DAVENPORT & Co LLC Decreases Stock Holdings in The Cigna Group (NYSE:CI)

DAVENPORT & Co LLC lessened its stake in The Cigna Group (NYSE:CI) by 1.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,186 shares of the health services provider’s stock after selling 99 shares during the period. DAVENPORT & Co LLC’s holdings in The Cigna Group were worth $1,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CI. International Assets Investment Management LLC lifted its position in The Cigna Group by 49,287.7% during the third quarter. International Assets Investment Management LLC now owns 400,040 shares of the health services provider’s stock valued at $138,590,000 after acquiring an additional 399,230 shares during the last quarter. Swedbank AB increased its position in shares of The Cigna Group by 55.1% during the fourth quarter. Swedbank AB now owns 884,406 shares of the health services provider’s stock worth $244,220,000 after purchasing an additional 314,123 shares in the last quarter. FMR LLC boosted its position in shares of The Cigna Group by 2.0% in the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock worth $4,929,978,000 after purchasing an additional 279,880 shares in the last quarter. Raymond James & Associates grew its stake in The Cigna Group by 42.8% during the 3rd quarter. Raymond James & Associates now owns 860,050 shares of the health services provider’s stock worth $297,956,000 after buying an additional 257,711 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in The Cigna Group by 68.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 497,875 shares of the health services provider’s stock valued at $137,483,000 after buying an additional 202,161 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CI. Stephens dropped their target price on shares of The Cigna Group from $410.00 to $380.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Truist Financial dropped their price objective on shares of The Cigna Group from $390.00 to $375.00 and set a “buy” rating on the stock in a report on Tuesday. Raymond James reaffirmed a “strong-buy” rating and set a $360.00 price target (down previously from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Morgan Stanley reduced their price objective on The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $348.00 price target (down previously from $394.00) on shares of The Cigna Group in a report on Monday. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, The Cigna Group currently has an average rating of “Buy” and an average price target of $377.07.

The Cigna Group Stock Performance

NYSE:CI opened at $293.00 on Thursday. The company has a market cap of $81.50 billion, a P/E ratio of 23.94, a P/E/G ratio of 0.97 and a beta of 0.54. The Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83. The company’s 50-day moving average price is $292.73 and its 200-day moving average price is $323.53. 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 (NYSE:CI) last posted its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same period last year, the firm posted $6.79 earnings per share. On average, sell-side analysts forecast that The Cigna Group will post 29.66 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $1.51 per share. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $6.04 annualized dividend and a yield of 2.06%. The Cigna Group’s dividend payout ratio (DPR) is 45.75%.

The Cigna Group 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.