Meridian Wealth Management LLC Raises Stock Position in The Cigna Group (NYSE:CI)

Meridian Wealth Management LLC grew its holdings in The Cigna Group (NYSE:CI) by 1.0% during the 4th quarter, Holdings Channel reports. The firm owned 3,670 shares of the health services provider’s stock after buying an additional 37 shares during the period. Meridian Wealth Management LLC’s holdings in The Cigna Group were worth $1,013,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CI. Swedbank AB grew its position in shares of The Cigna Group by 26.6% in the third quarter. Swedbank AB now owns 570,283 shares of the health services provider’s stock valued at $197,569,000 after purchasing an additional 119,681 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of The Cigna Group by 42.0% in the third quarter. Farther Finance Advisors LLC now owns 1,877 shares of the health services provider’s stock valued at $650,000 after purchasing an additional 555 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of The Cigna Group by 4.5% in the third quarter. Janney Montgomery Scott LLC now owns 31,664 shares of the health services provider’s stock valued at $10,970,000 after purchasing an additional 1,372 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of The Cigna Group in the third quarter valued at approximately $45,000. Finally, Van ECK Associates Corp grew its position in shares of The Cigna Group by 1.8% in the third quarter. Van ECK Associates Corp now owns 15,137 shares of the health services provider’s stock valued at $4,807,000 after purchasing an additional 265 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Stock Performance

The Cigna Group stock opened at $308.90 on Wednesday. The Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83. The company has a market capitalization of $85.92 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 0.98 and a beta of 0.54. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72. The firm’s fifty day moving average price is $290.71 and its 200 day moving average price is $318.11.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. During the same quarter in the previous year, the company posted $6.79 EPS. On average, research analysts forecast that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $1.51 per share. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 annualized dividend and a yield of 1.96%. The ex-dividend date is Wednesday, March 5th. The Cigna Group’s dividend payout ratio (DPR) is currently 49.35%.

Wall Street Analyst Weigh In

Several analysts have recently commented on CI shares. Barclays lowered their price target on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. UBS Group decreased their target price on shares of The Cigna Group from $410.00 to $390.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Raymond James restated a “strong-buy” rating and set a $360.00 target price (down previously from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Cantor Fitzgerald decreased their target price on shares of The Cigna Group from $400.00 to $350.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Finally, Piper Sandler restated an “overweight” rating and set a $348.00 target price (down previously from $394.00) on shares of The Cigna Group in a research report on Monday, February 3rd. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $372.31.

Insiders Place Their Bets

In other news, CEO David Cordani sold 26,527 shares of The Cigna Group stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $8,173,499.24. Following the completion of the transaction, the chief executive officer now directly owns 127,767 shares of the company’s stock, valued at approximately $39,367,568.04. The trade was a 17.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nicole S. Jones sold 4,904 shares of The Cigna Group stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $1,511,020.48. Following the completion of the transaction, the insider now directly owns 29,421 shares of the company’s stock, valued at $9,065,198.52. This trade represents a 14.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.

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.