Cigna Investments Inc. New Has $34.44 Million Stock Holdings in Microsoft Co. (NASDAQ:MSFT)

Cigna Investments Inc. New cut its stake in shares of Microsoft Co. (NASDAQ:MSFT) by 1.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 77,047 shares of the software giant’s stock after selling 1,088 shares during the period. Microsoft makes up 6.4% of Cigna Investments Inc. New’s portfolio, making the stock its biggest position. Cigna Investments Inc. New’s holdings in Microsoft were worth $34,436,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Richardson Capital Management LLC lifted its position in Microsoft by 1,290.0% during the first quarter. Richardson Capital Management LLC now owns 139 shares of the software giant’s stock valued at $59,000 after purchasing an additional 129 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Microsoft in the 4th quarter worth approximately $58,000. Bellevue Group AG lifted its holdings in shares of Microsoft by 47.5% in the 1st quarter. Bellevue Group AG now owns 180 shares of the software giant’s stock worth $76,000 after acquiring an additional 58 shares during the last quarter. PayPay Securities Corp lifted its holdings in shares of Microsoft by 23.7% in the 4th quarter. PayPay Securities Corp now owns 188 shares of the software giant’s stock worth $71,000 after acquiring an additional 36 shares during the last quarter. Finally, Horizon Financial Services LLC bought a new stake in shares of Microsoft in the 1st quarter worth approximately $80,000. 71.13% of the stock is currently owned by institutional investors.

Insider Transactions at Microsoft

In related news, insider Bradford L. Smith sold 40,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $402.59, for a total transaction of $16,103,600.00. Following the sale, the insider now directly owns 544,847 shares of the company’s stock, valued at approximately $219,349,953.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Satya Nadella sold 78,353 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $408.63, for a total transaction of $32,017,386.39. Following the sale, the chief executive officer now directly owns 864,327 shares of the company’s stock, valued at approximately $353,189,942.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bradford L. Smith sold 40,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $402.59, for a total transaction of $16,103,600.00. Following the sale, the insider now directly owns 544,847 shares in the company, valued at $219,349,953.73. The disclosure for this sale can be found here. Insiders have sold 190,629 shares of company stock valued at $77,916,485 in the last three months. 0.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MSFT shares. Wedbush restated an “outperform” rating and issued a $550.00 price objective on shares of Microsoft in a report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of Microsoft from $500.00 to $515.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of Microsoft from $470.00 to $495.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Mizuho lifted their target price on shares of Microsoft from $450.00 to $480.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Finally, Bank of America lifted their target price on shares of Microsoft from $480.00 to $510.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $494.72.

Microsoft Stock Up 2.1 %

NASDAQ:MSFT opened at $423.04 on Thursday. The firm’s 50-day moving average price is $424.91 and its 200-day moving average price is $423.06. The company has a market capitalization of $3.14 trillion, a PE ratio of 36.63, a P/E/G ratio of 2.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.27 and a quick ratio of 1.27. Microsoft Co. has a 1-year low of $309.45 and a 1-year high of $468.35.

Microsoft (NASDAQ:MSFT) last released its earnings results on Tuesday, July 30th. The software giant reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.90 by $0.05. The firm had revenue of $64.73 billion for the quarter, compared to the consensus estimate of $64.38 billion. Microsoft had a net margin of 35.96% and a return on equity of 35.95%. The company’s revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.69 EPS. On average, equities analysts predict that Microsoft Co. will post 13.04 EPS for the current fiscal year.

About Microsoft

Microsoft Corporation develops and supports software, services, devices and solutions worldwide. The Productivity and Business Processes segment offers office, exchange, SharePoint, Microsoft Teams, office 365 Security and Compliance, Microsoft viva, and Microsoft 365 copilot; and office consumer services, such as Microsoft 365 consumer subscriptions, Office licensed on-premises, and other office services.