October 3, 2023
Busey Wealth Management Increases Stake in The Cigna Group
Busey Wealth Management has recently disclosed that it has raised its stake in The Cigna Group, a leading health services provider listed on the New York Stock Exchange under the ticker symbol CI. According to the latest filing submitted to the Securities & Exchange Commission, Busey Wealth Management acquired an additional 821 shares during the second quarter, increasing its total ownership to 51,760 shares. As of the most recent filing, these holdings were valued at $14,524,000.
The Cigna Group released its quarterly earnings results on August 3rd. The health services provider reported earnings per share (EPS) of $6.13 for the quarter, surpassing analysts’ consensus estimate of $5.98 by a margin of $0.15. This positive result demonstrates the company’s strong financial performance during that period. The return on equity for The Cigna Group stood at 12.32%, indicating efficient utilization of its shareholders’ investments. Furthermore, the net margin was calculated at 3.57%.
During this quarter, The Cigna Group generated revenue totaling $48.59 billion, surpassing the market consensus estimate of $47.24 billion by approximately $1.35 billion or roughly 2.86%. When compared to the same period in the previous year, this represents a growth rate of 6.8%. Such encouraging financial figures reflect a robust business strategy and effective management that have driven revenue expansion for The Cigna Group.
Looking forward, analysts predict that The Cigna Group will achieve earnings per share of approximately 24.8 for the current fiscal year based on collective estimates from experts in this field. These forecasts suggest sustained growth and profitability for investors considering their future investment decisions.
In conclusion, Busey Wealth Management has increased its holding in The Cigna Group, demonstrating confidence in the health services provider’s potential. The company’s strong quarterly earnings, with EPS surpassing expectations and revenue growth exceeding estimates, indicate a positive outlook for shareholders. Additionally, industry analysts project favorable earnings per share for the current fiscal year. Investors should stay informed about The Cigna Group’s developments to make well-informed investment choices.
Please note that this article is based on information available as of October 3, 2023. Any subsequent developments or revisions may alter the accuracy of the reported data.
Institutional Investors and Hedge Funds Increase Holdings in The Cigna Group (CI), Fueled by Positive Stock Performance
In recent quarters, several institutional investors and hedge funds have made significant modifications to their holdings of The Cigna Group (CI). Graypoint LLC, for example, has raised its holdings in the health services provider by 24.7% during the second quarter. This increase translates to an additional 313 shares now owned by Graypoint LLC, bringing their total holdings of CI stock to 1,578 shares valued at $443,000.
Similarly, PDS Planning Inc witnessed growth in its share ownership of The Cigna Group during the second quarter. With a 9.6% increase in holdings, PDS Planning Inc now possesses 2,375 shares worth $667,000. Beacon Financial Group also acquired a new stake in The Cigna Group during the same period, amounting to approximately $742,000.
Baker Tilly Wealth Management LLC experienced an increase of 8.8% in The Cigna Group’s stock holdings during the second quarter as well. This accumulation resulted in Baker Tilly now owning 4,460 shares valued at $1,251,000.
Moreover, Tower Bridge Advisors increased their position in The Cigna Group by 16.3% during the second quarter. With the acquisition of an extra 400 shares last quarter alone, Tower Bridge Advisors currently holds 2,849 shares worth $799,000.
These changes reflect a broader trend among institutional investors and hedge funds who collectively own approximately 85.32% of the company’s stock.
In terms of stock performance on Monday’s trading day which took place on October 3rd prior to this article’s publication date; Shares of The Cigna Group traded up $1.47 and reached a price point of $287.54. This was paired with a significant trading volume wherein transactions involving 967,365 shares were recorded compared to an average volume of approximately 1,612,780 shares. With a market capitalization of $85.11 billion, The Cigna Group’s stock is evaluated at a price-to-earnings ratio of 13.03 and exhibits a price-to-earnings-growth ratio of 1.03. Additionally, the company carries a beta of 0.64.
Examining the moving averages over the last 50 days, The Cigna Group’s stock showcased an average price point of $285.97, while for the past 200 days it recorded an average value of $271.91.
Taking into account its financial health, The Cigna Group currently retains a debt-to-equity ratio of 0.62 along with current and quick ratios measuring both at 0.72.
It is noteworthy that The Cigna Group recently announced its quarterly dividend payment on Thursday, September 21st. Shareholders who were registered as of Wednesday, September 6th received a dividend payout amounting to $1.23 per share, despite the ex-dividend date being Tuesday, September 5th. On an annualized basis, this translates to a dividend yield of approximately 1.71%. Currently, The Cigna Group’s payout ratio stands at around 22.40%.
Turning our attention to research analyst reports pertaining to The Cigna Group (CI), we find that Raymond James increased their price target for CI shares from $310.00 to $330.00 and bestowed a “strong-buy” rating on the company in a research note published on Monday, August 7th.
StockNews.com commenced coverage on CI by issuing a “buy” rating for the company in their research analysis issued on Thursday, August 17th.
Furthermore, Bank of America raised its price target for CI from $320.00 to $350.00 and assigned the company with a “buy” rating in their report released on Friday, August 4th.
Additionally, Cantor Fitzgerald raised their target price for The Cigna Group from $292.00 to $310.00 and granted the company a “neutral” rating in a report dated Thursday, September 14th.
Lastly, Wells Fargo & Company boosted its target price on CI shares from $284.00 to $300.00 in a research analysis made public on Wednesday, August 9th.
Based on data compiled by Bloomberg, The Cigna Group presently enjoys a consensus rating of “Moderate Buy” according to five investment analysts. Moreover, with an average target price of $339.11, CI appears promising to investors.
In conclusion, The Cigna Group has recently witnessed substantial activity among institutional investors and hedge funds modifying their holdings of CI stock. Furthermore, the stock has performed well and received various positive ratings from research analysts. However, as with any investment decision, it is important for prospective investors to conduct thorough research and consider all relevant factors before making any financial commitments.