King Wealth Management Group Reduces Stock Position in The Cigna Group (NYSE:CI)

King Wealth Management Group decreased its position in The Cigna Group (NYSE:CI) by 16.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,201 shares of the health services provider’s stock after selling 1,665 shares during the quarter. King Wealth Management Group’s holdings in The Cigna Group were worth $2,841,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cedar Wealth Management LLC bought a new stake in The Cigna Group in the 1st quarter valued at $29,000. TruNorth Capital Management LLC bought a new position in The Cigna Group in the second quarter worth approximately $33,000. Ulland Investment Advisors LLC increased its position in The Cigna Group by 2,500.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock valued at $36,000 after purchasing an additional 100 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of The Cigna Group during the 3rd quarter worth $45,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of The Cigna Group during the second quarter valued at about $66,000. 86.99% of the stock is currently owned by institutional investors.

The Cigna Group Price Performance

CI stock opened at $323.88 on Friday. The Cigna Group has a 52-week low of $253.95 and a 52-week high of $370.83. The stock has a market capitalization of $90.09 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 1.00 and a beta of 0.51. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71. The stock’s fifty day simple moving average is $340.14 and its 200-day simple moving average is $340.02.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share for the quarter, beating the consensus estimate of $7.22 by $0.29. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The business had revenue of $63.70 billion for the quarter, compared to analyst estimates of $59.58 billion. During the same period in the previous year, the company posted $6.77 EPS. The company’s revenue was up 29.8% compared to the same quarter last year. Equities research analysts expect that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, December 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 annualized dividend and a dividend yield of 1.73%. The Cigna Group’s payout ratio is 52.83%.

Insider Activity at The Cigna Group

In related news, Director William J. Delaney III sold 2,691 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of the sale, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. The trade was a 13.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Stephens restated an “overweight” rating and set a $410.00 target price on shares of The Cigna Group in a research note on Friday, November 1st. Jefferies Financial Group raised their price target on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. increased their target price on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on The Cigna Group from $398.00 to $394.00 and set a “buy” rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $394.64.

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.