Simplify Asset Management Inc. Trims Stake in The Cigna Group (NYSE:CI)

Simplify Asset Management Inc. cut its holdings in The Cigna Group (NYSE:CI) by 40.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,551 shares of the health services provider’s stock after selling 8,382 shares during the period. Simplify Asset Management Inc.’s holdings in The Cigna Group were worth $3,466,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CI. Raymond James Financial Inc. bought a new position in The Cigna Group in the 4th quarter worth $313,911,000. Amundi increased its position in The Cigna Group by 19.9% in the fourth quarter. Amundi now owns 2,254,050 shares of the health services provider’s stock worth $628,579,000 after buying an additional 374,865 shares in the last quarter. Swedbank AB raised its stake in shares of The Cigna Group by 55.1% in the fourth quarter. Swedbank AB now owns 884,406 shares of the health services provider’s stock worth $244,220,000 after buying an additional 314,123 shares during the period. FMR LLC lifted its position in shares of The Cigna Group by 2.0% during the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock valued at $4,929,978,000 after buying an additional 279,880 shares in the last quarter. Finally, Proficio Capital Partners LLC grew its stake in shares of The Cigna Group by 34,280.8% during the 4th quarter. Proficio Capital Partners LLC now owns 238,603 shares of the health services provider’s stock valued at $65,888,000 after acquiring an additional 237,909 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.

The Cigna Group Price Performance

CI stock opened at $316.78 on Friday. The Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The firm has a market capitalization of $86.70 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The company has a fifty day simple moving average of $300.83 and a two-hundred day simple moving average of $315.05. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70.

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

The Cigna Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $6.04 annualized dividend and a dividend yield of 1.91%. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s payout ratio is currently 49.35%.

Insider Activity at The Cigna Group

In other news, CEO David Cordani sold 26,527 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the transaction, the chief executive officer now owns 127,767 shares of the company’s stock, valued at approximately $39,367,568.04. This represents a 17.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Noelle K. Eder sold 9,944 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $320.00, for a total value of $3,182,080.00. Following the completion of the sale, the insider now owns 13,406 shares in the company, valued at approximately $4,289,920. The trade was a 42.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,751 shares of company stock worth $13,603,991. Company insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CI shares. Morgan Stanley decreased their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Truist Financial decreased their price objective on shares of The Cigna Group from $390.00 to $375.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Barclays cut their price target on The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Wells Fargo & Company lowered their price objective on The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, Sanford C. Bernstein lowered The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price objective for the company. in a research note on Thursday, February 6th. Two equities 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $373.25.

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.