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

Cornerstone Wealth Group LLC bought a new stake in shares of The Cigna Group (NYSE:CI) during the 1st quarter, Holdings Channel reports. The fund bought 3,014 shares of the health services provider’s stock, valued at approximately $1,095,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CI. Waverly Advisors LLC boosted its holdings in The Cigna Group by 2.3% in the third quarter. Waverly Advisors LLC now owns 1,976 shares of the health services provider’s stock worth $565,000 after acquiring an additional 44 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of The Cigna Group by 4.1% during the third quarter. Lazard Asset Management LLC now owns 100,726 shares of the health services provider’s stock valued at $28,814,000 after purchasing an additional 3,968 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of The Cigna Group by 98.4% during the third quarter. Glenmede Trust Co. NA now owns 190,076 shares of the health services provider’s stock valued at $54,375,000 after purchasing an additional 94,264 shares in the last quarter. First National Bank of Omaha lifted its holdings in shares of The Cigna Group by 4.3% during the third quarter. First National Bank of Omaha now owns 2,542 shares of the health services provider’s stock valued at $727,000 after purchasing an additional 105 shares in the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in shares of The Cigna Group during the third quarter valued at $359,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Robert W. Baird assumed coverage on The Cigna Group in a report on Thursday, May 30th. They set an “outperform” rating and a $388.00 price target on the stock. Baird R W raised The Cigna Group to a “strong-buy” rating in a report on Thursday, May 30th. Oppenheimer increased their target price on The Cigna Group from $370.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 target price on shares of The Cigna Group in a report on Wednesday, June 12th. Finally, Barclays began coverage on The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $376.20.

Insider Activity

In other news, insider Noelle K. Eder sold 10,700 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total value of $3,728,629.00. Following the completion of the sale, the insider now directly owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Noelle K. Eder sold 10,700 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $348.47, for a total transaction of $3,728,629.00. Following the completion of the sale, the insider now directly owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian C. Evanko sold 4,795 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $345.01, for a total value of $1,654,322.95. Following the sale, the insider now directly owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The disclosure for this sale can be found here. Insiders sold 22,988 shares of company stock valued at $7,975,726 in the last ninety days. Insiders own 0.60% of the company’s stock.

The Cigna Group Stock Performance

NYSE:CI opened at $330.57 on Monday. The stock has a market capitalization of $93.91 billion, a P/E ratio of 27.14, a P/E/G ratio of 1.01 and a beta of 0.53. The stock has a 50-day moving average price of $341.23 and a 200 day moving average price of $333.41. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.75. The Cigna Group has a 12-month low of $253.95 and a 12-month high of $365.71.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.17 by $0.30. The business had revenue of $57.25 billion during the quarter, compared to analyst estimates of $56.59 billion. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period last year, the company earned $5.41 EPS. Equities research analysts forecast that The Cigna Group will post 28.48 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Tuesday, June 4th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, June 4th. The Cigna Group’s payout ratio is 45.98%.

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.