Retirement Systems of Alabama Decreases Stake in The Cigna Group (NYSE:CI)

Retirement Systems of Alabama lowered its holdings in The Cigna Group (NYSE:CI) by 6.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 162,640 shares of the health services provider’s stock after selling 11,227 shares during the quarter. Retirement Systems of Alabama’s holdings in The Cigna Group were worth $56,345,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of The Cigna Group by 63.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,547,245 shares of the health services provider’s stock worth $510,467,000 after purchasing an additional 600,215 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of The Cigna Group by 23.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,138,193 shares of the health services provider’s stock worth $706,822,000 after acquiring an additional 405,694 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of The Cigna Group by 145.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 683,361 shares of the health services provider’s stock worth $225,899,000 after purchasing an additional 404,791 shares during the period. International Assets Investment Management LLC raised its position in The Cigna Group by 49,287.7% in the third quarter. International Assets Investment Management LLC now owns 400,040 shares of the health services provider’s stock valued at $138,590,000 after purchasing an additional 399,230 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in The Cigna Group by 526.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 363,537 shares of the health services provider’s stock worth $120,174,000 after purchasing an additional 305,490 shares in the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on CI shares. Stephens reissued an “overweight” rating and issued a $410.00 price target on shares of The Cigna Group in a research report on Friday, November 1st. Jefferies Financial Group raised their target price on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Royal Bank of Canada reduced their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Barclays raised their price target on The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 price objective on shares of The Cigna Group in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $394.64.

The Cigna Group Trading Up 0.1 %

CI stock traded up $0.16 during trading on Friday, reaching $283.12. 275,884 shares of the stock traded hands, compared to its average volume of 1,569,376. The business’s 50 day moving average price is $327.65 and its 200-day moving average price is $337.08. The firm has a market capitalization of $78.75 billion, a PE ratio of 26.69, a P/E/G ratio of 0.88 and a beta of 0.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.72 and a quick ratio of 0.72. The Cigna Group has a 52-week low of $279.88 and a 52-week high of $370.83.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The company had revenue of $63.70 billion during the quarter, compared to the consensus estimate of $59.58 billion. During the same period in the previous year, the firm earned $6.77 earnings per share. The Cigna Group’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, sell-side analysts forecast that The Cigna Group will post 28.5 earnings per share for the current year.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, December 4th. The Cigna Group’s dividend payout ratio (DPR) is presently 52.83%.

The Cigna Group 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.