Hsbc Holdings PLC Cuts Stock Holdings in The Cigna Group (NYSE:CI)

Hsbc Holdings PLC lowered its holdings in The Cigna Group (NYSE:CI) by 21.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 751,771 shares of the health services provider’s stock after selling 201,481 shares during the quarter. Hsbc Holdings PLC owned 0.26% of The Cigna Group worth $248,552,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in CI. Vanguard Group Inc. increased its position in The Cigna Group by 8.1% during the first quarter. Vanguard Group Inc. now owns 26,793,138 shares of the health services provider’s stock worth $9,731,000,000 after buying an additional 2,017,333 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in The Cigna Group by 6.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,341,233 shares of the health services provider’s stock worth $5,208,593,000 after acquiring an additional 867,180 shares in the last quarter. Focused Investors Fund L P acquired a new stake in The Cigna Group in the first quarter valued at approximately $205,529,000. Swedbank AB acquired a new position in shares of The Cigna Group during the first quarter worth $161,300,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of The Cigna Group by 286.1% during the second quarter. Assenagon Asset Management S.A. now owns 392,673 shares of the health services provider’s stock valued at $129,806,000 after acquiring an additional 290,968 shares in the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Insider Transactions at The Cigna Group

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $384.00 price target on shares of The Cigna Group in a report on Monday, September 9th. Robert W. Baird assumed coverage on shares of The Cigna Group in a research report on Thursday, May 30th. They set an “outperform” rating and a $388.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a research report on Monday. Piper Sandler initiated coverage on The Cigna Group in a report on Wednesday, June 26th. They set an “overweight” rating and a $400.00 price target for the company. Finally, Stephens restated an “overweight” rating and set a $410.00 target price on shares of The Cigna Group in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The Cigna Group has an average rating of “Buy” and an average target price of $392.79.

The Cigna Group Stock Performance

Shares of NYSE CI opened at $356.21 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73. The stock has a 50 day moving average of $345.60 and a 200-day moving average of $344.67. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $370.83. The company has a market capitalization of $101.19 billion, a P/E ratio of 29.25, a P/E/G ratio of 1.09 and a beta of 0.50.

The Cigna Group (NYSE:CI) last released 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 Cigna Group had a return on equity of 17.83% and a net margin of 1.70%. The business had revenue of $60.52 billion during the quarter, compared to analysts’ expectations of $58.30 billion. During the same period last year, the firm posted $6.13 EPS. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. As a group, equities research analysts predict that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Dividend Announcement

The firm also recently announced 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 dividend yield of 1.57%. The Cigna Group’s payout ratio is presently 45.98%.

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.