The Cigna Group (NYSE:CI) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN trimmed its holdings in shares of The Cigna Group (NYSE:CI) by 20.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,867 shares of the health services provider’s stock after selling 1,249 shares during the period. OLD National Bancorp IN’s holdings in The Cigna Group were worth $1,457,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CI. Parnassus Investments LLC acquired a new position in The Cigna Group in the 3rd quarter worth approximately $731,041,000. FMR LLC boosted its stake in The Cigna Group by 13.8% in the 3rd quarter. FMR LLC now owns 15,967,363 shares of the health services provider’s stock worth $4,567,783,000 after purchasing an additional 1,939,554 shares during the period. Cerity Partners LLC boosted its stake in The Cigna Group by 1,039.4% in 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 during the period. Massachusetts Financial Services Co. MA boosted its stake in The Cigna Group by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,833,753 shares of the health services provider’s stock worth $3,385,282,000 after purchasing an additional 345,605 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in The Cigna Group by 21,324.4% in the 4th quarter. International Assets Investment Management LLC now owns 285,801 shares of the health services provider’s stock worth $85,583,000 after purchasing an additional 284,467 shares during the period. 86.99% of the stock is currently owned by institutional investors.

The Cigna Group Price Performance

Shares of CI stock opened at $352.70 on Wednesday. The Cigna Group has a 1 year low of $240.50 and a 1 year high of $365.71. The firm’s 50 day moving average is $349.03 and its 200-day moving average is $316.84. The firm has a market capitalization of $103.12 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 1.08 and a beta of 0.56. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61.

The Cigna Group (NYSE:CI) last announced its earnings results on Friday, February 2nd. The health services provider reported $6.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.54 by $0.25. The Cigna Group had a net margin of 2.64% and a return on equity of 13.59%. The company had revenue of $51.15 billion for the quarter, compared to analyst estimates of $48.91 billion. During the same period in the prior year, the business earned $4.96 earnings per share. The Cigna Group’s quarterly revenue was up 11.8% on a year-over-year basis. Sell-side analysts forecast that The Cigna Group will post 28.36 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 6th were issued a $1.40 dividend. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.23. This represents a $5.60 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, March 5th. The Cigna Group’s dividend payout ratio is currently 32.20%.

Analysts Set New Price Targets

CI has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $392.00 target price (up previously from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 14th. Oppenheimer reiterated an “outperform” rating and issued a $360.00 target price on shares of The Cigna Group in a research report on Wednesday, January 17th. Mizuho raised their price target on shares of The Cigna Group from $360.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 5th. Finally, Barclays initiated coverage on shares of The Cigna Group in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price on the stock. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $362.14.

Insider Activity at The Cigna Group

In related news, CEO David Cordani sold 38,065 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.22, for a total value of $12,760,149.30. Following the transaction, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other The Cigna Group news, CEO David Cordani sold 38,065 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $335.22, for a total value of $12,760,149.30. Following the sale, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric P. Palmer sold 1,017 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $335.26, for a total transaction of $340,959.42. Following the completion of the sale, the insider now owns 45,564 shares in the company, valued at $15,275,786.64. The disclosure for this sale can be found here. Insiders have sold 114,144 shares of company stock worth $39,296,330 over the last ninety days. Company insiders own 0.70% of the company’s stock.

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.