Federated Hermes Inc. Cuts Position in The Cigna Group (NYSE:CI)

Federated Hermes Inc. lessened its position in shares of The Cigna Group (NYSE:CI - Free Report) by 71.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,336 shares of the health services provider's stock after selling 40,291 shares during the period. Federated Hermes Inc.'s holdings in The Cigna Group were worth $4,511,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Garden State Investment Advisory Services LLC purchased a new stake in The Cigna Group during the third quarter worth approximately $444,000. Sunbelt Securities Inc. lifted its position in shares of The Cigna Group by 24.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 216 shares of the health services provider's stock worth $75,000 after buying an additional 43 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of The Cigna Group by 4.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 6,181 shares of the health services provider's stock valued at $2,141,000 after buying an additional 235 shares in the last quarter. Advisory Resource Group raised its stake in The Cigna Group by 2.0% during the 3rd quarter. Advisory Resource Group now owns 13,163 shares of the health services provider's stock worth $4,560,000 after acquiring an additional 263 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in The Cigna Group by 39.6% in the third quarter. Virtu Financial LLC now owns 17,173 shares of the health services provider's stock valued at $5,949,000 after acquiring an additional 4,870 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at The Cigna Group

In other news, Director Elder Granger sold 2,376 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $310.35, for a total transaction of $737,391.60. Following the transaction, the director now directly owns 5,471 shares in the company, valued at $1,697,924.85. This represents a 30.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Cordani sold 26,527 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the completion of the sale, the chief executive officer now owns 127,767 shares of the company's stock, 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. Insiders sold a total of 43,751 shares of company stock worth $13,603,991 over the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CI has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on The Cigna Group from $403.00 to $379.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Truist Financial boosted their price objective on The Cigna Group from $375.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a research report on Friday, January 31st. Guggenheim initiated coverage on shares of The Cigna Group in a research report on Wednesday, April 9th. They issued a "buy" rating and a $384.00 price target for the company. Finally, Wells Fargo & Company lowered their price objective on shares of The Cigna Group from $370.00 to $341.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $373.56.

The Cigna Group Price Performance

Shares of CI traded up $0.87 on Wednesday, reaching $329.50. The stock had a trading volume of 1,045,482 shares, compared to its average volume of 1,687,253. The firm has a 50-day moving average of $313.58 and a 200 day moving average of $311.06. The firm has a market capitalization of $90.18 billion, a PE ratio of 26.92, a PEG ratio of 0.98 and a beta of 0.51. The Cigna Group has a twelve month low of $262.03 and a twelve month 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 Cigna Group (NYSE:CI - Get Free Report) last posted its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share 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 company earned $6.79 EPS. Sell-side analysts expect that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.83%. This is a positive change from The Cigna Group's previous quarterly dividend of $1.40. The ex-dividend date was Wednesday, March 5th. The Cigna Group's dividend payout ratio is 49.35%.

The Cigna Group Company 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.