Parnassus Investments LLC Acquires 59,011 Shares of The Cigna Group (NYSE:CI)

Parnassus Investments LLC grew its holdings in shares of The Cigna Group (NYSE:CI - Free Report) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,922,121 shares of the health services provider's stock after acquiring an additional 59,011 shares during the period. The Cigna Group comprises about 2.1% of Parnassus Investments LLC's investment portfolio, making the stock its 15th biggest holding. Parnassus Investments LLC owned approximately 1.05% of The Cigna Group worth $1,012,340,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CI. TruNorth Capital Management LLC bought a new stake in shares of The Cigna Group during the second quarter valued at approximately $33,000. Ulland Investment Advisors LLC increased its stake in shares of The Cigna Group by 2,500.0% during the third quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider's stock valued at $36,000 after acquiring an additional 100 shares during the period. Harbor Capital Advisors Inc. acquired a new position in The Cigna Group in the third quarter worth approximately $45,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in The Cigna Group in the second quarter worth approximately $66,000. Finally, Private Ocean LLC grew its position in The Cigna Group by 29.9% in the second quarter. Private Ocean LLC now owns 200 shares of the health services provider's stock worth $66,000 after buying an additional 46 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Stock Performance

CI stock traded up $0.25 during trading hours on Tuesday, reaching $322.70. The stock had a trading volume of 1,322,431 shares, compared to its average volume of 1,542,972. The stock has a market capitalization of $89.76 billion, a PE ratio of 30.72, a price-to-earnings-growth ratio of 0.97 and a beta of 0.51. 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 stock has a 50-day simple moving average of $338.17 and a 200 day simple moving average of $339.27. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $370.83.

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

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders 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 dividend yield of 1.74%. The Cigna Group's dividend payout ratio is currently 52.83%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $394.00 price objective (up previously from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. StockNews.com lowered shares of The Cigna Group from a "strong-buy" rating to a "buy" rating in a research note on Monday, November 4th. Jefferies Financial Group lifted their price objective on shares of The Cigna Group from $402.00 to $422.00 and gave the company a "buy" rating in a research note on Tuesday, September 17th. Finally, Stephens reaffirmed an "overweight" rating and issued a $410.00 price objective on shares of The Cigna Group in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $394.64.

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.