Meridian Wealth Management LLC Takes Position in The Cigna Group (NYSE:CI)

Meridian Wealth Management LLC bought a new position in shares of The Cigna Group (NYSE:CI) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,633 shares of the health services provider’s stock, valued at approximately $1,259,000.

Several other hedge funds have also recently bought and sold shares of CI. Massachusetts Financial Services Co. MA lifted its stake in shares of The Cigna Group by 1.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,054,958 shares of the health services provider’s stock worth $3,829,880,000 after purchasing an additional 130,048 shares in the last quarter. Parnassus Investments LLC raised its holdings in shares of The Cigna Group by 2.1% during the 3rd quarter. Parnassus Investments LLC now owns 2,922,121 shares of the health services provider’s stock valued at $1,012,340,000 after buying an additional 59,011 shares during the period. Dimensional Fund Advisors LP lifted its position in The Cigna Group by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,628,807 shares of the health services provider’s stock worth $869,078,000 after acquiring an additional 150,765 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in The Cigna Group by 23.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,138,193 shares of the health services provider’s stock worth $706,822,000 after acquiring an additional 405,694 shares during the period. Finally, AQR Capital Management LLC grew its position in The Cigna Group by 63.4% in the second quarter. AQR Capital Management LLC now owns 1,547,245 shares of the health services provider’s stock valued at $510,467,000 after acquiring an additional 600,215 shares in the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

The Cigna Group Price Performance

Shares of CI opened at $328.45 on Friday. The Cigna Group has a 52 week low of $253.95 and a 52 week high of $370.83. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.71. The firm has a market cap of $91.36 billion, a price-to-earnings ratio of 30.99, a PEG ratio of 0.99 and a beta of 0.51. The stock has a 50 day moving average of $335.43 and a 200-day moving average of $338.82.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The firm had revenue of $63.70 billion during the quarter, compared to the consensus estimate of $59.58 billion. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.77 earnings per share. As a group, analysts forecast that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, December 4th will be paid a dividend of $1.40 per share. The ex-dividend date is Wednesday, December 4th. This represents a $5.60 annualized dividend and a yield of 1.70%. The Cigna Group’s dividend payout ratio (DPR) is 52.83%.

Analyst Upgrades and Downgrades

CI has been the subject of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 target price on shares of The Cigna Group in a research note on Wednesday, October 23rd. Royal Bank of Canada decreased their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Barclays raised their target price on The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Jefferies Financial Group boosted their price target on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Finally, Piper Sandler restated an “overweight” rating and set a $394.00 price objective (up previously from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $394.64.

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.