New Mexico Educational Retirement Board Raises Stock Position in The Cigna Group (NYSE:CI)

New Mexico Educational Retirement Board raised its stake in The Cigna Group (NYSE:CI) by 22.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,747 shares of the health services provider’s stock after buying an additional 3,400 shares during the period. New Mexico Educational Retirement Board’s holdings in The Cigna Group were worth $6,809,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CI. Norges Bank purchased a new position in shares of The Cigna Group during the 4th quarter worth approximately $1,006,348,000. Cerity Partners LLC increased its stake in shares of The Cigna Group by 1,039.4% during the 4th quarter. Cerity Partners LLC now owns 590,063 shares of the health services provider’s stock worth $176,694,000 after purchasing an additional 538,274 shares in the last quarter. Jennison Associates LLC increased its stake in shares of The Cigna Group by 127.3% during the 4th quarter. Jennison Associates LLC now owns 566,233 shares of the health services provider’s stock worth $169,558,000 after purchasing an additional 317,081 shares in the last quarter. International Assets Investment Management LLC boosted its position in The Cigna Group by 21,324.4% during the fourth quarter. International Assets Investment Management LLC now owns 285,801 shares of the health services provider’s stock worth $85,583,000 after acquiring an additional 284,467 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in The Cigna Group by 153.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 386,226 shares of the health services provider’s stock worth $115,655,000 after acquiring an additional 233,945 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The Cigna Group

In other news, insider Brian C. Evanko sold 4,795 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $345.01, for a total value of $1,654,322.95. Following the completion of the sale, the insider now directly owns 39,923 shares of the company’s stock, valued at approximately $13,773,834.23. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Brian C. Evanko sold 4,795 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $345.01, for a total value of $1,654,322.95. Following the sale, the insider now directly owns 39,923 shares in the company, valued at approximately $13,773,834.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Noelle K. Eder sold 10,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total transaction of $3,728,629.00. Following the completion of the sale, the insider now owns 15,824 shares in the company, valued at $5,514,189.28. The disclosure for this sale can be found here. In the last three months, insiders sold 22,988 shares of company stock valued at $7,975,726. Company insiders own 0.60% of the company’s stock.

The Cigna Group Stock Performance

Shares of NYSE CI traded down $3.58 during midday trading on Friday, hitting $330.57. The company’s stock had a trading volume of 2,645,258 shares, compared to its average volume of 1,508,288. The Cigna Group has a 1-year low of $253.95 and a 1-year high of $365.71. The firm’s fifty day moving average price is $341.23 and its 200-day moving average price is $333.15. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market cap of $93.91 billion, a P/E ratio of 27.14, a P/E/G ratio of 1.01 and a beta of 0.53.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, beating the consensus estimate of $6.17 by $0.30. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The business had revenue of $57.25 billion during the quarter, compared to analyst estimates of $56.59 billion. During the same period in the previous year, the business posted $5.41 EPS. The company’s quarterly revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts forecast that The Cigna Group will post 28.48 EPS for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, June 4th. The Cigna Group’s payout ratio is 45.98%.

Wall Street Analysts Forecast Growth

CI has been the topic of a number of analyst reports. StockNews.com lowered shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 12th. Morgan Stanley reiterated an “overweight” rating and issued a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a report on Wednesday, June 12th. Barclays started coverage on shares of The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of The Cigna Group from $432.00 to $435.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $376.20.

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.