CIBC Private Wealth Group LLC Sells 3,556 Shares of The Cigna Group (NYSE:CI)

CIBC Private Wealth Group LLC decreased its stake in shares of The Cigna Group (NYSE:CI – Get Rating) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 79,949 shares of the health services provider’s stock after selling 3,556 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in The Cigna Group were worth $22,183,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CI. Outlook Wealth Advisors LLC increased its stake in The Cigna Group by 1.6% in the 3rd quarter. Outlook Wealth Advisors LLC now owns 2,061 shares of the health services provider’s stock worth $572,000 after buying an additional 33 shares during the period. Summit X LLC grew its holdings in The Cigna Group by 1.5% during the 3rd quarter. Summit X LLC now owns 2,241 shares of the health services provider’s stock worth $617,000 after acquiring an additional 34 shares in the last quarter. Annapolis Financial Services LLC grew its holdings in The Cigna Group by 9.1% during the 3rd quarter. Annapolis Financial Services LLC now owns 421 shares of the health services provider’s stock worth $117,000 after acquiring an additional 35 shares in the last quarter. Fiduciary Group LLC grew its holdings in The Cigna Group by 0.9% during the 2nd quarter. Fiduciary Group LLC now owns 3,884 shares of the health services provider’s stock worth $1,111,000 after acquiring an additional 36 shares in the last quarter. Finally, Parsons Capital Management Inc. RI grew its holdings in The Cigna Group by 1.7% during the 3rd quarter. Parsons Capital Management Inc. RI now owns 2,156 shares of the health services provider’s stock worth $598,000 after acquiring an additional 37 shares in the last quarter. Institutional investors own 87.61% of the company’s stock.

The Cigna Group Stock Performance

Shares of The Cigna Group stock opened at $272.13 on Wednesday. The firm has a market capitalization of $80.84 billion, a P/E ratio of 12.73, a PEG ratio of 0.99 and a beta of 0.67. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average price of $298.52 and a 200 day moving average price of $304.99. The Cigna Group has a 52 week low of $227.94 and a 52 week high of $340.11.

The Cigna Group (NYSE:CI – Get Rating) last announced its quarterly earnings data on Friday, February 3rd. The health services provider reported $4.96 EPS for the quarter, beating the consensus estimate of $4.84 by $0.12. The Cigna Group had a net margin of 3.69% and a return on equity of 16.01%. The firm had revenue of $45.75 billion during the quarter, compared to analyst estimates of $45.79 billion. During the same period last year, the firm posted $4.77 EPS. The Cigna Group’s revenue was up .1% on a year-over-year basis. Sell-side analysts expect that The Cigna Group will post 24.65 EPS for the current year.

The Cigna Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Wednesday, March 8th will be given a dividend of $1.23 per share. The ex-dividend date of this dividend is Tuesday, March 7th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.12. This represents a $4.92 dividend on an annualized basis and a yield of 1.81%. The Cigna Group’s dividend payout ratio (DPR) is currently 23.01%.

Analyst Ratings Changes

Several brokerages have issued reports on CI. Wells Fargo & Company cut shares of The Cigna Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $370.00 to $355.00 in a report on Tuesday, January 3rd. Loop Capital dropped their target price on shares of The Cigna Group from $350.00 to $320.00 in a report on Monday, February 6th. Stephens restated an “overweight” rating and issued a $370.00 price target on shares of The Cigna Group in a report on Tuesday, February 28th. JPMorgan Chase & Co. lowered their price target on shares of The Cigna Group from $378.00 to $370.00 and set an “overweight” rating on the stock in a report on Thursday, February 23rd. Finally, StockNews.com cut shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 28th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.00.

Insiders Place Their Bets

In other The Cigna Group news, insider Michael W. Triplett sold 1,731 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $271.67, for a total transaction of $470,260.77. Following the completion of the transaction, the insider now directly owns 30,235 shares of the company’s stock, valued at approximately $8,213,942.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Donna F. Zarcone sold 2,088 shares of The Cigna Group stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $271.67, for a total transaction of $567,246.96. Following the completion of the transaction, the director now directly owns 25,550 shares of the company’s stock, valued at approximately $6,941,168.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael W. Triplett sold 1,731 shares of The Cigna Group stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $271.67, for a total transaction of $470,260.77. Following the transaction, the insider now directly owns 30,235 shares of the company’s stock, valued at $8,213,942.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,761 shares of company stock valued at $8,995,280. 0.80% of the stock is owned by insiders.

About The Cigna Group

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The Cigna Group is engaged in the provision of global health services. It operates through the following segments: Evernorth, U.S. Medical, International Markets, and Group Disability and Other. The Evernorth segment includes a broad range of coordinated and point solution health services, including pharmacy solutions, benefits management solutions, care solutions and intelligence solutions.