Parallel Advisors LLC Grows Stake in The Cigna Group (NYSE:CI)

Parallel Advisors LLC grew its holdings in The Cigna Group (NYSE:CI) by 3.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 3,344 shares of the health services provider’s stock after acquiring an additional 106 shares during the quarter. Parallel Advisors LLC’s holdings in The Cigna Group were worth $1,105,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Silicon Valley Capital Partners increased its holdings in shares of The Cigna Group by 100.0% in the 1st quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock valued at $25,000 after acquiring an additional 35 shares during the last quarter. Cedar Wealth Management LLC purchased a new position in The Cigna Group during the 1st quarter worth approximately $29,000. Raleigh Capital Management Inc. grew its stake in The Cigna Group by 69.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock worth $30,000 after buying an additional 41 shares during the last quarter. TruNorth Capital Management LLC purchased a new position in The Cigna Group during the 2nd quarter worth approximately $33,000. Finally, Pineridge Advisors LLC purchased a new position in The Cigna Group during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CI shares. JPMorgan Chase & Co. raised their price target on The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Barclays raised their price target on The Cigna Group from $393.00 to $405.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Piper Sandler started coverage on The Cigna Group in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 target price on the stock. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird started coverage on The Cigna Group in a research note on Thursday, May 30th. They issued an “outperform” rating and a $388.00 target price on the stock. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $387.00.

The Cigna Group Stock Up 0.7 %

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 business has a 50 day simple moving average of $344.18 and a 200-day simple moving average of $344.29. The stock has a market capitalization of $101.96 billion, a P/E ratio of 29.94, a P/E/G ratio of 1.09 and a beta of 0.50. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $370.64.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.42 by $0.30. The firm had revenue of $60.52 billion during the quarter, compared to analysts’ expectations of $58.30 billion. The Cigna Group had a return on equity of 17.83% and a net margin of 1.70%. The Cigna Group’s revenue was up 24.6% on a year-over-year basis. During the same period in the previous year, the firm posted $6.13 earnings per share. On average, equities analysts anticipate that The Cigna Group will post 28.48 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $5.60 annualized dividend and a yield of 1.54%. The Cigna Group’s dividend payout ratio is presently 45.98%.

Insider Buying and Selling

In related news, 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 completion of the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The transaction 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 firm’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 of the company’s stock, valued at approximately $6,010,264.52. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

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.