Meiji Yasuda Asset Management Co Ltd. Grows Stock Holdings in The Cigna Group (NYSE:CI)

Meiji Yasuda Asset Management Co Ltd. grew its holdings in The Cigna Group (NYSE:CI) by 10.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,754 shares of the health services provider’s stock after acquiring an additional 468 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in The Cigna Group were worth $1,572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CI. Argent Trust Co lifted its position in The Cigna Group by 3.0% during the 2nd quarter. Argent Trust Co now owns 3,877 shares of the health services provider’s stock worth $1,282,000 after acquiring an additional 114 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of The Cigna Group by 13.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 66,980 shares of the health services provider’s stock worth $22,142,000 after purchasing an additional 8,133 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of The Cigna Group by 2.1% in the second quarter. Mutual of America Capital Management LLC now owns 43,895 shares of the health services provider’s stock valued at $14,510,000 after purchasing an additional 902 shares during the period. Virtu Financial LLC acquired a new stake in The Cigna Group during the 2nd quarter valued at $4,067,000. Finally, Moors & Cabot Inc. increased its stake in The Cigna Group by 0.7% during the 2nd quarter. Moors & Cabot Inc. now owns 9,926 shares of the health services provider’s stock worth $3,281,000 after buying an additional 73 shares during the period. Institutional investors and hedge funds own 86.99% of the company’s stock.

Insiders Place Their Bets

In related news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the sale, the insider now directly owns 39,923 shares in the company, valued at $13,773,834.23. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $345.01, for a total value of $1,654,322.95. Following the completion of the sale, the insider now directly owns 39,923 shares in the company, valued at $13,773,834.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Delaney III sold 2,691 shares of The Cigna Group stock in a transaction on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now owns 17,539 shares in the company, valued at $6,010,264.52. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

The Cigna Group Price Performance

Shares of NYSE CI opened at $357.42 on Friday. The Cigna Group has a 1-year low of $253.95 and a 1-year high of $370.83. The firm has a market capitalization of $101.53 billion, a PE ratio of 29.34, a P/E/G ratio of 1.09 and a beta of 0.50. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.71 and a quick ratio of 0.71. The business’s fifty day moving average price is $346.59 and its two-hundred day moving average price is $344.83.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, beating the consensus estimate of $6.42 by $0.30. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The firm had revenue of $60.52 billion for the quarter, compared to the consensus estimate of $58.30 billion. During the same period last year, the firm posted $6.13 EPS. The Cigna Group’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, research analysts expect that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.57%. The ex-dividend date was Wednesday, September 4th. The Cigna Group’s payout ratio is currently 45.98%.

Wall Street Analyst Weigh In

CI has been the subject of several recent analyst reports. Piper Sandler began coverage on The Cigna Group in a research note on Wednesday, June 26th. They set an “overweight” rating and a $400.00 target price for the company. JPMorgan Chase & Co. raised their price objective on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $384.00 target price on shares of The Cigna Group in a research report on Monday, September 9th. Robert W. Baird assumed coverage on shares of The Cigna Group in a research report on Thursday, May 30th. They set an “outperform” rating and a $388.00 price target for the company. Finally, Jefferies Financial Group upped their price target on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $392.79.

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.