Parsons Capital Management Inc. RI Buys 162 Shares of The Cigna Group (NYSE:CI)

Parsons Capital Management Inc. RI increased its stake in The Cigna Group (NYSE:CI) by 19.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 980 shares of the health services provider’s stock after buying an additional 162 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in The Cigna Group were worth $322,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Sonora Investment Management Group LLC bought a new stake in The Cigna Group in the first quarter worth about $268,000. Simplicity Wealth LLC lifted its stake in shares of The Cigna Group by 6.4% during the 1st quarter. Simplicity Wealth LLC now owns 802 shares of the health services provider’s stock worth $264,000 after acquiring an additional 48 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of The Cigna Group by 79.0% during the 1st quarter. GAMMA Investing LLC now owns 5,394 shares of the health services provider’s stock worth $1,775,000 after acquiring an additional 2,381 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in The Cigna Group by 0.3% during the 1st quarter. Yousif Capital Management LLC now owns 48,808 shares of the health services provider’s stock valued at $16,058,000 after acquiring an additional 129 shares during the period. Finally, Pallas Capital Advisors LLC grew its position in The Cigna Group by 170.5% in the 1st quarter. Pallas Capital Advisors LLC now owns 3,684 shares of the health services provider’s stock valued at $1,212,000 after acquiring an additional 2,322 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

The Cigna Group Stock Down 1.2%

The Cigna Group stock opened at $309.99 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The firm has a market cap of $82.81 billion, a P/E ratio of 25.33, a P/E/G ratio of 0.98 and a beta of 0.44. The business has a fifty day moving average of $322.23 and a two-hundred day moving average of $308.82. The Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83.

The Cigna Group (NYSE:CI) last released 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 Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. The firm had revenue of $65.45 billion during the quarter, compared to analyst estimates of $60.39 billion. During the same period in the previous year, the company posted $6.47 EPS. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. On average, analysts forecast that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders 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 dividend yield of 1.95%. The ex-dividend date of this dividend is Tuesday, June 3rd. The Cigna Group’s dividend payout ratio is currently 33.44%.

Insider Transactions at The Cigna Group

In other news, Director Elder Granger sold 2,376 shares of the firm’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 sale, the director now owns 5,471 shares of the company’s stock, valued at $1,697,924.85. This trade represents a 30.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

CI has been the subject of several research analyst reports. Mizuho boosted their target price on shares of 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 lifted their price objective on shares of The Cigna Group from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. Royal Bank of Canada restated an “outperform” rating and issued a $371.00 target price on shares of The Cigna Group in a research note on Tuesday, June 3rd. Guggenheim reaffirmed a “buy” rating and set a $388.00 price target on shares of The Cigna Group in a research note on Friday, May 23rd. Finally, Piper Sandler boosted their price target on The Cigna Group from $348.00 to $374.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $380.39.

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.