Lazard Asset Management LLC Increases Stake in The Cigna Group (NYSE:CI)

Lazard Asset Management LLC lifted its holdings in The Cigna Group (NYSE:CI) by 54.3% in the first quarter, HoldingsChannel reports. The firm owned 185,295 shares of the health services provider’s stock after purchasing an additional 65,193 shares during the quarter. Lazard Asset Management LLC’s holdings in The Cigna Group were worth $67,296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CI. Norges Bank purchased a new position in shares of The Cigna Group in the fourth quarter valued at $1,006,348,000. Vanguard Group Inc. grew its holdings in shares of The Cigna Group by 8.1% in the first quarter. Vanguard Group Inc. now owns 26,793,138 shares of the health services provider’s stock valued at $9,731,000,000 after purchasing an additional 2,017,333 shares in the last quarter. Focused Investors Fund L P purchased a new position in shares of The Cigna Group in the first quarter valued at $205,529,000. Cerity Partners LLC grew its holdings in shares of The Cigna Group by 1,039.4% in the fourth quarter. Cerity Partners LLC now owns 590,063 shares of the health services provider’s stock valued at $176,694,000 after purchasing an additional 538,274 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of The Cigna Group by 127.3% in the fourth quarter. Jennison Associates LLC now owns 566,233 shares of the health services provider’s stock valued at $169,558,000 after purchasing an additional 317,081 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the completion of the sale, the insider now owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $345.01, for a total value of $1,654,322.95. Following the completion of the transaction, the insider now directly owns 39,923 shares of the company’s stock, valued at $13,773,834.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elder Granger sold 547 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $331.38, for a total value of $181,264.86. Following the completion of the transaction, the director now directly owns 5,471 shares of the company’s stock, valued at $1,812,979.98. The disclosure for this sale can be found here. Insiders sold 22,988 shares of company stock valued at $7,975,726 over the last quarter. 0.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CI. StockNews.com downgraded The Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 20th. Robert W. Baird began coverage on The Cigna Group in a research report on Thursday, May 30th. They issued an “outperform” rating and a $388.00 price target for the company. JPMorgan Chase & Co. raised their price target on The Cigna Group from $432.00 to $435.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Oppenheimer raised their price target on The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, The Cigna Group currently has a consensus rating of “Buy” and an average target price of $376.20.

The Cigna Group Stock Up 0.7 %

Shares of CI stock traded up $2.49 during trading hours on Friday, reaching $343.64. 1,135,664 shares of the company’s stock were exchanged, compared to its average volume of 1,195,868. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $365.71. The stock has a market cap of $97.62 billion, a PE ratio of 28.21, a PEG ratio of 1.05 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.75. The stock’s fifty day moving average price is $334.97 and its two-hundred day moving average price is $337.65.

The Cigna Group (NYSE:CI) last issued its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 earnings per share for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The business had revenue of $57.25 billion for the quarter, compared to analyst estimates of $56.59 billion. During the same quarter in the previous year, the firm earned $5.41 earnings per share. The company’s revenue was up 23.2% on a year-over-year basis. Research analysts predict that The Cigna Group will post 28.47 EPS for the current year.

The Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Wednesday, September 4th. The Cigna Group’s dividend payout ratio (DPR) is 45.98%.

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.