Sandy Spring Bank Decreases Holdings in The Cigna Group (NYSE:CI)

Sandy Spring Bank cut its stake in shares of The Cigna Group (NYSE:CI) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,954 shares of the health services provider’s stock after selling 632 shares during the period. Sandy Spring Bank’s holdings in The Cigna Group were worth $2,749,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CI. Raymond James Financial Inc. bought a new stake in shares of The Cigna Group during the 4th quarter valued at $313,911,000. Amundi grew its position in shares of The Cigna Group by 19.9% during the 4th quarter. Amundi now owns 2,254,050 shares of the health services provider’s stock valued at $628,579,000 after acquiring an additional 374,865 shares during the period. Swedbank AB grew its position in shares of The Cigna Group by 55.1% during the 4th quarter. Swedbank AB now owns 884,406 shares of the health services provider’s stock valued at $244,220,000 after acquiring an additional 314,123 shares during the period. FMR LLC grew its position in shares of The Cigna Group by 2.0% during the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock valued at $4,929,978,000 after acquiring an additional 279,880 shares during the period. Finally, Proficio Capital Partners LLC grew its position in shares of The Cigna Group by 34,280.8% during the 4th quarter. Proficio Capital Partners LLC now owns 238,603 shares of the health services provider’s stock valued at $65,888,000 after acquiring an additional 237,909 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Stock Up 0.2 %

Shares of NYSE CI opened at $321.34 on Friday. The firm’s 50-day moving average price is $300.07 and its 200-day moving average price is $315.72. 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 stock has a market capitalization of $87.94 billion, a price-to-earnings ratio of 26.25, a P/E/G ratio of 0.98 and a beta of 0.53. The Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83.

The Cigna Group (NYSE:CI) last announced its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share (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 quarter in the previous year, the firm earned $6.79 EPS. On average, equities research analysts anticipate that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.88%. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Wednesday, March 5th. The Cigna Group’s dividend payout ratio is currently 49.35%.

Insider Activity

In related news, Director Elder Granger sold 2,376 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $310.35, for a total value of $737,391.60. Following the sale, the director now directly owns 5,471 shares of the company’s stock, valued at $1,697,924.85. This represents a 30.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Cordani sold 26,527 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the completion of the sale, the chief executive officer now directly owns 127,767 shares in the company, valued at $39,367,568.04. This trade represents a 17.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,751 shares of company stock worth $13,603,991. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CI shares. Oppenheimer cut their price objective on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating for the company in a research report on Friday, January 31st. Morgan Stanley dropped their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Truist Financial dropped their target price on shares of The Cigna Group from $390.00 to $375.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Wells Fargo & Company dropped their target price on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald upped their target price on shares of The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, The Cigna Group presently has a consensus rating of “Buy” and a consensus target price of $373.25.

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.