Procyon Advisors LLC Buys Shares of 3,438 The Cigna Group (NYSE:CI)

Procyon Advisors LLC bought a new stake in shares of The Cigna Group (NYSE:CI) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,438 shares of the health services provider’s stock, valued at approximately $1,131,000.

A number of other hedge funds have also recently made changes to their positions in CI. Norges Bank purchased a new position in The Cigna Group in the fourth quarter worth about $867,785,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of The Cigna Group during the fourth quarter valued at approximately $724,517,000. GAMMA Investing LLC increased its position in shares of The Cigna Group by 58,799.0% during the first quarter. GAMMA Investing LLC now owns 1,774,626 shares of the health services provider’s stock valued at $583,852,000 after acquiring an additional 1,771,613 shares in the last quarter. Raymond James Financial Inc. purchased a new position in The Cigna Group in the 4th quarter worth approximately $313,911,000. Finally, GQG Partners LLC lifted 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 acquiring an additional 737,099 shares in the last quarter. 86.99% of the stock is owned by institutional investors.

The Cigna Group Stock Performance

Shares of CI opened at $311.68 on Friday. The Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The stock has a market cap of $83.26 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 0.98 and a beta of 0.44. The business has a 50-day simple moving average of $323.39 and a two-hundred day simple moving average of $309.05.

The Cigna Group (NYSE:CI) last released its earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.35 by $0.39. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The company had revenue of $65.45 billion during the quarter, compared to analyst estimates of $60.39 billion. During the same period in the prior year, the firm posted $6.47 EPS. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, analysts expect that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a $1.51 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.94%. The Cigna Group’s dividend payout ratio (DPR) is presently 33.44%.

Insider Activity

In other news, Director Elder Granger sold 2,376 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $310.35, for a total value of $737,391.60. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CI. Mizuho boosted their price target on The Cigna Group from $360.00 to $384.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Truist Financial boosted their target price on The Cigna Group from $385.00 to $405.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Barclays reaffirmed an “overweight” rating and set a $385.00 price target (up previously from $382.00) on shares of The Cigna Group in a report on Monday, June 2nd. Piper Sandler boosted their price objective on shares of The Cigna Group from $348.00 to $374.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Finally, Wall Street Zen upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, The Cigna Group has a consensus rating of “Buy” and a consensus price target of $380.39.

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.