Concord Wealth Partners Raises Stock Position in The Cigna Group (NYSE:CI)

Concord Wealth Partners lifted its position in shares of The Cigna Group (NYSE:CI) by 18.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,149 shares of the health services provider’s stock after acquiring an additional 332 shares during the quarter. Concord Wealth Partners’ holdings in The Cigna Group were worth $593,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its stake in The Cigna Group by 49,287.7% during the third quarter. International Assets Investment Management LLC now owns 400,040 shares of the health services provider’s stock worth $138,590,000 after acquiring an additional 399,230 shares during the last quarter. Swedbank AB grew its holdings in shares of The Cigna Group by 55.1% during the 4th quarter. Swedbank AB now owns 884,406 shares of the health services provider’s stock worth $244,220,000 after purchasing an additional 314,123 shares during the period. FMR LLC increased its position in shares of The Cigna Group by 2.0% during the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock worth $4,929,978,000 after purchasing an additional 279,880 shares during the last quarter. Raymond James & Associates raised its holdings in The Cigna Group by 42.8% in the 3rd quarter. Raymond James & Associates now owns 860,050 shares of the health services provider’s stock valued at $297,956,000 after buying an additional 257,711 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in The Cigna Group by 68.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 497,875 shares of the health services provider’s stock valued at $137,483,000 after buying an additional 202,161 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CI. Piper Sandler reissued an “overweight” rating and issued a $394.00 price target (up from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. Morgan Stanley lowered their price objective on The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research report on Friday. Barclays dropped their price objective on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating on the stock in a research report on Friday. Oppenheimer decreased their price objective on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Truist Financial cut their price target on The Cigna Group from $420.00 to $390.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, The Cigna Group has an average rating of “Buy” and a consensus price target of $380.27.

The Cigna Group Trading Up 3.9 %

NYSE CI opened at $293.99 on Friday. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83. The firm has a 50-day moving average price of $294.40 and a 200 day moving average price of $324.43. The stock has a market capitalization of $81.77 billion, a P/E ratio of 27.73, a P/E/G ratio of 0.82 and a beta of 0.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71.

The Cigna Group (NYSE:CI) last released its earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. During the same period last year, the company posted $6.79 earnings per share. Equities research analysts expect that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be issued a $1.51 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 dividend on an annualized basis and a yield of 2.05%. The Cigna Group’s dividend payout ratio (DPR) is 52.83%.

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.