Shikiar Asset Management Inc. Sells 10,865 Shares of The Cigna Group (NYSE:CI)

Shikiar Asset Management Inc. decreased its position in The Cigna Group (NYSE:CI) by 32.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 22,857 shares of the health services provider’s stock after selling 10,865 shares during the period. The Cigna Group comprises approximately 2.2% of Shikiar Asset Management Inc.’s portfolio, making the stock its 15th biggest holding. Shikiar Asset Management Inc.’s holdings in The Cigna Group were worth $7,520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CI. Brighton Jones LLC lifted its position in The Cigna Group by 9.3% during the fourth quarter. Brighton Jones LLC now owns 3,736 shares of the health services provider’s stock valued at $1,032,000 after buying an additional 318 shares during the period. Vontobel Holding Ltd. lifted its position in The Cigna Group by 5.7% during the fourth quarter. Vontobel Holding Ltd. now owns 24,778 shares of the health services provider’s stock valued at $6,842,000 after buying an additional 1,334 shares during the period. Principal Securities Inc. lifted its position in The Cigna Group by 16.4% during the fourth quarter. Principal Securities Inc. now owns 9,096 shares of the health services provider’s stock valued at $2,512,000 after buying an additional 1,281 shares during the period. Allworth Financial LP raised its position in shares of The Cigna Group by 5.2% in the 4th quarter. Allworth Financial LP now owns 6,097 shares of the health services provider’s stock worth $1,762,000 after purchasing an additional 303 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new position in shares of The Cigna Group in the 4th quarter worth about $63,000. Institutional investors own 86.99% of the company’s stock.

The Cigna Group Stock Performance

Shares of The Cigna Group stock opened at $317.03 on Monday. The firm has a market cap of $84.69 billion, a P/E ratio of 25.90, a P/E/G ratio of 0.98 and a beta of 0.44. 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 stock’s fifty day moving average price is $322.31 and its 200-day moving average price is $308.18.

The Cigna Group (NYSE:CI) last posted its earnings results on Friday, May 2nd. The health services provider reported $6.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.35 by $0.39. The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. The company had revenue of $65.45 billion for the quarter, compared to analyst estimates of $60.39 billion. During the same quarter in the previous year, the firm earned $6.47 earnings per share. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities research analysts expect that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $1.51 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.91%. The Cigna Group’s payout ratio is 33.44%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of The Cigna Group in a research report on Monday, May 5th. Barclays reaffirmed an “overweight” rating and issued a $385.00 price target (up previously from $382.00) on shares of The Cigna Group in a research report on Monday, June 2nd. Piper Sandler boosted their target price on The Cigna Group from $348.00 to $374.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Cantor Fitzgerald upped their target price 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, Guggenheim restated a “buy” rating and set a $388.00 target price on shares of The Cigna Group in a research note on Friday, May 23rd. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $380.39.

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.