Shikiar Asset Management Inc. Has $8.91 Million Position in The Cigna Group (NYSE:CI)

Shikiar Asset Management Inc. lowered its position in shares of The Cigna Group (NYSE:CI) by 2.9% in the second quarter, Holdings Channel reports. The firm owned 26,940 shares of the health services provider’s stock after selling 799 shares during the period. The Cigna Group accounts for 2.4% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Shikiar Asset Management Inc.’s holdings in The Cigna Group were worth $8,906,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of The Cigna Group by 81.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,113 shares of the health services provider’s stock valued at $1,531,000 after buying an additional 2,291 shares during the period. Graypoint LLC boosted its holdings in The Cigna Group by 8.4% during the fourth quarter. Graypoint LLC now owns 2,498 shares of the health services provider’s stock worth $748,000 after purchasing an additional 193 shares during the last quarter. Simplicity Solutions LLC boosted its holdings in The Cigna Group by 1.0% during the fourth quarter. Simplicity Solutions LLC now owns 8,108 shares of the health services provider’s stock worth $2,428,000 after purchasing an additional 78 shares during the last quarter. Crestwood Advisors Group LLC boosted its holdings in The Cigna Group by 9.6% during the fourth quarter. Crestwood Advisors Group LLC now owns 1,226 shares of the health services provider’s stock worth $367,000 after purchasing an additional 107 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in The Cigna Group during the fourth quarter worth $5,300,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

The Cigna Group Price Performance

Shares of CI traded up $2.15 during mid-day trading on Wednesday, reaching $334.87. The company had a trading volume of 621,075 shares, compared to its average volume of 1,571,466. The company’s 50 day simple moving average is $335.07 and its 200 day simple moving average is $340.54. The Cigna Group has a 1-year low of $253.95 and a 1-year high of $365.71. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $95.13 billion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 1.02 and a beta of 0.52.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.42 by $0.30. The business had revenue of $60.52 billion during the quarter, compared to analyst estimates of $58.30 billion. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter last year, the business earned $6.13 EPS. Analysts expect that The Cigna Group will post 28.4 EPS for the current year.

The Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $5.60 annualized dividend and a yield of 1.67%. The Cigna Group’s payout ratio is 45.98%.

Wall Street Analysts Forecast Growth

CI has been the subject of several recent research reports. Oppenheimer increased their target price on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their price target on shares of The Cigna Group from $432.00 to $435.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. StockNews.com raised shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 2nd. Piper Sandler initiated coverage on shares of The Cigna Group in a research report on Wednesday, June 26th. They set an “overweight” rating and a $400.00 price target on the stock. Finally, Baird R W raised shares of The Cigna Group to a “strong-buy” rating in a research report on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $384.64.

Insiders Place Their Bets

In other news, insider Brian C. Evanko sold 4,795 shares of the firm’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 transaction of $1,654,322.95. Following the completion of the sale, the insider now owns 39,923 shares of the company’s stock, valued at approximately $13,773,834.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Elder Granger sold 1,000 shares of The Cigna Group stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $338.08, for a total value of $338,080.00. Following the completion of the sale, the director now owns 5,471 shares of the company’s stock, valued at approximately $1,849,635.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction on Monday, June 24th. The shares were sold at an average price of $345.01, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 6,342 shares of company stock worth $2,173,668. 0.60% of the stock is currently owned by insiders.

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.