Wright Investors Service Inc. Lowers Position in The Cigna Group (NYSE:CI)

Wright Investors Service Inc. trimmed its holdings in shares of The Cigna Group (NYSE:CI) by 2.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,862 shares of the health services provider’s stock after selling 289 shares during the quarter. The Cigna Group comprises about 1.1% of Wright Investors Service Inc.’s holdings, making the stock its 26th largest position. Wright Investors Service Inc.’s holdings in The Cigna Group were worth $3,276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CI. Federated Hermes Inc. grew its holdings in shares of The Cigna Group by 399.1% during the 2nd quarter. Federated Hermes Inc. now owns 58,010 shares of the health services provider’s stock valued at $19,176,000 after purchasing an additional 46,386 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of The Cigna Group by 3.3% in the second quarter. Parallel Advisors LLC now owns 3,344 shares of the health services provider’s stock worth $1,105,000 after buying an additional 106 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of The Cigna Group by 3.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 307,177 shares of the health services provider’s stock valued at $101,544,000 after acquiring an additional 10,011 shares during the last quarter. Prosperity Consulting Group LLC purchased a new stake in The Cigna Group during the 2nd quarter valued at about $206,000. Finally, Dimensional Fund Advisors LP grew its position in The Cigna Group by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,628,807 shares of the health services provider’s stock worth $869,078,000 after acquiring an additional 150,765 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

The Cigna Group Stock Performance

Shares of CI stock opened at $281.54 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $78.31 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 0.88 and a beta of 0.54. The Cigna Group has a one year low of $262.03 and a one year high of $370.83. The company’s 50-day moving average is $304.16 and its 200 day moving average is $328.02.

The Cigna Group (NYSE:CI) last posted its earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion during the quarter, compared to analyst estimates of $59.58 billion. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the company earned $6.77 EPS. Sell-side analysts expect that The Cigna Group will post 28.5 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $5.60 annualized dividend and a dividend yield of 1.99%. The Cigna Group’s payout ratio is 52.83%.

Analyst Upgrades and Downgrades

CI has been the subject of a number of analyst reports. Royal Bank of Canada dropped their price objective on The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a report on Wednesday, October 23rd. Truist Financial decreased their price objective on shares of The Cigna Group from $420.00 to $390.00 and set a “buy” rating for the company in a report on Monday, January 6th. Piper Sandler reaffirmed an “overweight” rating and set a $394.00 target price (up previously from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group raised their price objective on shares of The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $395.93.

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.