2,555,463 Shares in The Cigna Group (NYSE:CI) Purchased by Parnassus Investments LLC

Parnassus Investments LLC purchased a new position in shares of The Cigna Group (NYSE:CIFree Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,555,463 shares of the health services provider’s stock, valued at approximately $731,041,000. The Cigna Group comprises approximately 1.8% of Parnassus Investments LLC’s portfolio, making the stock its 21st largest holding. Parnassus Investments LLC owned about 0.86% of The Cigna Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CI. Bogart Wealth LLC increased its holdings in The Cigna Group by 104.5% during the 3rd quarter. Bogart Wealth LLC now owns 90 shares of the health services provider’s stock worth $26,000 after purchasing an additional 46 shares during the period. OFI Invest Asset Management purchased a new position in The Cigna Group during the 3rd quarter worth $26,000. Fairfield Bush & CO. purchased a new position in The Cigna Group during the 2nd quarter worth $28,000. Optimum Investment Advisors increased its holdings in The Cigna Group by 110.0% during the 3rd quarter. Optimum Investment Advisors now owns 105 shares of the health services provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Finally, MBM Wealth Consultants LLC purchased a new position in The Cigna Group during the 4th quarter worth $36,000. 85.32% of the stock is owned by institutional investors.

The Cigna Group Price Performance

NYSE:CI traded up $2.11 during trading hours on Monday, hitting $325.95. 440,472 shares of the stock were exchanged, compared to its average volume of 1,751,115. The Cigna Group has a 52-week low of $240.50 and a 52-week high of $330.81. The firm’s fifty day moving average price is $295.47 and its 200 day moving average price is $292.51. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The company has a market cap of $95.38 billion, a P/E ratio of 18.62, a P/E/G ratio of 1.02 and a beta of 0.51.

The Cigna Group (NYSE:CIGet Free Report) last posted its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 EPS for the quarter, topping the consensus estimate of $6.54 by $0.25. The company had revenue of $51.15 billion during the quarter, compared to analyst estimates of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The Cigna Group’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.96 EPS. As a group, equities research analysts anticipate that The Cigna Group will post 28.3 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th will be given a $1.40 dividend. The ex-dividend date is Tuesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.23. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.72%. The Cigna Group’s dividend payout ratio is 28.29%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Jefferies Financial Group upgraded The Cigna Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $335.00 to $341.00 in a report on Monday, December 11th. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Friday, November 3rd. Royal Bank of Canada upgraded The Cigna Group from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $327.00 to $354.00 in a report on Monday. Oppenheimer reiterated an “outperform” rating and issued a $360.00 price target on shares of The Cigna Group in a report on Wednesday, January 17th. Finally, Sanford C. Bernstein upgraded The Cigna Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $330.00 to $372.00 in a report on Thursday, January 4th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $346.81.

View Our Latest Analysis on The Cigna Group

The Cigna Group Company Profile

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for The Cigna Group (NYSE:CI)

Receive News & Ratings for The Cigna Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Cigna Group and related companies with MarketBeat.com's FREE daily email newsletter.