The Cigna Group (NYSE:CI) Stake Raised by Summit Financial LLC

Summit Financial LLC increased its holdings in The Cigna Group (NYSE:CI) by 36.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,104 shares of the health services provider’s stock after buying an additional 567 shares during the quarter. Summit Financial LLC’s holdings in The Cigna Group were worth $581,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CI. Geode Capital Management LLC grew its stake in shares of The Cigna Group by 0.4% in the third quarter. Geode Capital Management LLC now owns 5,855,443 shares of the health services provider’s stock worth $2,021,563,000 after purchasing an additional 22,408 shares in the last quarter. GQG Partners LLC grew its position in The Cigna Group by 22.4% in the 4th quarter. GQG Partners LLC now owns 4,021,582 shares of the health services provider’s stock valued at $1,110,520,000 after buying an additional 737,099 shares in the last quarter. Norges Bank acquired a new position in The Cigna Group during the 4th quarter valued at about $867,785,000. Amundi raised its position in shares of The Cigna Group by 19.9% during the 4th quarter. Amundi now owns 2,254,050 shares of the health services provider’s stock worth $628,579,000 after buying an additional 374,865 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of The Cigna Group by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,977,758 shares of the health services provider’s stock worth $546,138,000 after acquiring an additional 64,138 shares during the period. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CI has been the topic of a number of research analyst reports. Raymond James reiterated a “strong-buy” rating and set a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a research note on Friday, January 31st. Cantor Fitzgerald boosted their price objective on The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Truist Financial lowered their target price on The Cigna Group from $390.00 to $375.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Barclays cut their price target on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Finally, Morgan Stanley dropped their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $373.25.

Insider Buying and Selling

In other news, CEO David Cordani sold 26,527 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the transaction, the chief executive officer now owns 127,767 shares in the company, valued at approximately $39,367,568.04. This trade represents a 17.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elder Granger sold 2,376 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $310.35, for a total transaction of $737,391.60. Following the completion of the sale, the director now owns 5,471 shares of the company’s stock, valued at $1,697,924.85. This represents a 30.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,751 shares of company stock worth $13,603,991. Corporate insiders own 0.70% of the company’s stock.

The Cigna Group Stock Performance

Shares of CI stock opened at $332.09 on Thursday. The company has a market capitalization of $90.89 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 0.98 and a beta of 0.50. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The company has a current ratio of 0.66, a quick ratio of 0.72 and a debt-to-equity ratio of 0.70. The stock’s fifty day simple moving average is $307.29 and its 200-day simple moving average is $313.13.

The Cigna Group (NYSE:CI) last issued its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same period last year, the company posted $6.79 earnings per share. On average, sell-side analysts predict that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were paid a $1.51 dividend. The ex-dividend date was Wednesday, March 5th. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.82%. The Cigna Group’s dividend payout ratio is 49.35%.

About The Cigna Group

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.