The Cigna Group (NYSE:CI) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC reduced its stake in shares of The Cigna Group (NYSE:CI) by 4.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,798,981 shares of the health services provider’s stock after selling 123,140 shares during the quarter. The Cigna Group accounts for approximately 1.7% of Parnassus Investments LLC’s investment portfolio, making the stock its 19th biggest holding. Parnassus Investments LLC’s holdings in The Cigna Group were worth $772,911,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CI. Prospera Private Wealth LLC acquired a new position in The Cigna Group during the third quarter valued at $37,000. Collier Financial acquired a new position in The Cigna Group during the fourth quarter valued at $32,000. ORG Wealth Partners LLC acquired a new position in The Cigna Group during the fourth quarter valued at $34,000. Compagnie Lombard Odier SCmA acquired a new position in The Cigna Group during the fourth quarter valued at $37,000. Finally, Heck Capital Advisors LLC acquired a new position in The Cigna Group during the fourth quarter valued at $53,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Stock Up 0.2 %

CI stock opened at $311.61 on Friday. The stock has a market capitalization of $85.28 billion, a P/E ratio of 25.46, a P/E/G ratio of 0.98 and a beta of 0.53. The firm has a 50-day simple moving average of $296.14 and a 200-day simple moving average of $317.06. 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 Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83.

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

The Cigna Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend 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%.

Analyst Ratings Changes

A number of research firms recently issued reports on CI. Wells Fargo & Company decreased their target price on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Truist Financial decreased their target price on shares of The Cigna Group from $390.00 to $375.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Raymond James restated a “strong-buy” rating and set a $360.00 target price (down from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Barclays cut their price objective on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Finally, Morgan Stanley cut their price objective on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $372.31.

Insider Activity at The Cigna Group

In related news, insider Nicole S. Jones sold 4,904 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $1,511,020.48. Following the completion of the sale, the insider now owns 29,421 shares of the company’s stock, valued at approximately $9,065,198.52. This represents a 14.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Cordani sold 26,527 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the completion of the transaction, the chief executive officer now owns 127,767 shares in the company, valued at $39,367,568.04. The trade was a 17.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,375 shares of company stock valued at $12,866,600. Corporate insiders own 0.60% of the company’s stock.

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.