The Cigna Group (NYSE:CI) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC cut its position in The Cigna Group (NYSE:CI - Free Report) by 9.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 491,459 shares of the health services provider's stock after selling 50,319 shares during the period. Pzena Investment Management LLC owned about 0.18% of The Cigna Group worth $135,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of The Cigna Group during the fourth quarter worth $313,911,000. Amundi boosted its position in shares of The Cigna Group by 19.9% during the fourth quarter. Amundi now owns 2,254,050 shares of the health services provider's stock worth $628,579,000 after acquiring an additional 374,865 shares during the last quarter. Swedbank AB boosted its position in shares of The Cigna Group by 55.1% during the fourth quarter. Swedbank AB now owns 884,406 shares of the health services provider's stock worth $244,220,000 after acquiring an additional 314,123 shares during the last quarter. FMR LLC boosted its position in shares of The Cigna Group by 2.0% during the third quarter. FMR LLC now owns 14,230,397 shares of the health services provider's stock worth $4,929,978,000 after acquiring an additional 279,880 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its position in shares of The Cigna Group by 34,280.8% during the fourth quarter. Proficio Capital Partners LLC now owns 238,603 shares of the health services provider's stock worth $65,888,000 after acquiring an additional 237,909 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

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The Cigna Group Trading Down 2.9 %

CI stock traded down $9.44 during trading on Tuesday, hitting $317.24. The company had a trading volume of 1,955,263 shares, compared to its average volume of 1,870,027. The firm has a market capitalization of $86.82 billion, a P/E ratio of 25.92, a PEG ratio of 0.98 and a beta of 0.53. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83. The company has a 50 day simple moving average of $294.70 and a 200-day simple moving average of $317.14. 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 quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. During the same quarter in the previous year, the company posted $6.79 earnings per share. As a group, research analysts forecast that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.90%. The ex-dividend date is Wednesday, March 5th. This is an increase from The Cigna Group's previous quarterly dividend of $1.40. The Cigna Group's dividend payout ratio (DPR) is currently 49.35%.

Analysts Set New Price Targets

CI has been the subject of a number of research reports. Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a research report on Friday, January 31st. Wells Fargo & Company dropped their target price on shares of The Cigna Group from $370.00 to $341.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Truist Financial lowered their price objective on shares of 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. UBS Group lowered their price objective on shares of The Cigna Group from $410.00 to $390.00 and set a "buy" rating for the company in a research report on Monday, February 3rd. Finally, Sanford C. Bernstein lowered shares of The Cigna Group from an "outperform" rating to a "market perform" rating and set a $323.00 price objective for the company. in a research report on Thursday, February 6th. Two equities research 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $372.31.

Insider Buying and Selling

In other The Cigna Group news, insider Noelle K. Eder sold 9,944 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the transaction, the insider now owns 13,406 shares of the company's stock, valued at approximately $4,289,920. This trade represents a 42.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicole S. Jones sold 4,904 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $1,511,020.48. Following the transaction, the insider now directly owns 29,421 shares in the company, valued at $9,065,198.52. This trade represents a 14.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,375 shares of company stock valued at $12,866,600 in the last 90 days. Company insiders own 0.60% of the company's stock.

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.