Meridian Wealth Management LLC Takes $1.26 Million Position in The Cigna Group (NYSE:CI)

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

A number of other large investors have also modified their holdings of the company. CreativeOne Wealth LLC acquired a new position in shares of The Cigna Group during the first quarter worth approximately $454,000. BOKF NA increased its stake in The Cigna Group by 14.3% during the 1st quarter. BOKF NA now owns 5,381 shares of the health services provider’s stock valued at $1,959,000 after buying an additional 673 shares during the period. SVB Wealth LLC raised its position in shares of The Cigna Group by 5.2% during the 1st quarter. SVB Wealth LLC now owns 9,554 shares of the health services provider’s stock worth $3,470,000 after buying an additional 474 shares in the last quarter. Redmile Group LLC acquired a new position in shares of The Cigna Group during the first quarter valued at approximately $23,765,000. Finally, Waverly Advisors LLC raised its holdings in The Cigna Group by 132.5% during the first quarter. Waverly Advisors LLC now owns 4,829 shares of the health services provider’s stock worth $1,754,000 after purchasing an additional 2,752 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

The Cigna Group Stock Performance

Shares of CI stock opened at $328.45 on Friday. The company has a market capitalization of $91.36 billion, a price-to-earnings ratio of 30.99, a P/E/G ratio of 0.99 and a beta of 0.51. The Cigna Group has a 1-year low of $253.95 and a 1-year 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 stock’s fifty day simple moving average is $335.43 and its 200-day simple moving average is $338.82.

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

The Cigna Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be given a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.70%. The Cigna Group’s payout ratio is 52.83%.

Wall Street Analyst Weigh In

CI has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on The Cigna Group from $398.00 to $394.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada cut their price target on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Barclays lifted their price objective on shares of The Cigna Group from $405.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Piper Sandler reissued an “overweight” rating and set a $394.00 target price (up from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group lifted their price target on shares of The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $394.64.

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.