Cornerstone Advisors LLC Sells 100 Shares of The Cigna Group (NYSE:CI)

Cornerstone Advisors LLC lowered its position in shares of The Cigna Group (NYSE:CI) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,600 shares of the health services provider’s stock after selling 100 shares during the period. Cornerstone Advisors LLC’s holdings in The Cigna Group were worth $5,157,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Silicon Valley Capital Partners boosted its stake in The Cigna Group by 100.0% during the 1st 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 bought a new position in shares of The Cigna Group during the first quarter valued at $29,000. Raleigh Capital Management Inc. boosted its position in shares of 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 valued at $30,000 after buying an additional 41 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in The Cigna Group in the 2nd quarter worth about $33,000. Finally, Pineridge Advisors LLC purchased a new position in The Cigna Group in the 4th quarter worth about $37,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Price Performance

NYSE CI opened at $364.72 on Monday. The stock has a market cap of $101.96 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 1.09 and a beta of 0.50. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $370.64. The company’s 50 day moving average is $344.18 and its two-hundred day moving average is $344.29. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73.

The Cigna Group (NYSE:CI) last released its earnings results on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, beating analysts’ consensus estimates of $6.42 by $0.30. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The company had revenue of $60.52 billion for the quarter, compared to analysts’ expectations of $58.30 billion. During the same quarter in the previous year, the company earned $6.13 EPS. The Cigna Group’s revenue for the quarter was up 24.6% on a year-over-year basis. As a group, research analysts anticipate that The Cigna Group will post 28.48 earnings per share for the current year.

The Cigna Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Wednesday, September 4th. The Cigna Group’s dividend payout ratio is currently 45.98%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and issued a $384.00 target price on shares of The Cigna Group in a report on Monday, September 9th. Piper Sandler assumed coverage on shares of The Cigna Group in a research note on Wednesday, June 26th. They set an “overweight” rating and a $400.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a research note on Tuesday, September 10th. Finally, Robert W. Baird assumed coverage on The Cigna Group in a research report on Thursday, May 30th. They set an “outperform” rating and a $388.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $387.00.

Insider Activity at The Cigna Group

In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the completion of the sale, the insider now directly owns 39,923 shares of the company’s stock, valued at approximately $13,773,834.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the completion of the transaction, the insider now owns 39,923 shares of the company’s stock, valued at approximately $13,773,834.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Delaney III sold 2,691 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

The Cigna Group 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.