The Cigna Group (NYSE:CI) Holdings Trimmed by Banyan Capital Management Inc.

Banyan Capital Management Inc. reduced its position in shares of The Cigna Group (NYSE:CI) by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,132 shares of the health services provider’s stock after selling 991 shares during the quarter. The Cigna Group accounts for 10.6% of Banyan Capital Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. Banyan Capital Management Inc.’s holdings in The Cigna Group were worth $17,564,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Capital Asset Advisory Services LLC grew its position in The Cigna Group by 2.3% during the first quarter. Capital Asset Advisory Services LLC now owns 1,280 shares of the health services provider’s stock valued at $464,000 after purchasing an additional 29 shares in the last quarter. Checchi Capital Advisers LLC grew its holdings in shares of The Cigna Group by 0.9% during the 2nd quarter. Checchi Capital Advisers LLC now owns 3,584 shares of the health services provider’s stock valued at $1,185,000 after acquiring an additional 31 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of The Cigna Group by 1.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,206 shares of the health services provider’s stock worth $729,000 after acquiring an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC raised its holdings in shares of The Cigna Group by 10.6% during the first quarter. Capital Advisors Ltd. LLC now owns 335 shares of the health services provider’s stock worth $122,000 after acquiring an additional 32 shares in the last quarter. Finally, Capital Investment Advisors LLC boosted its position in The Cigna Group by 2.9% during the second quarter. Capital Investment Advisors LLC now owns 1,122 shares of the health services provider’s stock valued at $371,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

The Cigna Group Trading Up 0.6 %

Shares of NYSE:CI opened at $357.42 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s 50-day moving average is $346.59 and its 200-day moving average is $344.83. The company has a market cap of $101.53 billion, a P/E ratio of 29.34, a P/E/G ratio of 1.09 and a beta of 0.50. The Cigna Group has a 52-week low of $253.95 and a 52-week high of $370.83.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $60.52 billion during the quarter, compared to analysts’ expectations of $58.30 billion. During the same period in the prior year, the business earned $6.13 earnings per share. The Cigna Group’s revenue for the quarter was up 24.6% compared to the same quarter last year. Equities research analysts predict that The Cigna Group will post 28.48 earnings per share for the current year.

The Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, September 4th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Wednesday, September 4th. The Cigna Group’s dividend payout ratio is presently 45.98%.

Analyst Ratings Changes

CI has been the topic of several research reports. Stephens reaffirmed an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a research report on Friday, August 2nd. Baird R W upgraded The Cigna Group to a “strong-buy” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. lifted their target price on shares of The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Cantor Fitzgerald restated an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a research note on Monday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $384.00 price target on shares of The Cigna Group in a report on Monday, September 9th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $392.79.

Insider Activity at The Cigna Group

In other news, Director William J. Delaney III sold 2,691 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of the transaction, the director now owns 17,539 shares in the company, valued at approximately $6,010,264.52. The sale was disclosed in a filing with the SEC, which is available at this link. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the 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 directly owns 39,923 shares in the company, valued at $13,773,834.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Delaney III sold 2,691 shares of the company’s stock in a transaction dated 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 sale, 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. 0.60% of the stock is currently owned by corporate insiders.

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.