Parallel Advisors LLC Increases Stock Holdings in The Cigna Group (NYSE:CI)

Parallel Advisors LLC increased its holdings in The Cigna Group (NYSE:CI) by 3.3% in the second quarter, Holdings Channel.com reports. The firm owned 3,344 shares of the health services provider’s stock after purchasing an additional 106 shares during the period. Parallel Advisors LLC’s holdings in The Cigna Group were worth $1,105,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Capital Asset Advisory Services LLC grew its position in The Cigna Group by 2.3% during the first quarter. Capital Asset Advisory Services LLC now owns 1,280 shares of the health services provider’s stock valued at $464,000 after acquiring an additional 29 shares during the period. Checchi Capital Advisers LLC grew its position in The Cigna Group by 0.9% during the second quarter. Checchi Capital Advisers LLC now owns 3,584 shares of the health services provider’s stock valued at $1,185,000 after acquiring an additional 31 shares during the period. Capital Advisors Ltd. LLC grew its position in The Cigna Group by 10.6% during the first quarter. Capital Advisors Ltd. LLC now owns 335 shares of the health services provider’s stock valued at $122,000 after acquiring an additional 32 shares during the period. Capital Investment Advisors LLC grew its position in The Cigna Group by 2.9% during the second quarter. Capital Investment Advisors LLC now owns 1,122 shares of the health services provider’s stock valued at $371,000 after acquiring an additional 32 shares during the period. Finally, Saxony Capital Management LLC grew its position in The Cigna Group by 5.3% during the second quarter. Saxony Capital Management LLC now owns 638 shares of the health services provider’s stock valued at $211,000 after acquiring an additional 32 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CI shares. Robert W. Baird started coverage on The Cigna Group in a research note on Thursday, May 30th. They set an “outperform” rating and a $388.00 price objective on the stock. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Stephens reiterated an “overweight” rating and issued a $410.00 price target on shares of The Cigna Group in a research note on Friday, August 2nd. Piper Sandler assumed coverage on The Cigna Group in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 price target on the stock. Finally, Barclays boosted their price target on The Cigna Group from $393.00 to $405.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, The Cigna Group has a consensus rating of “Buy” and an average target price of $387.00.

The Cigna Group Stock Up 0.7 %

NYSE:CI opened at $364.72 on Monday. The firm has a market capitalization of $101.96 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50. The stock has a 50 day moving average of $344.18 and a 200-day moving average of $344.29. The Cigna Group has a 52 week low of $253.95 and a 52 week high of $370.64. 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 earnings results on Thursday, August 1st. The health services provider reported $6.72 EPS for the quarter, beating the consensus estimate of $6.42 by $0.30. The company had revenue of $60.52 billion during the quarter, compared to analyst estimates of $58.30 billion. The Cigna Group had a return on equity of 17.83% and a net margin of 1.70%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company earned $6.13 earnings per share. Analysts predict that The Cigna Group will post 28.48 EPS for the current year.

The Cigna Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Wednesday, September 4th. The Cigna Group’s dividend payout ratio (DPR) is 45.98%.

Insider Buying and Selling

In related news, Director William J. Delaney III sold 2,691 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other The Cigna Group news, insider Brian C. Evanko sold 4,795 shares of the company’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 sale, the insider now directly owns 39,923 shares in the company, valued at $13,773,834.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Delaney III sold 2,691 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of the sale, the director now owns 17,539 shares of the company’s stock, valued at $6,010,264.52. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

The Cigna Group Company 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.