Westpac Banking Corp Cuts Stake in The Cigna Group (NYSE:CI)

Westpac Banking Corp decreased its position in The Cigna Group (NYSE:CI) by 20.5% during the 4th quarter, Holdings Channel reports. The fund owned 20,210 shares of the health services provider’s stock after selling 5,203 shares during the quarter. Westpac Banking Corp’s holdings in The Cigna Group were worth $5,581,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. TCTC Holdings LLC purchased a new stake in shares of The Cigna Group in the fourth quarter valued at approximately $25,000. Collier Financial purchased a new position in shares of The Cigna Group during the 4th quarter worth approximately $32,000. ORG Wealth Partners LLC acquired a new position in shares of The Cigna Group during the 4th quarter worth approximately $34,000. Compagnie Lombard Odier SCmA acquired a new stake in The Cigna Group during the 4th quarter valued at $37,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of The Cigna Group in the fourth quarter worth $53,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Price Performance

CI stock opened at $332.09 on Thursday. The stock has a 50-day simple moving average of $307.29 and a 200-day simple moving average of $313.13. The firm has a market cap of $90.89 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 0.98 and a beta of 0.50. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66. The Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83.

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

The Cigna Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Wednesday, March 5th were issued a $1.51 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $6.04 dividend on an annualized basis and a yield of 1.82%. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio is currently 49.35%.

Analysts Set New Price Targets

CI has been the subject of a number of recent research reports. Truist Financial dropped their price objective on The Cigna Group from $390.00 to $375.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a research note on Friday, January 31st. Raymond James restated a “strong-buy” rating and set a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a report on Friday, January 31st. Cantor Fitzgerald upped their price objective on shares of The Cigna Group from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Finally, Morgan Stanley decreased their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $373.25.

Insider Activity

In other The Cigna Group news, insider Noelle K. Eder sold 9,944 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the sale, the insider now owns 13,406 shares in the company, valued at $4,289,920. The trade was a 42.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Cordani sold 26,527 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the sale, the chief executive officer now owns 127,767 shares in the company, valued at approximately $39,367,568.04. This trade represents a 17.19 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,751 shares of company stock worth $13,603,991. 0.70% of the stock is currently owned by insiders.

The Cigna Group Company Profile

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.