Parsons Capital Management Inc. RI Raises Stock Holdings in The Cigna Group (NYSE:CI)

Parsons Capital Management Inc. RI raised its stake in shares of The Cigna Group (NYSE:CI) by 19.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 980 shares of the health services provider’s stock after acquiring an additional 162 shares during the period. Parsons Capital Management Inc. RI’s holdings in The Cigna Group were worth $322,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC boosted its position in The Cigna Group by 9.3% in the fourth quarter. Brighton Jones LLC now owns 3,736 shares of the health services provider’s stock worth $1,032,000 after purchasing an additional 318 shares during the last quarter. Moloney Securities Asset Management LLC lifted its stake in shares of The Cigna Group by 30.0% in the 4th quarter. Moloney Securities Asset Management LLC now owns 871 shares of the health services provider’s stock worth $240,000 after purchasing an additional 201 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in shares of The Cigna Group by 81.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,346 shares of the health services provider’s stock worth $1,200,000 after buying an additional 1,955 shares during the last quarter. Portfolio Design Labs LLC increased its holdings in The Cigna Group by 59.1% during the fourth quarter. Portfolio Design Labs LLC now owns 8,073 shares of the health services provider’s stock valued at $2,229,000 after buying an additional 3,000 shares during the last quarter. Finally, Certuity LLC raised its position in The Cigna Group by 86.2% in the fourth quarter. Certuity LLC now owns 1,896 shares of the health services provider’s stock worth $524,000 after acquiring an additional 878 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CI shares. Wall Street Zen raised shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 8th. Royal Bank of Canada reissued an “outperform” rating and set a $371.00 price target on shares of The Cigna Group in a report on Tuesday, June 3rd. Piper Sandler upped their price target on The Cigna Group from $348.00 to $374.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Cowen reaffirmed a “buy” rating on shares of The Cigna Group in a research report on Monday, May 5th. Finally, Robert W. Baird reduced their target price on shares of The Cigna Group from $388.00 to $362.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, The Cigna Group has an average rating of “Buy” and a consensus price target of $380.39.

Insiders Place Their Bets

In other The Cigna Group news, Director Elder Granger sold 2,376 shares of The Cigna Group stock in a transaction on Friday, March 14th. The shares were 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 directly owns 5,471 shares of the company’s stock, valued at $1,697,924.85. This trade represents a 30.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

The Cigna Group Price Performance

Shares of NYSE:CI opened at $309.99 on Thursday. The firm has a market cap of $82.81 billion, a price-to-earnings ratio of 25.33, a P/E/G ratio of 0.98 and a beta of 0.44. The firm has a fifty day moving average price of $322.23 and a 200 day moving average price of $308.82. The Cigna Group has a fifty-two week low of $262.03 and a fifty-two week high of $370.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, beating the consensus estimate of $6.35 by $0.39. The business had revenue of $65.45 billion during the quarter, compared to the consensus estimate of $60.39 billion. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The business’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.47 EPS. As a group, sell-side analysts expect that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Tuesday, June 3rd. The Cigna Group’s dividend payout ratio is presently 33.44%.

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.