California Public Employees Retirement System Reduces Stake in The Cigna Group (NYSE:CI)

California Public Employees Retirement System cut its holdings in The Cigna Group (NYSE:CI - Free Report) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 791,147 shares of the health services provider's stock after selling 36,805 shares during the period. California Public Employees Retirement System owned about 0.28% of The Cigna Group worth $218,467,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. CreativeOne Wealth LLC lifted its position in The Cigna Group by 3.0% in the third quarter. CreativeOne Wealth LLC now owns 1,219 shares of the health services provider's stock worth $422,000 after buying an additional 35 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of The Cigna Group by 5.5% in the third quarter. Public Sector Pension Investment Board now owns 11,603 shares of the health services provider's stock valued at $4,020,000 after acquiring an additional 600 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of The Cigna Group by 10.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 61,725 shares of the health services provider's stock worth $21,389,000 after acquiring an additional 5,642 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of The Cigna Group by 21.9% during the 3rd quarter. Captrust Financial Advisors now owns 29,272 shares of the health services provider's stock worth $10,141,000 after purchasing an additional 5,262 shares during the period. Finally, Erste Asset Management GmbH bought a new position in The Cigna Group during the 3rd quarter valued at about $17,630,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Several research analysts have issued reports on CI shares. Morgan Stanley dropped their target price 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. Cantor Fitzgerald boosted their price objective on The Cigna Group from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Thursday, March 20th. Stephens reduced their target price on The Cigna Group from $410.00 to $380.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Truist Financial decreased their target price on The Cigna Group from $390.00 to $375.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company cut their price target on shares of The Cigna Group from $370.00 to $341.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $373.25.

The Cigna Group Stock Down 1.4 %

CI stock traded down $4.87 during trading on Friday, hitting $333.58. 864,822 shares of the company's stock traded hands, compared to its average volume of 1,653,467. The firm has a market capitalization of $91.29 billion, a P/E ratio of 27.26, a PEG ratio of 0.98 and a beta of 0.50. The Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $308.16 and a two-hundred day simple moving average of $313.31.

The Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 period in the previous year, the company earned $6.79 earnings per share. Sell-side analysts anticipate that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.81%. This is a positive change from The Cigna Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Wednesday, March 5th. The Cigna Group's dividend payout ratio is presently 49.35%.

Insider Activity

In other The Cigna Group news, insider Noelle K. Eder sold 9,944 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $320.00, for a total value of $3,182,080.00. Following the completion of the sale, the insider now directly owns 13,406 shares in the company, valued at $4,289,920. This trade represents a 42.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Cordani sold 26,527 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $308.12, for a total value of $8,173,499.24. Following the transaction, the chief executive officer now directly owns 127,767 shares in the company, valued at approximately $39,367,568.04. The trade was a 17.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,751 shares of company stock worth $13,603,991. Corporate insiders own 0.70% of the company's stock.

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.