Merit Financial Group LLC Cuts Position in The Cigna Group (NYSE:CI)

Merit Financial Group LLC trimmed its holdings in shares of The Cigna Group (NYSE:CI) by 43.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,017 shares of the health services provider’s stock after selling 789 shares during the period. Merit Financial Group LLC’s holdings in The Cigna Group were worth $305,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CI. M&T Bank Corp increased its position in The Cigna Group by 1.7% during the 4th quarter. M&T Bank Corp now owns 54,630 shares of the health services provider’s stock valued at $16,359,000 after buying an additional 915 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of The Cigna Group by 58.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 2,453 shares of the health services provider’s stock valued at $735,000 after acquiring an additional 908 shares in the last quarter. SouthState Corp raised its position in shares of The Cigna Group by 594.8% in the 4th quarter. SouthState Corp now owns 3,474 shares of the health services provider’s stock worth $1,040,000 after purchasing an additional 2,974 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in The Cigna Group by 137.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 65,490 shares of the health services provider’s stock worth $19,611,000 after purchasing an additional 37,889 shares in the last quarter. Finally, Natixis Advisors L.P. grew its position in The Cigna Group by 0.9% during the 4th quarter. Natixis Advisors L.P. now owns 396,007 shares of the health services provider’s stock valued at $118,584,000 after purchasing an additional 3,354 shares during the last quarter. 86.99% of the stock is owned by institutional investors.

The Cigna Group Price Performance

Shares of NYSE:CI opened at $347.31 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $98.66 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 1.04 and a beta of 0.57. The firm’s 50 day moving average price is $350.89 and its 200-day moving average price is $320.21. The Cigna Group has a twelve month low of $240.50 and a twelve month high of $365.71.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 earnings per share for the quarter, topping the consensus estimate of $6.17 by $0.30. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The business had revenue of $57.25 billion for the quarter, compared to the consensus estimate of $56.59 billion. During the same period last year, the firm earned $5.41 earnings per share. The company’s quarterly revenue was up 23.2% on a year-over-year basis. Equities research analysts expect that The Cigna Group will post 28.45 EPS for the current year.

The Cigna Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.61%. The ex-dividend date is Tuesday, June 4th. The Cigna Group’s dividend payout ratio is presently 45.98%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Barclays initiated coverage on shares of The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price for the company. Royal Bank of Canada upgraded shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $327.00 to $354.00 in a report on Monday, February 5th. Morgan Stanley reiterated an “overweight” rating and set a $392.00 target price (up from $382.00) on shares of The Cigna Group in a research note on Monday, March 4th. Mizuho boosted their price target on The Cigna Group from $360.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 5th. Finally, Cantor Fitzgerald increased their price objective on The Cigna Group from $384.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $366.14.

Insiders Place Their Bets

In other The Cigna Group news, CEO David Cordani sold 38,065 shares of The Cigna Group stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the transaction, the chief executive officer now owns 329,321 shares of the company’s stock, valued at $110,394,985.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other The Cigna Group news, insider Eric P. Palmer sold 6,083 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $340.00, for a total value of $2,068,220.00. Following the completion of the transaction, the insider now directly owns 44,649 shares in the company, valued at approximately $15,180,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Cordani sold 38,065 shares of The Cigna Group stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the sale, the chief executive officer now owns 329,321 shares in the company, valued at approximately $110,394,985.62. The disclosure for this sale can be found here. Insiders sold a total of 109,277 shares of company stock worth $37,687,884 over the last quarter. 0.70% of the stock is currently owned by corporate insiders.

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.