The Cigna Group (NYSE:CI) Shares Sold by Banyan Capital Management Inc.

Banyan Capital Management Inc. cut its stake in The Cigna Group (NYSE:CI) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,132 shares of the health services provider’s stock after selling 991 shares during the period. The Cigna Group makes up 10.6% of Banyan Capital Management Inc.’s investment portfolio, making the stock its 2nd largest position. Banyan Capital Management Inc.’s holdings in The Cigna Group were worth $17,564,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Bridges Investment Management Inc. purchased a new stake in The Cigna Group during the second quarter valued at about $614,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of The Cigna Group by 1.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,206 shares of the health services provider’s stock valued at $729,000 after purchasing an additional 31 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of The Cigna Group by 9.3% during the 2nd quarter. Ieq Capital LLC now owns 10,113 shares of the health services provider’s stock worth $3,343,000 after purchasing an additional 860 shares during the period. Intech Investment Management LLC increased its position in The Cigna Group by 61.2% during the 2nd quarter. Intech Investment Management LLC now owns 65,750 shares of the health services provider’s stock worth $21,735,000 after purchasing an additional 24,966 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in The Cigna Group by 461.6% in the second quarter. XTX Topco Ltd now owns 3,420 shares of the health services provider’s stock valued at $1,131,000 after buying an additional 2,811 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CI shares. Barclays increased their price target on The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Stephens reiterated an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a research note on Friday, August 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $384.00 price target on shares of The Cigna Group in a research report on Monday, September 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a research report on Monday. Finally, Piper Sandler started coverage on shares of The Cigna Group in a research report on Wednesday, June 26th. They set an “overweight” rating and a $400.00 target price on the stock. One 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, The Cigna Group currently has an average rating of “Buy” and a consensus price target of $392.79.

Insider Buying and Selling at The Cigna Group

In related news, insider Brian C. Evanko sold 4,795 shares of the business’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 transaction of $1,654,322.95. Following the sale, the insider now owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the transaction, the insider now directly owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William J. Delaney III sold 2,691 shares of the company’s 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 of the company’s stock, valued at $6,010,264.52. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

The Cigna Group Trading Up 0.6 %

NYSE:CI opened at $357.42 on Friday. The firm has a market capitalization of $101.53 billion, a P/E ratio of 29.34, a P/E/G ratio of 1.09 and a beta of 0.50. The business has a 50 day simple moving average of $346.59 and a 200 day simple moving average of $344.83. 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 Cigna Group has a 12-month low of $253.95 and a 12-month high of $370.83.

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

The Cigna Group Dividend Announcement

The business 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. The ex-dividend date was Wednesday, September 4th. This represents a $5.60 annualized dividend and a yield of 1.57%. The Cigna Group’s payout ratio is 45.98%.

The Cigna Group Company 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.