Maryland State Retirement & Pension System Lowers Stock Position in The Cigna Group (NYSE:CI)

Maryland State Retirement & Pension System trimmed its holdings in shares of The Cigna Group (NYSE:CI) by 7.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,849 shares of the health services provider’s stock after selling 1,226 shares during the period. Maryland State Retirement & Pension System’s holdings in The Cigna Group were worth $4,100,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Swedbank AB raised its position in The Cigna Group by 26.6% in the third quarter. Swedbank AB now owns 570,283 shares of the health services provider’s stock worth $197,569,000 after acquiring an additional 119,681 shares in the last quarter. Prospera Financial Services Inc increased its holdings in shares of The Cigna Group by 9.2% in the 3rd quarter. Prospera Financial Services Inc now owns 1,378 shares of the health services provider’s stock valued at $480,000 after purchasing an additional 116 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of The Cigna Group by 10.9% in the third quarter. Fifth Third Wealth Advisors LLC now owns 1,595 shares of the health services provider’s stock valued at $553,000 after purchasing an additional 157 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in The Cigna Group during the third quarter worth about $8,202,000. Finally, PNC Financial Services Group Inc. grew its position in The Cigna Group by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 362,339 shares of the health services provider’s stock worth $125,529,000 after buying an additional 7,996 shares during the period. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The Cigna Group

In related news, insider Nicole S. Jones sold 4,904 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $1,511,020.48. Following the transaction, the insider now owns 29,421 shares in the company, valued at approximately $9,065,198.52. This trade represents a 14.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Noelle K. Eder sold 9,944 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the sale, the insider now owns 13,406 shares of the company’s stock, valued at approximately $4,289,920. This represents a 42.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,751 shares of company stock worth $13,603,991. 0.60% of the stock is owned by insiders.

The Cigna Group Stock Performance

NYSE CI opened at $320.74 on Thursday. The business’s 50-day moving average price is $299.23 and its 200 day moving average price is $315.68. 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 has a twelve month low of $262.03 and a twelve month high of $370.83. The company has a market capitalization of $87.78 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. During the same quarter in the previous year, the business earned $6.79 EPS. On average, research analysts predict that The Cigna Group will post 29.77 earnings per share for the current year.

The Cigna Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be given a $1.51 dividend. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Wednesday, March 5th. The Cigna Group’s dividend payout ratio (DPR) is 49.35%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CI shares. Sanford C. Bernstein cut The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price target on the stock. in a report on Thursday, February 6th. Piper Sandler reissued an “overweight” rating and issued a $348.00 target price (down previously from $394.00) on shares of The Cigna Group in a report on Monday, February 3rd. UBS Group cut their price target on The Cigna Group from $410.00 to $390.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company lowered their price objective on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Finally, Raymond James restated a “strong-buy” rating and set a $360.00 target price (down previously from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $372.31.

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.