Goelzer Investment Management Inc. Reduces Stock Position in The Cigna Group (NYSE:CI)

Goelzer Investment Management Inc. trimmed its stake in shares of The Cigna Group (NYSE:CIFree Report) by 25.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,987 shares of the health services provider’s stock after selling 6,052 shares during the period. Goelzer Investment Management Inc.’s holdings in The Cigna Group were worth $5,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bogart Wealth LLC raised its position in The Cigna Group by 104.5% in the third quarter. Bogart Wealth LLC now owns 90 shares of the health services provider’s stock worth $26,000 after acquiring an additional 46 shares during the period. OFI Invest Asset Management purchased a new stake in The Cigna Group in the third quarter worth about $26,000. Fortitude Family Office LLC bought a new position in shares of The Cigna Group in the fourth quarter worth about $29,000. VisionPoint Advisory Group LLC lifted its position in shares of The Cigna Group by 112.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock valued at $30,000 after buying an additional 55 shares in the last quarter. Finally, Pacifica Partners Inc. grew its stake in shares of The Cigna Group by 73.2% during the 4th quarter. Pacifica Partners Inc. now owns 142 shares of the health services provider’s stock valued at $43,000 after acquiring an additional 60 shares during the period. Institutional investors own 86.99% of the company’s stock.

The Cigna Group Trading Down 0.9 %

The Cigna Group stock traded down $3.10 during midday trading on Wednesday, reaching $343.32. The stock had a trading volume of 2,244,115 shares, compared to its average volume of 1,593,691. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.75. The firm has a market cap of $97.53 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 1.07 and a beta of 0.57. The Cigna Group has a 52-week low of $240.50 and a 52-week high of $365.71. The company has a fifty day moving average of $352.26 and a 200 day moving average of $321.80.

The Cigna Group (NYSE:CIGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 earnings per share for the quarter, topping the consensus estimate of $6.17 by $0.30. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The firm had revenue of $57.25 billion for the quarter, compared to the consensus estimate of $56.59 billion. During the same period in the prior year, the business posted $5.41 earnings per share. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, analysts anticipate that The Cigna Group will post 28.46 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Tuesday, June 4th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Tuesday, June 4th. The Cigna Group’s payout ratio is presently 45.98%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CI. Deutsche Bank Aktiengesellschaft raised shares of The Cigna Group from a “hold” rating to a “buy” rating and increased their price objective for the stock from $355.00 to $370.00 in a research note on Thursday, February 1st. Oppenheimer increased their target price on The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. StockNews.com raised The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Royal Bank of Canada raised shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $327.00 to $354.00 in a report on Monday, February 5th. Finally, Morgan Stanley restated an “overweight” rating and set a $392.00 target price (up previously 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 given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $366.14.

Read Our Latest Research Report on The Cigna Group

Insider Buying and Selling

In related news, CEO David Cordani sold 31,209 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 348,054 shares in the company, valued at $123,618,339.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 62,039 shares of company stock valued at $21,820,348 in the last 90 days. Company insiders own 0.70% of the company’s stock.

The Cigna Group Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for The Cigna Group (NYSE:CI)

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