Merit Financial Group LLC Grows Position in The Cigna Group (NYSE:CI)

Merit Financial Group LLC boosted its stake in The Cigna Group (NYSE:CI) by 135.7% in the first quarter, Holdings Channel.com reports. The firm owned 5,498 shares of the health services provider’s stock after acquiring an additional 3,165 shares during the quarter. Merit Financial Group LLC’s holdings in The Cigna Group were worth $1,809,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. TCTC Holdings LLC purchased a new stake in The Cigna Group during the fourth quarter worth approximately $25,000. Collier Financial purchased a new stake in The Cigna Group during the fourth quarter worth approximately $32,000. Putney Financial Group LLC purchased a new stake in The Cigna Group during the fourth quarter worth approximately $36,000. Compagnie Lombard Odier SCmA acquired a new position in shares of The Cigna Group during the fourth quarter worth $37,000. Finally, Transce3nd LLC acquired a new position in shares of The Cigna Group during the fourth quarter worth $38,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Trading Up 0.2%

CI opened at $310.79 on Friday. The stock has a market capitalization of $83.03 billion, a PE ratio of 25.39, a P/E/G ratio of 0.98 and a beta of 0.47. The firm’s fifty day moving average price is $323.77 and its 200 day moving average price is $309.22. 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 has a 12-month low of $262.03 and a 12-month high of $370.83.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.35 by $0.39. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The firm had revenue of $65.45 billion for the quarter, compared to analysts’ expectations of $60.39 billion. During the same period in the prior year, the company posted $6.47 earnings per share. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, research analysts expect 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 paid a dividend of $1.51 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $6.04 annualized dividend and a yield of 1.94%. The Cigna Group’s payout ratio is 33.44%.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, Director Elder Granger sold 2,376 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $310.35, for a total transaction of $737,391.60. Following the completion of the sale, the director now owns 5,471 shares in the company, valued at $1,697,924.85. The trade was a 30.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CI. Cantor Fitzgerald boosted their target price on shares of The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Cowen reissued a “buy” rating on shares of The Cigna Group in a research report on Monday, May 5th. Robert W. Baird reduced their target price on shares of The Cigna Group from $388.00 to $362.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Sanford C. Bernstein cut shares of The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 target price on the stock. in a research report on Thursday, February 6th. Finally, Mizuho boosted their target price on shares of The Cigna Group from $360.00 to $384.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $380.39.

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.