Cornerstone Wealth Group LLC Takes $1.10 Million Position in The Cigna Group (NYSE:CI)

Cornerstone Wealth Group LLC purchased a new stake in The Cigna Group (NYSE:CI) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 3,014 shares of the health services provider’s stock, valued at approximately $1,095,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. New Mexico Educational Retirement Board boosted its stake in The Cigna Group by 22.2% during the 1st quarter. New Mexico Educational Retirement Board now owns 18,747 shares of the health services provider’s stock valued at $6,809,000 after purchasing an additional 3,400 shares during the period. Vicus Capital bought a new stake in shares of The Cigna Group during the 1st quarter worth about $225,000. WoodTrust Financial Corp bought a new stake in shares of The Cigna Group during the 1st quarter worth about $295,000. Griffin Asset Management Inc. raised its position in shares of The Cigna Group by 2.5% during the 1st quarter. Griffin Asset Management Inc. now owns 6,486 shares of the health services provider’s stock worth $2,356,000 after buying an additional 157 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of The Cigna Group by 18.8% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 1,301 shares of the health services provider’s stock worth $473,000 after buying an additional 206 shares in the last quarter. 86.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a research report on Wednesday, June 12th. Morgan Stanley reissued an “overweight” rating and issued a $392.00 target price (up from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. Baird R W raised shares of The Cigna Group to a “strong-buy” rating in a research report on Thursday, May 30th. Robert W. Baird assumed coverage on shares of The Cigna Group in a research report on Thursday, May 30th. They issued an “outperform” rating and a $388.00 target price on the stock. Finally, Piper Sandler assumed coverage on shares of The Cigna Group in a research report on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 target price on the stock. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $376.20.

The Cigna Group Stock Performance

CI stock opened at $330.57 on Monday. 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 company has a market capitalization of $93.91 billion, a price-to-earnings ratio of 27.14, a P/E/G ratio of 1.01 and a beta of 0.53. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $365.71. The firm has a 50 day moving average of $341.23 and a two-hundred day moving average of $333.41.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $56.59 billion. During the same period in the previous year, the company earned $5.41 earnings per share. The Cigna Group’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, equities analysts anticipate that The Cigna Group will post 28.48 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Tuesday, June 4th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, June 4th. The Cigna Group’s payout ratio is currently 45.98%.

Insider Activity at The Cigna Group

In other news, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $348.71, for a total value of $2,073,429.66. Following the sale, the senior vice president now owns 2,595 shares of the company’s stock, valued at approximately $904,902.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other The Cigna Group news, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $348.71, for a total transaction of $2,073,429.66. Following the sale, the senior vice president now owns 2,595 shares of the company’s stock, valued at approximately $904,902.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Elder Granger sold 547 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $331.38, for a total transaction of $181,264.86. Following the completion of the transaction, the director now directly owns 5,471 shares in the company, valued at approximately $1,812,979.98. The disclosure for this sale can be found here. Insiders sold a total of 22,988 shares of company stock worth $7,975,726 in the last ninety days. 0.60% of the stock is currently owned by 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.