Leavell Investment Management Inc. has increased its stake in Cigna Group (NYSE:CI) by 5.3% during the first quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, it now owns a total of 919 shares of the health services provider after acquiring an additional 46 shares during this period. By the close of the most recent reporting period, Leavell Investment Management’s holdings in Cigna were valued at approximately $302,000.
A number of other institutional investors have also adjusted their positions in Cigna Group recently. TCTC Holdings LLC entered a new position in the fourth quarter, investing around $25,000. Wayfinding Financial LLC followed suit in the first quarter with an investment of $40,000. Other notable purchases include Putney Financial Group LLC at $36,000, Transce3nd LLC at $38,000, and Ameriflex Group Inc. at $44,000. Collectively, hedge funds and institutional investors now own approximately 86.99% of Cigna Group’s stock.
Analysts Upgrade Cigna Group Ratings
Several analysts have provided updates on Cigna Group shares, indicating a generally positive outlook. Cantor Fitzgerald raised its price target from $350.00 to $365.00, assigning an “overweight” rating on March 20, 2023. Similarly, the Royal Bank of Canada maintained an “outperform” rating, setting a price objective of $371.00 on June 26, 2023. Piper Sandler increased its target price from $348.00 to $374.00, while Mizuho boosted its target from $360.00 to $384.00. Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating on April 8, 2023.
MarketBeat reports that Cigna Group has received an average rating of “Buy” from analysts, with a consensus target price of $380.39. The ratings breakdown includes two hold ratings, sixteen buy ratings, and three strong buy ratings.
Cigna Group’s Stock Performance and Financial Results
As of the latest trading session, Cigna Group’s stock opened at $302.71, reflecting a 2.0% decline. The company’s fifty-day moving average stands at $317.02, while the two-hundred-day moving average is $310.62. Over the past year, the stock has fluctuated between a low of $262.03 and a high of $370.83. Cigna Group’s market capitalization is approximately $80.86 billion, with a price-to-earnings ratio of 16.76.
In its most recent quarterly earnings report released on May 2, 2023, Cigna Group reported earnings per share (EPS) of $6.74, surpassing analysts’ expectations of $6.35 by $0.39. The company achieved a net margin of 1.97% and a return on equity of 18.63%. Revenue for the quarter reached $65.45 billion, significantly exceeding the analyst consensus of $60.39 billion and representing a year-over-year increase of 14.4%.
Looking forward, analysts project that Cigna Group will post an EPS of $29.77 for the current fiscal year.
Cigna Group also announced a quarterly dividend of $1.51 per share, which was paid on June 18, 2023, to investors of record as of June 3, 2023. This dividend indicates an annualized payment of $6.04, yielding 2.00%, with a payout ratio of 33.44%.
Cigna Group, along with its subsidiaries, provides insurance and related services primarily in the United States. Its Evernorth Health Services segment offers a variety of coordinated health services, including pharmacy benefits and care management solutions, catering to health plans, employers, government entities, and healthcare providers.
