On October 5, 2023, it was reported that Exchange Traded Concepts LLC had reduced its position in shares of The Cigna Group (NYSE:CI) by 23.4% during the second quarter of the year. This information was obtained from the company’s most recent 13F filing with the Securities & Exchange Commission. As a result, Exchange Traded Concepts LLC now owns 2,925 shares of the health services provider’s stock, selling 895 shares during the quarter. The total value of their holdings in The Cigna Group at the end of the quarter amounted to $821,000.
Various brokerages have also provided their insights on CI. Raymond James raised their price objective on shares of The Cigna Group from $310.00 to $330.00 and gave the stock a “strong-buy” rating in a research note on August 7th. Meanwhile, Wells Fargo & Company increased their price target from $284.00 to $300.00 in another research note on August 9th. Conversely, Truist Financial lowered their price target on The Cigna Group from $375.00 to $365.00 in a research note on June 20th. StockNews.com initiated coverage on shares of The Cigna Group and recommended buying it in an August 17th research note. Additionally, JPMorgan Chase & Co. reduced their target price for share from $356.00 to $341.00 in a report issued on July 7th.
Currently, five analysts have assigned a hold rating to the stock, seven have given a buy rating, while one has indicated a strong buy rating for The Cigna Group stock according to Bloomberg’s average rating system “Moderate Buy.” Furthermore, analysts have set a consensus target price of $339.11 for the company.
As observed on Thursday, October 5, 2023, The Cigna Group stock opened at $285.08. The company boasts a market capitalization of $84.38 billion and has a price-to-earnings ratio of 12.98. It also possesses a price-to-earnings-growth ratio of 1.04 and a beta of 0.64. Over the past year, the stock has ranged from its lowest point of $240.50 to its highest at $340.11. The company’s fifty-day simple moving average stands at $285.56, while its two-hundred-day simple moving average is reported as $272.20.
With regards to financial health, The Cigna Group has a current ratio and quick ratio of 0.72, suggesting that it may face some liquidity challenges in the short term if necessary funds are not readily available. Additionally, the company maintains a debt-to-equity ratio of 0.62.
In summary, Exchange Traded Concepts LLC decreased its stake in shares of The Cigna Group during the second quarter, resulting in them holding only 2,925 shares worth $821,000 by the end of this period.Having assessed various brokerages’ opinions on CI as well as considering its trading activities for October 5th, it seems investors should closely monitor how these factors develop over time before making any investment decisions regarding this particular stock.
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Significant Investor Changes and Positive Outlook Propel The Cigna Group (CI)
In recent news, several major investors have made significant changes to their stakes in The Cigna Group (CI), a leading health services provider. Moneta Group Investment Advisors LLC saw an astonishing 154,255.6% increase in its position in CI during the fourth quarter. This resulted in an ownership of 11,954,841 shares valued at $3,961,117,000. Ameriprise Financial Inc. also raised its stake by 22.7% in the first quarter and now owns 4,346,293 shares worth $1,110,597,000.
Furthermore, Bank of New York Mellon Corp increased its position by 9.5% during the third quarter and now holds 3,108,166 shares valued at $862,423,000. Norges Bank entered the scene with a new stake worth about $963,542,000 acquired during the fourth quarter. Lastly, Nordea Investment Management AB added 5.8% to its existing stake during the second quarter and now possesses 2,636,549 shares valued at $729,902.
It is worth noting that these institutional investors and hedge funds combined own a staggering 85.32% of CI stock.
Moving on to key personnel updates at CI; CFO Brian C. Evanko sold 2,307 shares on August 2nd for approximately $692.
1000 thousand while holding on to his remaining stock with a value of approximately $9 million following the completion of this transaction.
The sale was disclosed through a legal filing with the Securities & Exchange Commission (SEC). Moreover,
EVP Cynthia Ryan sold 3 ,768 shares on August 29th , valuing them at approximately S I million . With these recent insider sales , company insiders now hold
0 .60 % of CI’s outstanding stock .
Financial analysts have also weighed in on CI’s performance and potential future growth . Raymond James, for example, increased their price target from
$310.00 to $330.00 , assigning the CI stock a ” strong – buy ” rating . Wells Fargo & Company raised their price target from S284 .- 0 as a reIieveY in tin By Otounla reduction of its issue of 0 by Again January $300.
Truist Financial, on the other hand, lowered their price objective on CI stock from $375 to $365. StockNews.com initiated coverage and rated it as a “buy” stock. Lastly, JPMorgan Chase & Co. revised their target price from $356 to $341.
The Cigna Group released its latest earnings results on August 3rd, showcasing an impressive performance. The company reported earnings per share of $6.13 for the quarter, surpassing analysts’ estimates of $5.98 by $0.15.
In terms of revenue generated during the quarter, CI recorded $48.59 billion compared to the consensus estimate of $47.24 billion. This represents a 6.8% increase over the same quarter last year.
CI also revealed its quarterly dividend payout to shareholders on September 21st—one that attracted significant attention with a value of $1.23 per share.
Stockholders who were registered on or before September 6th-also known as the record date—were eligible for this dividend payment calculated annually at around
$4.92 per share with an impressive dividend yield of 1 . 73 % .
Given these figures and events, analysts predict that The Cigna Group will likely post earnings per share of approximately
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It is evident that The Cigna Group has attracted significant attention from both large institutional investors and individual insiders. These developments, along with the positive performance of the company and favorable ratings from financial analysts, contribute to a sense of confidence in CI’s future prospects.
