Wellington Shields Capital Management LLC Boosts Stake in The Cigna Group (NYSE:CI)

Wellington Shields Capital Management LLC lifted its holdings in The Cigna Group (NYSE:CI) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,156 shares of the health services provider’s stock after buying an additional 95 shares during the period. Wellington Shields Capital Management LLC’s holdings in The Cigna Group were worth $595,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Swedbank AB grew its stake in The Cigna Group by 26.6% in the 3rd quarter. Swedbank AB now owns 570,283 shares of the health services provider’s stock valued at $197,569,000 after purchasing an additional 119,681 shares during the period. Sigma Planning Corp grew its position in The Cigna Group by 44.5% during the third quarter. Sigma Planning Corp now owns 3,089 shares of the health services provider’s stock valued at $1,070,000 after buying an additional 952 shares during the period. Harbour Investments Inc. increased its holdings in The Cigna Group by 23.6% during the third quarter. Harbour Investments Inc. now owns 661 shares of the health services provider’s stock worth $229,000 after buying an additional 126 shares during the last quarter. Prime Capital Investment Advisors LLC increased its holdings in The Cigna Group by 7.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 3,125 shares of the health services provider’s stock worth $1,082,000 after buying an additional 218 shares during the last quarter. Finally, Aigen Investment Management LP raised its position in The Cigna Group by 147.1% in the third quarter. Aigen Investment Management LP now owns 1,883 shares of the health services provider’s stock worth $652,000 after acquiring an additional 1,121 shares during the period. 86.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. StockNews.com upgraded The Cigna Group from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. Oppenheimer lowered their price objective on The Cigna Group from $400.00 to $375.00 and set an “outperform” rating on the stock in a research note on Friday, January 31st. Sanford C. Bernstein downgraded shares of The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price objective on the stock. in a report on Thursday, February 6th. Stephens reduced their target price on shares of The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Finally, Morgan Stanley dropped their price target on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $372.31.

The Cigna Group Stock Performance

NYSE:CI opened at $311.61 on Friday. The stock has a market cap of $85.28 billion, a P/E ratio of 25.46, a PEG ratio of 0.98 and a beta of 0.53. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The business’s 50-day moving average price is $296.14 and its two-hundred day moving average price is $317.06. The Cigna Group has a twelve month low of $262.03 and a twelve month high of $370.83.

The Cigna Group (NYSE:CI) last announced its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter in the previous year, the company earned $6.79 earnings per share. As a group, equities analysts predict that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Wednesday, March 5th. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio is currently 49.35%.

Insider Buying and Selling at The Cigna Group

In related news, insider Nicole S. Jones sold 4,904 shares of The Cigna Group stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $1,511,020.48. Following the transaction, the insider now owns 29,421 shares in the company, valued at $9,065,198.52. This trade represents a 14.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Noelle K. Eder sold 9,944 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the sale, the insider now directly owns 13,406 shares of the company’s stock, valued at $4,289,920. This represents a 42.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,375 shares of company stock worth $12,866,600 over the last 90 days. Corporate insiders own 0.60% of the company’s stock.

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.