Penobscot Investment Management Company Inc. Sells 88 Shares of The Cigna Group (NYSE:CI)

Penobscot Investment Management Company Inc. cut its position in shares of The Cigna Group (NYSE:CI) by 11.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 670 shares of the health services provider’s stock after selling 88 shares during the period. Penobscot Investment Management Company Inc.’s holdings in The Cigna Group were worth $201,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CI. Eads & Heald Wealth Management boosted its stake in shares of The Cigna Group by 1.7% during the third quarter. Eads & Heald Wealth Management now owns 2,123 shares of the health services provider’s stock valued at $607,000 after purchasing an additional 35 shares in the last quarter. Relyea Zuckerberg Hanson LLC increased its holdings in shares of The Cigna Group by 3.2% in the 4th quarter. Relyea Zuckerberg Hanson LLC now owns 1,113 shares of the health services provider’s stock valued at $333,000 after acquiring an additional 35 shares during the period. E&G Advisors LP increased its holdings in shares of The Cigna Group by 1.8% in the 3rd quarter. E&G Advisors LP now owns 2,137 shares of the health services provider’s stock valued at $611,000 after acquiring an additional 37 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of The Cigna Group by 1.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,822 shares of the health services provider’s stock worth $807,000 after purchasing an additional 39 shares during the last quarter. Finally, Breakwater Capital Group boosted its position in The Cigna Group by 3.5% during the fourth quarter. Breakwater Capital Group now owns 1,144 shares of the health services provider’s stock valued at $349,000 after purchasing an additional 39 shares in the last quarter. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CI has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating and set a $392.00 price target (up from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $384.00 price target on shares of The Cigna Group in a report on Wednesday, April 10th. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Oppenheimer restated an “outperform” rating and set a $360.00 target price on shares of The Cigna Group in a research note on Wednesday, January 17th. Finally, Mizuho increased their price target on The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $362.14.

Insider Buying and Selling

In other news, CEO David Cordani sold 31,209 shares of The Cigna Group stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $355.17, for a total transaction of $11,084,500.53. Following the completion of the transaction, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at approximately $123,618,339.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO David Cordani sold 31,209 shares of The Cigna Group stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the transaction, the chief executive officer now owns 348,054 shares in the company, valued at approximately $123,618,339.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $330.48, for a total value of $1,608,446.16. Following the completion of the transaction, the senior vice president now directly owns 2,102 shares of the company’s stock, valued at approximately $694,668.96. The disclosure for this sale can be found here. Insiders have sold a total of 114,144 shares of company stock valued at $39,296,330 over the last ninety days. Company insiders own 0.70% of the company’s stock.

The Cigna Group Stock Performance

CI opened at $357.08 on Thursday. The firm has a 50 day moving average of $350.78 and a two-hundred day moving average of $319.21. The firm has a market capitalization of $104.40 billion, a PE ratio of 20.53, a P/E/G ratio of 1.09 and a beta of 0.56. 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 Cigna Group has a 12-month low of $240.50 and a 12-month high of $365.71.

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

The Cigna Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Tuesday, June 4th will be paid a $1.40 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.57%. The Cigna Group’s payout ratio is 32.20%.

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.