rating to a “sell” rating and set a $242.00 target price on the stock. in a research note on Monday, March 8th. Morgan Stanley upped their price target on shares of Cigna from $254.00 to $321.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. Finally, Truist Financial raised their target price on Cigna from $280.00 to $300.00 in a research note on Wednesday, April 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $283.00.

Cigna Profile

Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care, and intelligence solutions to health plans, employers, government organizations, and health care providers.

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Institutional Ownership by Quarter for Cigna (NYSE:CI)

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