Lazard Asset Management LLC Decreases Stock Holdings in The Cigna Group (NYSE:CI)

Lazard Asset Management LLC cut its stake in The Cigna Group (NYSE:CI) by 13.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,643 shares of the health services provider’s stock after selling 10,006 shares during the period. Lazard Asset Management LLC’s holdings in The Cigna Group were worth $17,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jefferies Financial Group Inc. boosted its stake in The Cigna Group by 184.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 20,037 shares of the health services provider’s stock worth $5,533,000 after buying an additional 13,001 shares during the last quarter. Humankind Investments LLC grew its holdings in shares of The Cigna Group by 12.1% in the fourth quarter. Humankind Investments LLC now owns 5,294 shares of the health services provider’s stock valued at $1,462,000 after purchasing an additional 571 shares during the period. Gotham Asset Management LLC increased its position in The Cigna Group by 48.7% during the fourth quarter. Gotham Asset Management LLC now owns 74,820 shares of the health services provider’s stock worth $20,661,000 after purchasing an additional 24,508 shares during the last quarter. Focus Partners Wealth raised its stake in The Cigna Group by 11.6% during the fourth quarter. Focus Partners Wealth now owns 23,808 shares of the health services provider’s stock worth $6,579,000 after purchasing an additional 2,483 shares during the period. Finally, Ensign Peak Advisors Inc raised its stake in The Cigna Group by 17.5% during the fourth quarter. Ensign Peak Advisors Inc now owns 400,921 shares of the health services provider’s stock worth $110,710,000 after purchasing an additional 59,587 shares during the period. Institutional investors and hedge funds own 86.99% of the company’s stock.

The Cigna Group Price Performance

Shares of NYSE CI opened at $301.90 on Wednesday. The stock’s 50-day moving average is $325.67 and its two-hundred day moving average is $309.94. The company has a market cap of $80.65 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 0.98 and a beta of 0.47. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, topping the consensus estimate of $6.35 by $0.39. The company had revenue of $65.45 billion during the quarter, compared to analysts’ expectations of $60.39 billion. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The firm’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.47 EPS. Analysts forecast that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Tuesday, June 3rd. The Cigna Group’s dividend payout ratio (DPR) is currently 33.44%.

Insider Buying and Selling at The Cigna Group

In related news, Director Elder Granger sold 2,376 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $310.35, for a total value of $737,391.60. Following the completion of the transaction, the director now directly owns 5,471 shares in the company, valued at approximately $1,697,924.85. This represents a 30.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Noelle K. Eder sold 9,944 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $320.00, for a total value of $3,182,080.00. Following the sale, the insider now owns 13,406 shares of the company’s stock, valued at $4,289,920. This represents a 42.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,751 shares of company stock valued at $13,603,991. 0.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler increased their price target on shares of The Cigna Group from $348.00 to $374.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Stephens cut their target price on The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Mizuho upped their price target on The Cigna Group from $360.00 to $384.00 and gave the company an “outperform” rating in a research note on Wednesday, April 9th. Cantor Fitzgerald raised their price objective on The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Finally, Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a research report on Friday, January 31st. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $379.33.

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.