QRG Capital Management Inc. Trims Position in The Cigna Group (NYSE:CI)

QRG Capital Management Inc. cut its position in The Cigna Group (NYSE:CI) by 12.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 64,653 shares of the health services provider’s stock after selling 9,041 shares during the quarter. QRG Capital Management Inc.’s holdings in The Cigna Group were worth $17,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Financial Group Inc. purchased a new stake in shares of The Cigna Group in the fourth quarter worth $4,367,000. Marks Group Wealth Management Inc grew its stake in The Cigna Group by 3,669.7% during the third quarter. Marks Group Wealth Management Inc now owns 24,013 shares of the health services provider’s stock valued at $8,319,000 after acquiring an additional 23,376 shares in the last quarter. Principal Financial Group Inc. grew its stake in The Cigna Group by 3.6% during the third quarter. Principal Financial Group Inc. now owns 323,911 shares of the health services provider’s stock valued at $112,216,000 after acquiring an additional 11,228 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. grew its stake in The Cigna Group by 1.1% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 75,837 shares of the health services provider’s stock valued at $20,942,000 after acquiring an additional 858 shares in the last quarter. Finally, Valley Wealth Managers Inc. grew its stake in The Cigna Group by 2.8% during the fourth quarter. Valley Wealth Managers Inc. now owns 56,933 shares of the health services provider’s stock valued at $15,721,000 after acquiring an additional 1,548 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CI. Piper Sandler reaffirmed an “overweight” rating and set a $348.00 target price (down from $394.00) on shares of The Cigna Group in a research note on Monday, February 3rd. Barclays cut their target price on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft cut their target price on shares of The Cigna Group from $398.00 to $394.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company cut their target price on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Finally, Royal Bank of Canada set a $355.00 price objective on shares of The Cigna Group in a research report on Friday, January 31st. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, The Cigna Group has a consensus rating of “Buy” and a consensus price target of $372.31.

The Cigna Group Price Performance

The Cigna Group stock opened at $303.39 on Friday. The firm has a 50-day moving average price of $288.90 and a 200-day moving average price of $318.87. The firm has a market capitalization of $84.39 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 0.98 and a beta of 0.54. 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 12-month low of $262.03 and a 12-month high of $370.83.

The Cigna Group (NYSE:CI) last released its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share (EPS) 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 prior year, the business posted $6.79 earnings per share. As a group, equities research analysts forecast that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be issued a dividend of $1.51 per share. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $6.04 dividend on an annualized basis and a yield of 1.99%. The Cigna Group’s dividend payout ratio (DPR) is presently 49.35%.

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.