Massachusetts Financial Services Co. MA Sells 200,073 Shares of The Cigna Group (NYSE:CI)

Massachusetts Financial Services Co. MA reduced its stake in The Cigna Group (NYSE:CI) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,924,910 shares of the health services provider’s stock after selling 200,073 shares during the period. The Cigna Group accounts for 1.1% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 12th biggest holding. Massachusetts Financial Services Co. MA’s holdings in The Cigna Group were worth $3,611,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of CI. Silicon Valley Capital Partners increased its stake 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 buying an additional 35 shares during the period. Cedar Wealth Management LLC purchased a new position in The Cigna Group during the 1st quarter valued at about $29,000. Raleigh Capital Management Inc. raised its holdings in shares of The Cigna Group by 69.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of The Cigna Group in the 2nd quarter worth approximately $33,000. Finally, Pineridge Advisors LLC bought a new position in shares of The Cigna Group during the fourth quarter valued at approximately $37,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The Cigna Group

In related news, Director William J. Delaney III sold 2,691 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction that occurred 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 transaction, 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 SEC, which is accessible through this link. Also, Director William J. Delaney III sold 2,691 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now directly owns 17,539 shares in the company, valued at approximately $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 Price 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 company has a 50 day moving average price of $344.18 and a 200-day moving average price of $344.29. The Cigna Group has a 1-year low of $253.95 and a 1-year high of $370.64. The firm has a market cap of $101.96 billion, a price-to-earnings ratio of 29.94, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 EPS for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business earned $6.13 earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year. Equities research analysts forecast that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Announces Dividend

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

Analysts Set New Price Targets

CI has been the subject of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $384.00 price objective on shares of The Cigna Group in a research note on Monday, September 9th. Stephens reissued an “overweight” rating and issued a $410.00 price target on shares of The Cigna Group in a research report on Friday, August 2nd. Barclays raised their price objective on The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, The Cigna Group presently has an average rating of “Buy” and a consensus target price of $387.00.

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.