Institute for Wealth Management LLC. Has $1.37 Million Position in The Cigna Group (NYSE:CI)

Institute for Wealth Management LLC. raised its stake in shares of The Cigna Group (NYSE:CI) by 3.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,585 shares of the health services provider’s stock after buying an additional 170 shares during the quarter. Institute for Wealth Management LLC.’s holdings in The Cigna Group were worth $1,373,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its position in The Cigna Group by 154,255.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 11,954,841 shares of the health services provider’s stock worth $3,961,117,000 after acquiring an additional 11,947,096 shares during the last quarter. Norges Bank acquired a new position in The Cigna Group during the 4th quarter worth approximately $963,542,000. Parnassus Investments LLC acquired a new position in The Cigna Group during the 3rd quarter worth approximately $731,041,000. FMR LLC raised its stake in shares of The Cigna Group by 13.8% during the 3rd quarter. FMR LLC now owns 15,967,363 shares of the health services provider’s stock worth $4,567,783,000 after purchasing an additional 1,939,554 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in shares of The Cigna Group by 1,039.4% during the 4th quarter. Cerity Partners LLC now owns 590,063 shares of the health services provider’s stock worth $176,694,000 after purchasing an additional 538,274 shares in 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 $3.63 during trading hours on Friday, hitting $352.41. 904,510 shares of the stock were exchanged, compared to its average volume of 1,595,639. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $103.03 billion, a P/E ratio of 20.22, a P/E/G ratio of 1.06 and a beta of 0.56. The company has a 50-day simple moving average of $348.06 and a two-hundred day simple moving average of $315.03. The Cigna Group has a 12 month low of $240.50 and a 12 month high of $365.71.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 earnings per share for the quarter, topping the consensus estimate of $6.54 by $0.25. The firm had revenue of $51.15 billion for the quarter, compared to analysts’ expectations of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.96 EPS. On average, analysts forecast that The Cigna Group will post 28.36 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 6th were paid a $1.40 dividend. The ex-dividend date was Tuesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.23. This represents a $5.60 annualized dividend and a yield of 1.59%. The Cigna Group’s dividend payout ratio (DPR) is 32.20%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CI shares. Royal Bank of Canada upgraded The Cigna Group from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $327.00 to $354.00 in a research note on Monday, February 5th. Morgan Stanley reiterated an “overweight” rating and set a $392.00 price objective (up previously from $382.00) on shares of The Cigna Group in a research note on Monday, March 4th. Wells Fargo & Company upped their price objective on The Cigna Group from $334.00 to $348.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 6th. Oppenheimer restated an “outperform” rating and issued a $360.00 price target on shares of The Cigna Group in a research note on Wednesday, January 17th. Finally, StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 14th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $362.14.

Insider Activity at The Cigna Group

In other news, CEO David Cordani sold 38,065 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the sale, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO David Cordani sold 38,065 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the sale, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric P. Palmer sold 1,017 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $335.26, for a total value of $340,959.42. Following the sale, the insider now owns 45,564 shares in the company, valued at $15,275,786.64. The disclosure for this sale can be found here. Insiders have sold 114,144 shares of company stock valued at $39,296,330 over the last ninety days. 0.60% of the stock is owned by corporate insiders.

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.