Pinnacle Associates Ltd. Raises Stake in The Cigna Group (NYSE:CI)

Pinnacle Associates Ltd. boosted its holdings in The Cigna Group (NYSE:CIFree Report) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,025 shares of the health services provider’s stock after purchasing an additional 177 shares during the quarter. Pinnacle Associates Ltd.’s holdings in The Cigna Group were worth $1,205,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CI. Moneta Group Investment Advisors LLC increased its position in shares of The Cigna Group by 154,255.6% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 11,954,841 shares of the health services provider’s stock valued at $3,961,117,000 after acquiring an additional 11,947,096 shares in the last quarter. Norges Bank purchased a new stake in The Cigna Group in the fourth quarter worth approximately $963,542,000. Parnassus Investments LLC purchased a new stake in The Cigna Group during the 3rd quarter valued at $731,041,000. FMR LLC lifted its holdings in shares of The Cigna Group by 13.8% during the 3rd quarter. FMR LLC now owns 15,967,363 shares of the health services provider’s stock valued at $4,567,783,000 after buying an additional 1,939,554 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of The Cigna Group by 13,563.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 596,121 shares of the health services provider’s stock worth $167,272,000 after buying an additional 591,758 shares during the last quarter. Institutional investors own 86.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CI shares. Mizuho boosted their price target on The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Barclays initiated coverage on The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price on the stock. Morgan Stanley reissued an “overweight” rating and set a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $372.00 price objective on shares of The Cigna Group in a research note on Monday, March 4th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $360.00 price objective on shares of The Cigna Group in a research report on Wednesday, January 17th. Two equities research 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 data from MarketBeat, The Cigna Group currently has a consensus rating of “Buy” and an average target price of $361.29.

Read Our Latest Analysis on CI

Insider Activity

In related news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of The Cigna Group stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the completion of the transaction, the senior vice president now directly owns 2,102 shares of the company’s stock, valued at approximately $694,668.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the 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 in the company, valued at $694,668.96. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Eric P. Palmer sold 1,017 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $335.26, for a total value of $340,959.42. Following the transaction, the insider now owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,144 shares of company stock valued at $39,296,330. 0.70% of the stock is currently owned by company insiders.

The Cigna Group Stock Performance

The Cigna Group stock opened at $363.13 on Wednesday. The company’s 50-day moving average price is $336.74 and its 200-day moving average price is $309.29. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market cap of $106.16 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 1.11 and a beta of 0.56. The Cigna Group has a twelve month low of $240.50 and a twelve month high of $365.71.

The Cigna Group (NYSE:CIGet Free Report) last issued its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 earnings per share for the quarter, topping the consensus estimate of $6.54 by $0.25. The company had revenue of $51.15 billion for the quarter, compared to analysts’ expectations of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $4.96 earnings per share. On average, equities research analysts forecast that The Cigna Group will post 28.36 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 6th were given a dividend of $1.40 per share. This is a boost from The Cigna Group’s previous quarterly dividend of $1.23. The ex-dividend date was Tuesday, March 5th. This represents a $5.60 dividend on an annualized basis and a yield of 1.54%. The Cigna Group’s payout ratio is 32.20%.

About The Cigna Group

(Free Report)

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.

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Institutional Ownership by Quarter for The Cigna Group (NYSE:CI)

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