Cary Street Partners Asset Management LLC Reduces Stake in The Cigna Group (NYSE:CI)

05 Nov 2024, 13:42 by Michael Walen · The Markets Daily

Cary Street Partners Asset Management LLC cut its stake in The Cigna Group (NYSE:CI – Free Report) by 11.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,159 shares of the health services provider’s stock after selling 1,077 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in The Cigna Group were worth $2,827,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CI. Van ECK Associates Corp grew its position in The Cigna Group by 4.4% in the second quarter. Van ECK Associates Corp now owns 14,872 shares of the health services provider’s stock worth $4,916,000 after acquiring an additional 625 shares during the period. Hancock Whitney Corp lifted its position in The Cigna Group by 75.6% in the first quarter. Hancock Whitney Corp now owns 3,783 shares of the health services provider’s stock valued at $1,374,000 after buying an additional 1,629 shares during the last quarter. ORG Partners LLC purchased a new position in The Cigna Group during the second quarter worth about $489,000. Tidal Investments LLC increased its position in shares of The Cigna Group by 36.0% during the first quarter. Tidal Investments LLC now owns 15,276 shares of the health services provider’s stock valued at $5,548,000 after acquiring an additional 4,043 shares during the last quarter. Finally, Cetera Advisors LLC raised its stake in shares of The Cigna Group by 166.6% in the 1st quarter. Cetera Advisors LLC now owns 25,771 shares of the health services provider’s stock valued at $9,360,000 after acquiring an additional 16,103 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 commented on CI. StockNews.com cut The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Monday. Barclays increased their price target on shares of The Cigna Group from $393.00 to $405.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a report on Wednesday, October 23rd. Royal Bank of Canada reduced their target price on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Jefferies Financial Group raised their price target on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $394.00.

View Our Latest Stock Report on The Cigna Group

The Cigna Group Price Performance

CI stock opened at $312.32 on Tuesday. The business has a 50 day moving average price of $344.94 and a 200 day moving average price of $341.23. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71. The stock has a market cap of $86.87 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 0.96 and a beta of 0.51. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $370.83.

The Cigna Group (NYSE:CI – Get Free Report) last posted its earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The firm had revenue of $63.70 billion for the quarter, compared to the consensus estimate of $59.58 billion. During the same period last year, the firm posted $6.77 EPS. The company’s revenue was up 29.8% on a year-over-year basis. Equities research analysts anticipate that The Cigna Group will post 28.48 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, December 4th will be given a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.79%. The Cigna Group’s dividend payout ratio (DPR) is presently 52.83%.

Insider Buying and Selling

In other news, Director William J. Delaney III sold 2,691 shares of The Cigna Group stock in a transaction on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by company insiders.

The Cigna Group Company Profile

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