Hsbc Holdings PLC lifted its stake in Cigna Group (NYSE:CI – Free Report) by 67.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,019,925 shares of the health services provider’s stock after acquiring an additional 409,894 shares during the period. Hsbc Holdings PLC’s holdings in Cigna Group were worth $281,410,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wilkerson Advisory Group LLC purchased a new stake in Cigna Group in the fourth quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in shares of Cigna Group during the fourth quarter worth about $28,000. Kemnay Advisory Services Inc. purchased a new position in shares of Cigna Group during the fourth quarter worth about $29,000. Prosperity Bancshares Inc acquired a new stake in shares of Cigna Group during the fourth quarter worth about $29,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Cigna Group during the fourth quarter worth about $32,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.
Cigna Group Stock Performance
NYSE:CI opened at $279.63 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market cap of $73.97 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 1.08 and a beta of 0.28. The firm’s fifty day moving average price is $283.79 and its 200 day moving average price is $278.33. Cigna Group has a 1-year low of $239.51 and a 1-year high of $338.89.
Cigna Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a dividend of $1.56 per share. The ex-dividend date was Thursday, June 4th. This represents a $6.24 annualized dividend and a yield of 2.2%. Cigna Group’s payout ratio is presently 26.45%.
Insider Buying and Selling
In related news, CAO Jamie G. Kates sold 899 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $298.61, for a total transaction of $268,450.39. Following the transaction, the chief accounting officer owned 2,368 shares of the company’s stock, valued at $707,108.48. This represents a 27.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Cordani sold 201,878 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $292.82, for a total value of $59,113,915.96. Following the completion of the transaction, the chief executive officer owned 34,337 shares of the company’s stock, valued at $10,054,560.34. The trade was a 85.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.60% of the company’s stock.
Analyst Ratings Changes
A number of analysts recently issued reports on CI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Cigna Group in a research report on Monday, June 1st. Deutsche Bank Aktiengesellschaft cut Cigna Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $303.00 to $302.00 in a research note on Wednesday, May 20th. Robert W. Baird set a $337.00 price objective on Cigna Group in a report on Friday, May 1st. Jefferies Financial Group lowered their target price on shares of Cigna Group from $333.00 to $330.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Finally, Wall Street Zen raised shares of Cigna Group from a “hold” rating to a “buy” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $338.30.
Check Out Our Latest Research Report on Cigna Group
Cigna Group Profile
Cigna Group (NYSE: CI) is a global health services company that offers a broad portfolio of healthcare products and insurance solutions for individuals, employers, and governments. Its core businesses include medical and behavioral health plans, dental and vision coverage, pharmacy benefit management, and supplemental health products. Cigna serves a mix of commercial, Medicare, and Medicaid customers and provides workplace benefits such as group health plans and disability and life benefits for employers.
In addition to traditional insurance products, Cigna operates health services and care-delivery platforms designed to manage costs and improve outcomes.
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