iA Global Asset Management Inc. Sells 9,570 Shares of The Cigna Group (NYSE:CI)

iA Global Asset Management Inc. cut its holdings in shares of The Cigna Group (NYSE:CI) by 59.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 6,606 shares of the health services provider’s stock after selling 9,570 shares during the period. iA Global Asset Management Inc.’s holdings in The Cigna Group were worth $2,399,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Silicon Valley Capital Partners boosted its position in The Cigna Group by 100.0% during the first quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock valued at $25,000 after purchasing an additional 35 shares during the last quarter. Cedar Wealth Management LLC acquired a new position in The Cigna Group during the first quarter worth $29,000. Raleigh Capital Management Inc. increased its holdings in The Cigna Group by 69.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock worth $30,000 after buying an additional 41 shares during the last quarter. Pineridge Advisors LLC bought a new stake in The Cigna Group during the fourth quarter worth $37,000. Finally, Byrne Asset Management LLC acquired a new stake in The Cigna Group in the first quarter valued at $51,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, insider Noelle K. Eder sold 10,700 shares of The Cigna Group stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total value of $3,728,629.00. Following the transaction, the insider now owns 15,824 shares in the company, valued at $5,514,189.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $348.71, for a total transaction of $2,073,429.66. Following the sale, the senior vice president now owns 2,595 shares in the company, valued at approximately $904,902.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Noelle K. Eder sold 10,700 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total value of $3,728,629.00. Following the completion of the transaction, the insider now directly owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,988 shares of company stock valued at $7,975,726. 0.60% of the stock is currently owned by corporate insiders.

The Cigna Group Price Performance

Shares of CI traded up $3.37 during trading hours on Friday, hitting $335.97. 1,399,770 shares of the company were exchanged, compared to its average volume of 1,560,399. 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 Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $365.71. The company has a market cap of $95.44 billion, a price-to-earnings ratio of 26.47, a P/E/G ratio of 1.06 and a beta of 0.52. The firm’s fifty day moving average is $335.70 and its 200 day moving average is $338.51.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.42 by $0.30. The firm had revenue of $60.52 billion for the quarter, compared to the consensus estimate of $58.30 billion. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the prior year, the company posted $6.13 earnings per share. On average, equities analysts anticipate that The Cigna Group will post 28.47 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, September 4th. The Cigna Group’s payout ratio is presently 45.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CI shares. Barclays upped their target price on shares of The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on The Cigna Group from $432.00 to $435.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Oppenheimer boosted their target price on The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Piper Sandler started coverage on The Cigna Group in a report on Wednesday, June 26th. They set an “overweight” rating and a $400.00 price target for the company. Finally, Robert W. Baird assumed coverage on shares of The Cigna Group in a report on Thursday, May 30th. They issued an “outperform” rating and a $388.00 price objective on the stock. Two analysts have rated the stock with a hold rating, fourteen have assigned 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 a consensus price target of $377.00.

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.