Renaissance Group LLC Sells 90,587 Shares of The Cigna Group (NYSE:CI)

Renaissance Group LLC cut its stake in shares of The Cigna Group (NYSE:CI) by 96.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,613 shares of the health services provider’s stock after selling 90,587 shares during the quarter. Renaissance Group LLC’s holdings in The Cigna Group were worth $998,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Bank of Nova Scotia increased its position in The Cigna Group by 1.8% during the 4th quarter. Bank of Nova Scotia now owns 126,696 shares of the health services provider’s stock valued at $34,986,000 after purchasing an additional 2,296 shares during the period. Twin Capital Management Inc. boosted its stake in shares of The Cigna Group by 2.4% in the 4th quarter. Twin Capital Management Inc. now owns 10,060 shares of the health services provider’s stock valued at $2,778,000 after purchasing an additional 233 shares during the last quarter. Employees Retirement System of Texas increased its position in shares of The Cigna Group by 19.8% during the fourth quarter. Employees Retirement System of Texas now owns 35,432 shares of the health services provider’s stock worth $9,784,000 after buying an additional 5,867 shares during the period. Prospector Partners LLC raised its stake in The Cigna Group by 0.3% during the fourth quarter. Prospector Partners LLC now owns 41,135 shares of the health services provider’s stock worth $11,359,000 after buying an additional 117 shares during the last quarter. Finally, Lyrical Asset Management LP lifted its holdings in The Cigna Group by 0.4% in the fourth quarter. Lyrical Asset Management LP now owns 807,649 shares of the health services provider’s stock valued at $223,024,000 after buying an additional 3,183 shares during the period. Institutional investors own 86.99% of the company’s stock.

Insider Transactions at The Cigna Group

In other news, insider Noelle K. Eder sold 9,944 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the transaction, the insider now owns 13,406 shares in the company, valued at approximately $4,289,920. This represents a 42.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elder Granger sold 2,376 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $310.35, for a total value of $737,391.60. Following the completion of the sale, the director now owns 5,471 shares in the company, valued at $1,697,924.85. This represents a 30.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,751 shares of company stock worth $13,603,991 in the last ninety days. Company insiders own 0.70% of the company’s stock.

The Cigna Group Stock Performance

Shares of CI stock opened at $313.06 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72. The firm has a 50-day moving average of $309.30 and a 200-day moving average of $311.80. The Cigna Group has a one year low of $262.03 and a one year high of $370.83. The company has a market cap of $85.68 billion, a P/E ratio of 25.58, a P/E/G ratio of 0.98 and a beta of 0.51.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter in the previous year, the business posted $6.79 earnings per share. Equities research analysts forecast that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 annualized dividend and a dividend yield of 1.93%. The Cigna Group’s dividend payout ratio (DPR) is currently 49.35%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CI shares. Morgan Stanley lowered their price objective on The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Piper Sandler restated an “overweight” rating and issued a $348.00 price target (down from $394.00) on shares of The Cigna Group in a report on Monday, February 3rd. Raymond James reiterated a “strong-buy” rating and set a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a report on Friday, January 31st. Stephens reduced their target price on The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Finally, Truist Financial dropped their price target on The Cigna Group from $390.00 to $375.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $373.25.

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.