Banque Pictet & Cie SA Decreases Position in The Cigna Group (NYSE:CI)

Banque Pictet & Cie SA lowered its stake in shares of The Cigna Group (NYSE:CI) by 23.8% during the second quarter, Holdings Channel reports. The fund owned 75,216 shares of the health services provider’s stock after selling 23,510 shares during the period. Banque Pictet & Cie SA’s holdings in The Cigna Group were worth $24,864,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Stock Yards Bank & Trust Co. purchased a new position in The Cigna Group in the fourth quarter worth approximately $204,000. RWA Wealth Partners LLC grew its stake in shares of The Cigna Group by 83.2% during the fourth quarter. RWA Wealth Partners LLC now owns 3,417 shares of the health services provider’s stock worth $1,023,000 after purchasing an additional 1,552 shares in the last quarter. Foster & Motley Inc. grew its stake in shares of The Cigna Group by 3.8% during the fourth quarter. Foster & Motley Inc. now owns 4,341 shares of the health services provider’s stock worth $1,300,000 after purchasing an additional 158 shares in the last quarter. GAMMA Investing LLC acquired a new stake in The Cigna Group in the fourth quarter valued at $495,000. Finally, Cutter & CO Brokerage Inc. raised its stake in The Cigna Group by 27.2% in the fourth quarter. Cutter & CO Brokerage Inc. now owns 1,522 shares of the health services provider’s stock valued at $456,000 after buying an additional 325 shares in the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Stock Performance

NYSE CI traded up $7.52 on Friday, hitting $353.99. 1,425,818 shares of the company’s stock were exchanged, compared to its average volume of 1,544,043. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.71 and a quick ratio of 0.71. The firm’s 50-day moving average price is $336.09 and its two-hundred day moving average price is $342.09. The firm has a market cap of $100.56 billion, a price-to-earnings ratio of 29.06, a P/E/G ratio of 1.02 and a beta of 0.52. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $365.71.

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

The Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Wednesday, September 4th. The Cigna Group’s dividend payout ratio (DPR) is 45.98%.

Insider Buying and Selling

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 value of $1,654,322.95. Following the completion of the transaction, the insider now directly owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The sale was disclosed in a 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 business’s stock in a transaction on 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 sale, the insider now directly owns 39,923 shares in the company, valued at $13,773,834.23. The transaction was disclosed in a document filed with the SEC, 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 on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of 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. Over the last 90 days, insiders have sold 9,033 shares of company stock valued at $3,095,820. Corporate insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CI. Stephens reiterated an “overweight” rating and issued a $410.00 price objective on shares of The Cigna Group in a report on Friday, August 2nd. Piper Sandler assumed coverage on shares of The Cigna Group in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 price target on the stock. Oppenheimer boosted their price objective on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. StockNews.com raised shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price target on The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $384.86.

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.