Harvey Investment Co. LLC Takes Position in The Cigna Group (NYSE:CI)

Harvey Investment Co. LLC purchased a new position in shares of The Cigna Group (NYSE:CI) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 596 shares of the health services provider’s stock, valued at approximately $206,000.

Other hedge funds have also recently modified their holdings of the company. Cedar Wealth Management LLC purchased a new stake in The Cigna Group in the 1st quarter valued at approximately $29,000. TruNorth Capital Management LLC purchased a new stake in shares of The Cigna Group in the second quarter valued at approximately $33,000. Ulland Investment Advisors LLC grew its holdings in The Cigna Group by 2,500.0% during the third quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock worth $36,000 after acquiring an additional 100 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in The Cigna Group in the second quarter worth $66,000. Finally, Private Ocean LLC lifted its holdings in The Cigna Group by 29.9% in the second quarter. Private Ocean LLC now owns 200 shares of the health services provider’s stock valued at $66,000 after acquiring an additional 46 shares during the period. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Piper Sandler assumed coverage on shares of The Cigna Group in a research report on Wednesday, June 26th. They set an “overweight” rating and a $400.00 price target for the company. Jefferies Financial Group upped their price target on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Stephens reaffirmed an “overweight” rating and set a $410.00 price objective on shares of The Cigna Group in a report on Friday, August 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $384.00 target price on shares of The Cigna Group in a research report on Monday, September 9th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $392.79.

The Cigna Group Price Performance

NYSE:CI opened at $321.07 on Thursday. The Cigna Group has a 12-month low of $253.95 and a 12-month high of $370.83. The firm has a market cap of $91.21 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 1.05 and a beta of 0.50. The company’s 50-day moving average is $349.85 and its two-hundred day moving average is $343.40. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73.

The Cigna Group (NYSE:CI) last posted its quarterly earnings data on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, beating analysts’ consensus estimates of $6.42 by $0.30. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The business had revenue of $60.52 billion during the quarter, compared to analyst estimates of $58.30 billion. During the same quarter in the previous year, the business posted $6.13 earnings per share. The company’s revenue was up 24.6% on a year-over-year basis. Research analysts expect that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.74%. The Cigna Group’s dividend payout ratio (DPR) is 45.98%.

Insider Activity

In other The Cigna Group news, Director William J. Delaney III sold 2,691 shares of the firm’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 sale, the director now directly owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.60% of the company’s stock.

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.