Provence Wealth Management Group Decreases Holdings in The Cigna Group (NYSE:CI)

Provence Wealth Management Group cut its stake in The Cigna Group (NYSE:CI) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,129 shares of the health services provider’s stock after selling 41 shares during the quarter. Provence Wealth Management Group’s holdings in The Cigna Group were worth $338,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in The Cigna Group by 13.8% in the third quarter. FMR LLC now owns 15,967,363 shares of the health services provider’s stock worth $4,567,783,000 after purchasing an additional 1,939,554 shares during the period. Massachusetts Financial Services Co. MA increased its stake in The Cigna Group by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,833,753 shares of the health services provider’s stock worth $3,385,282,000 after buying an additional 345,605 shares during the period. Morgan Stanley lifted its holdings in The Cigna Group by 4.7% during the 3rd quarter. Morgan Stanley now owns 4,973,106 shares of the health services provider’s stock valued at $1,422,657,000 after buying an additional 225,115 shares in the last quarter. Northern Trust Corp boosted its position in The Cigna Group by 5.9% in the 3rd quarter. Northern Trust Corp now owns 3,244,157 shares of the health services provider’s stock valued at $928,056,000 after buying an additional 181,385 shares during the period. Finally, Parnassus Investments LLC bought a new position in The Cigna Group in the 3rd quarter worth about $731,041,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CI. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Morgan Stanley restated an “overweight” rating and issued a $392.00 price objective (up from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Royal Bank of Canada upgraded shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $327.00 to $354.00 in a report on Monday, February 5th. Wells Fargo & Company boosted their price target on shares of The Cigna Group from $334.00 to $348.00 and gave the company an “equal weight” rating in a report on Tuesday, February 6th. Finally, Barclays assumed coverage on shares of The Cigna Group in a research note on Wednesday, March 6th. They set an “overweight” rating and a $393.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, The Cigna Group currently has an average rating of “Buy” and an average price target of $366.14.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the completion of the transaction, the senior vice president now directly owns 2,102 shares of the company’s stock, valued at approximately $694,668.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other The Cigna Group news, CEO David Cordani sold 38,065 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $335.22, for a total value of $12,760,149.30. Following the sale, the chief executive officer now owns 329,321 shares in the company, valued at approximately $110,394,985.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the completion of the transaction, the senior vice president now owns 2,102 shares of the company’s stock, valued at $694,668.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 114,144 shares of company stock worth $39,296,330. 0.60% of the stock is currently owned by insiders.

The Cigna Group Stock Down 0.9 %

The Cigna Group stock traded down $3.00 during midday trading on Friday, reaching $341.50. The company’s stock had a trading volume of 2,413,548 shares, compared to its average volume of 1,380,653. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.71 and a quick ratio of 0.67. The stock has a market capitalization of $99.84 billion, a P/E ratio of 28.04, a PEG ratio of 1.05 and a beta of 0.57. The stock’s 50-day simple moving average is $350.77 and its 200-day simple moving average is $319.59. The Cigna Group has a 52-week low of $240.50 and a 52-week high of $365.71.

The Cigna Group (NYSE:CI) last released its earnings results on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The company had revenue of $57.25 billion during the quarter, compared to analysts’ expectations of $56.59 billion. During the same period last year, the business earned $5.41 EPS. The Cigna Group’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, sell-side analysts expect that The Cigna Group will post 28.4 EPS for the current year.

The Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 4th will be paid a $1.40 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.64%. The Cigna Group’s dividend payout ratio (DPR) is 45.98%.

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.