Massachusetts Financial Services Co. MA Cuts Stock Holdings in The Cigna Group (NYSE:CI)

Massachusetts Financial Services Co. MA reduced its position in The Cigna Group (NYSE:CI) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,924,910 shares of the health services provider’s stock after selling 200,073 shares during the period. The Cigna Group comprises approximately 1.1% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 12th largest position. Massachusetts Financial Services Co. MA owned approximately 3.85% of The Cigna Group worth $3,611,448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Silicon Valley Capital Partners raised its holdings in shares of The Cigna Group by 100.0% during the first quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock valued at $25,000 after purchasing an additional 35 shares during the last quarter. Cedar Wealth Management LLC purchased a new position in shares of The Cigna Group in the 1st quarter worth $29,000. Raleigh Capital Management Inc. grew its holdings in shares of The Cigna Group by 69.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock worth $30,000 after acquiring an additional 41 shares during the period. TruNorth Capital Management LLC bought a new stake in shares of The Cigna Group in the second quarter worth $33,000. Finally, Pineridge Advisors LLC purchased a new stake in The Cigna Group during the fourth quarter valued at $37,000. 86.99% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Brian C. Evanko sold 4,795 shares of the 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 owns 39,923 shares in the company, valued at approximately $13,773,834.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Brian C. Evanko sold 4,795 shares of the firm’s 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 sale, 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 available through this hyperlink. Also, Director William J. Delaney III sold 2,691 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $342.68, for a total transaction of $922,151.88. Following the transaction, the director now owns 17,539 shares in the company, valued at $6,010,264.52. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

The Cigna Group Stock Performance

NYSE CI opened at $364.72 on Monday. 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 Cigna Group has a 1-year low of $253.95 and a 1-year high of $370.64. The business has a 50 day simple moving average of $344.18 and a two-hundred day simple moving average of $344.29. The stock has a market capitalization of $101.96 billion, a PE ratio of 29.94, a P/E/G ratio of 1.09 and a beta of 0.50.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, topping the consensus estimate of $6.42 by $0.30. The company had revenue of $60.52 billion for 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 Cigna Group’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.13 earnings per share. On average, research analysts predict that The Cigna Group will post 28.48 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th will be given a dividend of $1.40 per share. The ex-dividend date is Wednesday, September 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.54%. The Cigna Group’s dividend payout ratio (DPR) is presently 45.98%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Baird R W upgraded The Cigna Group to a “strong-buy” rating in a research note on Thursday, May 30th. Stephens restated an “overweight” rating and set a $410.00 target price on shares of The Cigna Group in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a research report on Tuesday, September 10th. Finally, Barclays increased their price objective on shares of The Cigna Group from $393.00 to $405.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. 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. According to data from MarketBeat.com, The Cigna Group has an average rating of “Buy” and an average price target of $387.00.

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.