Franklin Resources Inc. Decreases Holdings in The Cigna Group (NYSE:CI)

Franklin Resources Inc. trimmed its stake in shares of The Cigna Group (NYSE:CI) by 5.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,640,708 shares of the health services provider’s stock after selling 142,571 shares during the quarter. Franklin Resources Inc.’s holdings in The Cigna Group were worth $930,891,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC raised its position in shares of The Cigna Group by 2,500.0% in the third quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock valued at $36,000 after buying an additional 100 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of The Cigna Group in the third quarter valued at about $37,000. Harbor Capital Advisors Inc. acquired a new stake in The Cigna Group during the third quarter worth about $45,000. Private Ocean LLC increased its position in The Cigna Group by 29.9% during the second quarter. Private Ocean LLC now owns 200 shares of the health services provider’s stock worth $66,000 after purchasing an additional 46 shares during the last quarter. Finally, Intact Investment Management Inc. acquired a new stake in The Cigna Group during the third quarter worth about $69,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

The Cigna Group Stock Down 3.8 %

Shares of The Cigna Group stock opened at $282.90 on Friday. The Cigna Group has a 52-week low of $282.27 and a 52-week high of $370.83. The company has a 50 day moving average of $327.65 and a 200 day moving average of $337.08. 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 company has a market capitalization of $78.69 billion, a P/E ratio of 26.69, a P/E/G ratio of 0.88 and a beta of 0.50.

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, topping analysts’ consensus estimates of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The company had revenue of $63.70 billion for the quarter, compared to analysts’ expectations of $59.58 billion. During the same quarter last year, the company earned $6.77 earnings per share. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. As a group, research analysts forecast that The Cigna Group will post 28.5 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders 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 dividend on an annualized basis and a yield of 1.98%. The Cigna Group’s payout ratio is currently 52.83%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CI shares. Cantor Fitzgerald restated an “overweight” rating and set a $400.00 price objective on shares of The Cigna Group in a research report on Wednesday, October 23rd. Piper Sandler reiterated an “overweight” rating and set a $394.00 price target (up from $392.00) on shares of The Cigna Group in a research report on Tuesday, November 5th. Barclays lifted their price target on shares of The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. StockNews.com cut shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $394.64.

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.