Rockland Trust Co. Cuts Position in The Cigna Group (NYSE:CI)

Rockland Trust Co. cut its holdings in The Cigna Group (NYSE:CI) by 61.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 735 shares of the health services provider’s stock after selling 1,184 shares during the period. Rockland Trust Co.’s holdings in The Cigna Group were worth $255,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Silicon Valley Capital Partners increased its holdings in The Cigna Group by 100.0% during the first quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock worth $25,000 after buying an additional 35 shares during the last quarter. Cedar Wealth Management LLC bought a new stake in shares of The Cigna Group in the first quarter valued at $29,000. Raleigh Capital Management Inc. lifted its position in shares of The Cigna Group by 69.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock valued at $30,000 after buying an additional 41 shares during the last quarter. TruNorth Capital Management LLC bought a new position in shares of The Cigna Group during the 2nd quarter worth $33,000. Finally, Pineridge Advisors LLC purchased a new stake in The Cigna Group in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Stephens reissued an “overweight” rating and set a $410.00 target price on shares of The Cigna Group in a report on Friday, August 2nd. Piper Sandler assumed coverage on The Cigna Group in a report on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $400.00 price objective on shares of The Cigna Group in a research note on Tuesday. Finally, Jefferies Financial Group increased their price objective on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $392.79.

Insiders Place Their Bets

In other news, Director William J. Delaney III sold 2,691 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $342.68, for a total transaction of $922,151.88. Following the completion of the sale, the director now directly owns 17,539 shares in the company, valued at approximately $6,010,264.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.60% of the company’s stock.

The Cigna Group Price Performance

Shares of CI stock traded up $1.14 during trading hours on Friday, hitting $341.70. 720,032 shares of the company’s stock were exchanged, compared to its average volume of 1,495,753. The Cigna Group has a 12-month low of $253.95 and a 12-month high of $370.83. The company has a market capitalization of $97.07 billion, a PE ratio of 28.04, a PEG ratio of 1.08 and a beta of 0.50. The business’s 50 day simple moving average is $348.53 and its 200-day simple moving average is $345.11. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73.

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

The Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, September 4th. The Cigna Group’s dividend payout ratio (DPR) is presently 45.98%.

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.