Fulton Bank N.A. Reduces Stake in The Cigna Group (NYSE:CI)

Fulton Bank N.A. trimmed its stake in The Cigna Group (NYSE:CI) by 2.5% during the first quarter, Holdings Channel reports. The fund owned 2,463 shares of the health services provider’s stock after selling 63 shares during the period. Fulton Bank N.A.’s holdings in The Cigna Group were worth $895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CI. Norges Bank purchased a new position in The Cigna Group in the fourth quarter valued at about $1,006,348,000. Cerity Partners LLC raised its position in shares of The Cigna Group by 1,039.4% in the fourth quarter. Cerity Partners LLC now owns 590,063 shares of the health services provider’s stock valued at $176,694,000 after purchasing an additional 538,274 shares during the period. Jennison Associates LLC raised its position in shares of The Cigna Group by 127.3% in the fourth quarter. Jennison Associates LLC now owns 566,233 shares of the health services provider’s stock valued at $169,558,000 after purchasing an additional 317,081 shares during the period. International Assets Investment Management LLC raised its position in shares of The Cigna Group by 21,324.4% in the fourth quarter. International Assets Investment Management LLC now owns 285,801 shares of the health services provider’s stock valued at $85,583,000 after purchasing an additional 284,467 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of The Cigna Group by 153.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 386,226 shares of the health services provider’s stock valued at $115,655,000 after purchasing an additional 233,945 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CI has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of The Cigna Group from $432.00 to $435.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. StockNews.com lowered shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $392.00 target price (up previously from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Robert W. Baird began coverage on shares of The Cigna Group in a report on Thursday, May 30th. They set an “outperform” rating and a $388.00 target price on the stock. Finally, Baird R W raised shares of The Cigna Group to a “strong-buy” rating in a report on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $373.87.

Insider Activity at The Cigna Group

In related news, CEO David Cordani sold 31,209 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $355.17, for a total transaction of $11,084,500.53. Following the transaction, the chief executive officer now owns 348,054 shares of the company’s stock, valued at approximately $123,618,339.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other The Cigna Group news, insider Noelle K. Eder sold 10,700 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $348.47, for a total value of $3,728,629.00. Following the sale, the insider now owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO David Cordani sold 31,209 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $355.17, for a total transaction of $11,084,500.53. Following the completion of the sale, the chief executive officer now directly owns 348,054 shares in the company, valued at approximately $123,618,339.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,740 shares of company stock valued at $19,656,591. Insiders own 0.60% of the company’s stock.

The Cigna Group Price Performance

CI stock traded up $3.08 during midday trading on Thursday, reaching $337.88. The company had a trading volume of 1,687,616 shares, compared to its average volume of 1,603,239. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.71 and a quick ratio of 0.71. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $365.71. The company has a market capitalization of $95.98 billion, a P/E ratio of 27.74, a P/E/G ratio of 1.02 and a beta of 0.53. The firm has a 50-day moving average price of $342.60 and a 200-day moving average price of $329.94.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The business had revenue of $57.25 billion during the quarter, compared to analysts’ expectations of $56.59 billion. During the same quarter in the previous year, the company earned $5.41 EPS. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. On average, research analysts anticipate that The Cigna Group will post 28.47 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Tuesday, June 4th. The Cigna Group’s dividend payout ratio is currently 45.98%.

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.