OLD National Bancorp IN Trims Position in The Cigna Group (NYSE:CI)

OLD National Bancorp IN decreased its position in The Cigna Group (NYSE:CI) by 13.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,311 shares of the health services provider’s stock after selling 212 shares during the quarter. OLD National Bancorp IN’s holdings in The Cigna Group were worth $431,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its stake in shares of The Cigna Group by 4.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 11,556,278 shares of the health services provider’s stock worth $3,191,151,000 after purchasing an additional 501,320 shares during the period. Sanders Capital LLC increased its holdings in The Cigna Group by 2.0% during the fourth quarter. Sanders Capital LLC now owns 8,054,959 shares of the health services provider’s stock valued at $2,224,296,000 after buying an additional 154,420 shares during the last quarter. Geode Capital Management LLC raised its position in The Cigna Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 5,957,180 shares of the health services provider’s stock worth $1,640,878,000 after acquiring an additional 101,737 shares during the period. GQG Partners LLC boosted its stake in shares of The Cigna Group by 22.4% during the 4th quarter. GQG Partners LLC now owns 4,021,582 shares of the health services provider’s stock worth $1,110,520,000 after acquiring an additional 737,099 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of The Cigna Group during the 4th quarter worth $867,785,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CI. Truist Financial upped their price target on The Cigna Group from $385.00 to $405.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Guggenheim restated a “buy” rating and set a $388.00 target price on shares of The Cigna Group in a research note on Friday, May 23rd. Robert W. Baird dropped their price target on shares of The Cigna Group from $388.00 to $362.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Piper Sandler increased their price objective on shares of The Cigna Group from $348.00 to $374.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Finally, Barclays restated an “overweight” rating and set a $385.00 target price (up previously from $382.00) on shares of The Cigna Group in a research note on Monday, June 2nd. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $380.39.

The Cigna Group Price Performance

NYSE:CI opened at $311.33 on Tuesday. The business’s 50-day moving average is $322.97 and its 200 day moving average is $308.78. The Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83. The company has a market capitalization of $83.17 billion, a P/E ratio of 25.44, a P/E/G ratio of 0.98 and a beta of 0.44. The company has a current ratio of 0.66, a quick ratio of 0.72 and a debt-to-equity ratio of 0.70.

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

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, June 3rd. The Cigna Group’s payout ratio is 33.44%.

Insider Activity 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 that occurred on Friday, March 14th. The stock was sold at an average price of $310.35, for a total transaction of $737,391.60. Following the sale, the director now directly owns 5,471 shares of the company’s stock, valued at $1,697,924.85. The trade was a 30.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is owned by insiders.

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.