Allspring Global Investments Holdings LLC Acquires 66,891 Shares of The Cigna Group (NYSE:CI)

Allspring Global Investments Holdings LLC lifted its holdings in The Cigna Group (NYSE:CI) by 29.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 293,438 shares of the health services provider’s stock after acquiring an additional 66,891 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.10% of The Cigna Group worth $87,870,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Bogart Wealth LLC increased its stake in The Cigna Group by 104.5% in the 3rd quarter. Bogart Wealth LLC now owns 90 shares of the health services provider’s stock worth $26,000 after purchasing an additional 46 shares during the period. OFI Invest Asset Management bought a new position in shares of The Cigna Group in the third quarter worth approximately $26,000. Fairfield Bush & CO. purchased a new position in shares of The Cigna Group in the second quarter worth $28,000. Fortitude Family Office LLC bought a new stake in The Cigna Group during the 4th quarter valued at $29,000. Finally, Optimum Investment Advisors boosted its position in The Cigna Group by 110.0% during the 3rd quarter. Optimum Investment Advisors now owns 105 shares of the health services provider’s stock valued at $30,000 after buying an additional 55 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CI. Sanford C. Bernstein upgraded shares of The Cigna Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $330.00 to $372.00 in a research report on Thursday, January 4th. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $372.00 target price on shares of The Cigna Group in a research note on Monday, March 4th. Royal Bank of Canada raised The Cigna Group from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $327.00 to $354.00 in a research note on Monday, February 5th. Finally, Morgan Stanley reissued an “overweight” rating and set a $392.00 price objective (up from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $361.29.

Insider Buying and Selling

In other news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total value of $1,608,446.16. Following the transaction, the senior vice president now owns 2,102 shares in the company, valued at $694,668.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the transaction, the chief executive officer now owns 348,054 shares of the company’s stock, valued at approximately $123,618,339.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the sale, the senior vice president now directly owns 2,102 shares in the company, valued at approximately $694,668.96. The disclosure for this sale can be found here. Insiders have sold a total of 114,144 shares of company stock worth $39,296,330 in the last quarter. Corporate insiders own 0.70% of the company’s stock.

The Cigna Group Trading Down 0.1 %

NYSE:CI opened at $357.49 on Wednesday. The Cigna Group has a one year low of $240.50 and a one year high of $365.71. The company’s 50-day simple moving average is $343.92 and its 200 day simple moving average is $312.40. The firm has a market capitalization of $104.52 billion, a P/E ratio of 20.56, a PEG ratio of 1.10 and a beta of 0.56. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.67.

The Cigna Group (NYSE:CI) last issued its quarterly earnings results on Friday, February 2nd. The health services provider reported $6.79 EPS for the quarter, topping analysts’ consensus estimates of $6.54 by $0.25. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The firm had revenue of $51.15 billion for the quarter, compared to analysts’ expectations of $48.91 billion. During the same period in the previous year, the firm posted $4.96 EPS. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, analysts forecast that The Cigna Group will post 28.36 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Tuesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.23. The Cigna Group’s payout ratio is currently 32.20%.

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.