State of New Jersey Common Pension Fund D Trims Position in The Cigna Group (NYSE:CI)

State of New Jersey Common Pension Fund D lowered its stake in shares of The Cigna Group (NYSE:CI - Free Report) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,951 shares of the health services provider's stock after selling 1,414 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in The Cigna Group were worth $28,429,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. International Assets Investment Management LLC increased its holdings 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 buying an additional 399,230 shares during the last quarter. Swedbank AB increased its holdings in The Cigna Group by 55.1% in the fourth quarter. Swedbank AB now owns 884,406 shares of the health services provider's stock valued at $244,220,000 after buying an additional 314,123 shares during the last quarter. FMR LLC increased its holdings in The Cigna Group by 2.0% in the third quarter. FMR LLC now owns 14,230,397 shares of the health services provider's stock valued at $4,929,978,000 after buying an additional 279,880 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in The Cigna Group by 68.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 497,875 shares of the health services provider's stock valued at $137,483,000 after buying an additional 202,161 shares during the last quarter. Finally, World Investment Advisors LLC purchased a new position in The Cigna Group in the third quarter valued at $69,972,000. Hedge funds and other institutional investors own 86.99% of the company's stock.

The Cigna Group Price Performance

Shares of CI stock traded up $2.67 during midday trading on Thursday, reaching $299.90. 1,269,997 shares of the company traded hands, compared to its average volume of 1,794,170. The firm's 50 day simple moving average is $285.65 and its two-hundred day simple moving average is $319.92. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. 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 market cap of $83.42 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 0.97 and a beta of 0.54.

The Cigna Group (NYSE:CI - Get Free Report) last posted 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 quarter last year, the company earned $6.79 EPS. On average, equities research analysts expect that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from The Cigna Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Wednesday, March 5th. The Cigna Group's dividend payout ratio (DPR) is 45.75%.

Analyst Ratings Changes

CI has been the topic of several research reports. Royal Bank of Canada dropped their price objective on The Cigna Group from $384.00 to $377.00 and set an "outperform" rating on the stock in a report on Friday, November 1st. Stephens dropped their price objective on The Cigna Group from $410.00 to $380.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Barclays dropped their price objective on The Cigna Group from $420.00 to $339.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Truist Financial dropped their price objective on The Cigna Group from $390.00 to $375.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Finally, Wells Fargo & Company dropped their price objective on 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 investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, The Cigna Group has a consensus rating of "Buy" and an average price target of $373.69.

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.