Focus Financial Network Inc. Acquires 34 Shares of The Cigna Group (NYSE:CI)

Focus Financial Network Inc. raised its holdings in shares of The Cigna Group (NYSE:CI) by 2.9% in the 2nd quarter, Holdings Channel reports. The firm owned 1,217 shares of the health services provider’s stock after purchasing an additional 34 shares during the quarter. Focus Financial Network Inc.’s holdings in The Cigna Group were worth $419,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. SeaCrest Wealth Management LLC raised its stake in shares of The Cigna Group by 6.0% during the second quarter. SeaCrest Wealth Management LLC now owns 1,381 shares of the health services provider’s stock valued at $457,000 after acquiring an additional 78 shares in the last quarter. Cidel Asset Management Inc. raised its position in The Cigna Group by 1.7% during the 2nd quarter. Cidel Asset Management Inc. now owns 3,318 shares of the health services provider’s stock valued at $1,097,000 after purchasing an additional 54 shares in the last quarter. Sunpointe LLC lifted its holdings in shares of The Cigna Group by 6.3% in the 2nd quarter. Sunpointe LLC now owns 629 shares of the health services provider’s stock worth $208,000 after buying an additional 37 shares during the period. Pallas Capital Advisors LLC grew its position in shares of The Cigna Group by 198.3% during the 2nd quarter. Pallas Capital Advisors LLC now owns 4,394 shares of the health services provider’s stock worth $1,496,000 after buying an additional 2,921 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of The Cigna Group by 1.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 132,816 shares of the health services provider’s stock valued at $43,905,000 after acquiring an additional 2,332 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

The Cigna Group Stock Performance

Shares of The Cigna Group stock traded down $1.35 during midday trading on Wednesday, hitting $341.25. The company had a trading volume of 164,574 shares, compared to its average volume of 1,546,520. The stock has a market cap of $96.94 billion, a price-to-earnings ratio of 28.21, a PEG ratio of 1.02 and a beta of 0.52. The Cigna Group has a 12-month low of $253.95 and a 12-month high of $365.71. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $335.31 and a 200 day simple moving average of $341.73.

The Cigna Group (NYSE:CI) last posted its quarterly earnings results on Thursday, August 1st. The health services provider reported $6.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.42 by $0.30. The business had revenue of $60.52 billion during the quarter, compared to analysts’ expectations of $58.30 billion. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The business’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter last year, the company posted $6.13 earnings per share. As a group, analysts predict that The Cigna Group will post 28.4 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, September 4th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Wednesday, September 4th. The Cigna Group’s dividend payout ratio is presently 45.98%.

Insider Transactions at The Cigna Group

In related news, Director Elder Granger sold 547 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $331.38, for a total value of $181,264.86. Following the transaction, the director now owns 5,471 shares in the company, valued at approximately $1,812,979.98. The sale was disclosed in a filing with the SEC, which is available through this link. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction dated Monday, June 24th. The stock was 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 in the company, valued at approximately $13,773,834.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elder Granger sold 547 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $331.38, for a total value of $181,264.86. Following the completion of the sale, the director now owns 5,471 shares in the company, valued at approximately $1,812,979.98. The disclosure for this sale can be found here. Insiders sold a total of 6,342 shares of company stock worth $2,173,668 over the last three months. 0.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on CI shares. Oppenheimer increased their target price on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Robert W. Baird began coverage on shares of The Cigna Group in a research note on Thursday, May 30th. They issued an “outperform” rating and a $388.00 price objective for the company. JPMorgan Chase & Co. increased their target price on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research report on Wednesday. Stephens reiterated an “overweight” rating and issued a $410.00 price target on shares of The Cigna Group in a report on Friday, August 2nd. Finally, StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $384.86.

About The Cigna Group

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.