Peapack Gladstone Financial Corp Sells 5,004 Shares of The Cigna Group (NYSE:CI)

Peapack Gladstone Financial Corp lessened its position in The Cigna Group (NYSE:CI - Free Report) by 16.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 25,307 shares of the health services provider's stock after selling 5,004 shares during the period. Peapack Gladstone Financial Corp's holdings in The Cigna Group were worth $8,767,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of CI. Synovus Financial Corp raised its holdings in The Cigna Group by 3.0% during the third quarter. Synovus Financial Corp now owns 6,994 shares of the health services provider's stock worth $2,424,000 after buying an additional 206 shares during the last quarter. Tidal Investments LLC increased its position in shares of The Cigna Group by 11.3% during the third quarter. Tidal Investments LLC now owns 15,520 shares of the health services provider's stock worth $5,377,000 after acquiring an additional 1,576 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in shares of The Cigna Group by 164.2% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 14,880 shares of the health services provider's stock worth $5,155,000 after acquiring an additional 9,248 shares during the last quarter. World Investment Advisors LLC bought a new position in The Cigna Group in the 3rd quarter valued at about $561,000. Finally, Sanctuary Advisors LLC boosted its stake in The Cigna Group by 24.6% during the 3rd quarter. Sanctuary Advisors LLC now owns 48,860 shares of the health services provider's stock valued at $16,048,000 after purchasing an additional 9,661 shares during the last quarter. Institutional investors own 86.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on CI shares. Barclays lifted their target price on The Cigna Group from $405.00 to $420.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. increased their target price on shares of The Cigna Group from $435.00 to $438.00 and gave the company an "overweight" rating in a report on Wednesday, August 21st. Jefferies Financial Group boosted their price target on shares of The Cigna Group from $402.00 to $422.00 and gave the stock a "buy" rating in a report on Tuesday, September 17th. Stephens reiterated an "overweight" rating and issued a $410.00 price objective on shares of The Cigna Group in a research note on Friday, November 1st. Finally, StockNews.com downgraded The Cigna Group from a "strong-buy" rating to a "buy" rating in a research note on Monday, November 4th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, The Cigna Group has an average rating of "Buy" and a consensus target price of $394.64.

The Cigna Group Stock Performance

Shares of CI traded down $1.10 during trading hours on Friday, hitting $281.86. The company's stock had a trading volume of 3,277,306 shares, compared to its average volume of 1,582,047. The business has a 50 day simple moving average of $326.45 and a two-hundred day simple moving average of $336.73. The Cigna Group has a 52-week low of $279.88 and a 52-week high of $370.83. 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 company has a market cap of $78.40 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 0.88 and a beta of 0.50.

The Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share for the quarter, beating analysts' consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion during the quarter, compared to analyst estimates of $59.58 billion. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The Cigna Group's revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business earned $6.77 EPS. On average, equities analysts expect that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 annualized dividend and a yield of 1.99%. The Cigna Group's dividend payout ratio is currently 52.83%.

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.