Parnassus Investments LLC Has $1.01 Billion Position in The Cigna Group (NYSE:CI)

Parnassus Investments LLC boosted its holdings in shares of The Cigna Group (NYSE:CI) by 2.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,922,121 shares of the health services provider’s stock after acquiring an additional 59,011 shares during the period. The Cigna Group accounts for 2.1% of Parnassus Investments LLC’s portfolio, making the stock its 15th largest position. Parnassus Investments LLC’s holdings in The Cigna Group were worth $1,012,340,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Edgestream Partners L.P. bought a new position in shares of The Cigna Group during the first quarter worth $1,763,000. UniSuper Management Pty Ltd lifted its position in The Cigna Group by 175.9% in the 1st quarter. UniSuper Management Pty Ltd now owns 6,780 shares of the health services provider’s stock valued at $2,462,000 after acquiring an additional 4,323 shares in the last quarter. Bessemer Group Inc. lifted its position in The Cigna Group by 23.3% in the 1st quarter. Bessemer Group Inc. now owns 28,097 shares of the health services provider’s stock valued at $10,205,000 after acquiring an additional 5,308 shares in the last quarter. Lake Street Advisors Group LLC lifted its position in The Cigna Group by 55.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 3,629 shares of the health services provider’s stock valued at $1,318,000 after acquiring an additional 1,292 shares in the last quarter. Finally, Crewe Advisors LLC bought a new stake in The Cigna Group in the 1st quarter valued at $101,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CI has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft dropped their target price on shares of The Cigna Group from $398.00 to $394.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Barclays increased their price target on shares of The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Piper Sandler reissued an “overweight” rating and issued a $394.00 price target (up from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. Finally, Stephens reaffirmed an “overweight” rating and set a $410.00 target price on shares of The Cigna Group in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, The Cigna Group currently has a consensus rating of “Buy” and a consensus target price of $394.64.

The Cigna Group Stock Performance

Shares of The Cigna Group stock opened at $322.40 on Tuesday. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $370.83. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $89.68 billion, a P/E ratio of 30.42, a P/E/G ratio of 0.97 and a beta of 0.51. The company’s 50 day moving average price is $338.17 and its two-hundred day moving average price is $339.27.

The Cigna Group (NYSE:CI) last issued its earnings results on Thursday, October 31st. The health services provider reported $7.51 earnings per share for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The firm had revenue of $63.70 billion for the quarter, compared to analyst estimates of $59.58 billion. During the same quarter last year, the business posted $6.77 earnings per share. The company’s quarterly revenue was up 29.8% on a year-over-year basis. On average, equities analysts forecast that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.74%. The Cigna Group’s dividend payout ratio (DPR) is presently 52.83%.

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.