Modern Wealth Management LLC Grows Position in The Cigna Group (NYSE:CI)

Modern Wealth Management LLC raised its position in The Cigna Group (NYSE:CI) by 74.6% in the fourth quarter, Holdings Channel reports. The fund owned 1,624 shares of the health services provider’s stock after buying an additional 694 shares during the period. Modern Wealth Management LLC’s holdings in The Cigna Group were worth $476,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CreativeOne Wealth LLC lifted its stake in The Cigna Group by 3.0% during the third quarter. CreativeOne Wealth LLC now owns 1,219 shares of the health services provider’s stock worth $422,000 after purchasing an additional 35 shares during the last quarter. Hudson Edge Investment Partners Inc. raised its holdings in The Cigna Group by 1.9% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 1,883 shares of the health services provider’s stock worth $520,000 after purchasing an additional 36 shares in the last quarter. Meridian Wealth Management LLC lifted its position in shares of The Cigna Group by 1.0% during the 4th quarter. Meridian Wealth Management LLC now owns 3,670 shares of the health services provider’s stock worth $1,013,000 after buying an additional 37 shares during the last quarter. Mindset Wealth Management LLC boosted its holdings in shares of The Cigna Group by 2.6% in the 4th quarter. Mindset Wealth Management LLC now owns 1,469 shares of the health services provider’s stock valued at $406,000 after buying an additional 37 shares in the last quarter. Finally, Jacobi Capital Management LLC grew its position in shares of The Cigna Group by 2.2% in the 4th quarter. Jacobi Capital Management LLC now owns 1,749 shares of the health services provider’s stock valued at $483,000 after buying an additional 38 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

Insider Activity at The Cigna Group

In related news, Director Elder Granger sold 2,376 shares of The Cigna Group stock in a transaction on Friday, March 14th. The stock was sold at an average price of $310.35, for a total transaction of $737,391.60. Following the completion of the transaction, the director now directly owns 5,471 shares of the company’s stock, valued at approximately $1,697,924.85. The trade was a 30.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David Cordani sold 26,527 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $8,173,499.24. Following the completion of the sale, the chief executive officer now directly owns 127,767 shares in the company, valued at $39,367,568.04. This trade represents a 17.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,751 shares of company stock worth $13,603,991 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CI. StockNews.com upgraded shares of The Cigna Group from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. UBS Group decreased their target price on The Cigna Group from $410.00 to $390.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Royal Bank of Canada set a $355.00 price target on The Cigna Group in a research report on Friday, January 31st. Sanford C. Bernstein downgraded The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price objective for the company. in a report on Thursday, February 6th. Finally, Stephens cut their target price on shares of The Cigna Group from $410.00 to $380.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, The Cigna Group presently has an average rating of “Buy” and a consensus target price of $373.25.

The Cigna Group Price Performance

Shares of NYSE:CI opened at $324.74 on Friday. The Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The company has a 50-day moving average price of $303.86 and a 200 day moving average price of $314.31. The company has a market cap of $88.88 billion, a P/E ratio of 26.53, a PEG ratio of 0.98 and a beta of 0.53. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share 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 period in the previous year, the company earned $6.79 earnings per share. Research analysts predict that The Cigna Group will post 29.77 earnings per share for the current year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio (DPR) is currently 49.35%.

The Cigna Group 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.