Confluence Wealth Services Inc. Has $533,000 Stock Position in The Cigna Group (NYSE:CI)

Confluence Wealth Services Inc. grew its stake in The Cigna Group (NYSE:CI) by 5.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,467 shares of the health services provider’s stock after purchasing an additional 80 shares during the period. Confluence Wealth Services Inc.’s holdings in The Cigna Group were worth $533,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CI. Byrne Asset Management LLC acquired a new stake in shares of The Cigna Group during the 1st quarter worth approximately $51,000. Harfst & Associates Inc. acquired a new stake in The Cigna Group during the first quarter worth $1,577,000. PFG Investments LLC acquired a new stake in The Cigna Group during the first quarter worth $894,000. Raymond James & Associates increased its holdings in The Cigna Group by 4.4% in the 1st quarter. Raymond James & Associates now owns 583,606 shares of the health services provider’s stock valued at $211,960,000 after buying an additional 24,708 shares during the period. Finally, Shikiar Asset Management Inc. raised its stake in shares of The Cigna Group by 0.7% in the 1st quarter. Shikiar Asset Management Inc. now owns 27,739 shares of the health services provider’s stock valued at $10,075,000 after buying an additional 190 shares in the last quarter. Institutional investors own 86.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CI has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of The Cigna Group from $334.00 to $348.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 6th. Morgan Stanley restated an “overweight” rating and set a $392.00 target price (up previously from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. Oppenheimer reiterated an “outperform” rating and issued a $360.00 price target on shares of The Cigna Group in a research report on Wednesday, January 17th. Mizuho lifted their price objective on The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 5th. Finally, Royal Bank of Canada raised shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $327.00 to $354.00 in a report on Monday, February 5th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, The Cigna Group has a consensus rating of “Buy” and an average target price of $362.14.

The Cigna Group Price Performance

Shares of The Cigna Group stock traded up $0.67 during midday trading on Tuesday, reaching $357.11. The company had a trading volume of 1,216,208 shares, compared to its average volume of 1,561,397. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61. The stock has a fifty day simple moving average of $350.50 and a 200 day simple moving average of $318.94. The Cigna Group has a 1-year low of $240.50 and a 1-year high of $365.71. The company has a market capitalization of $104.40 billion, a price-to-earnings ratio of 20.54, a price-to-earnings-growth ratio of 1.09 and a beta of 0.56.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 EPS for the quarter, beating analysts’ consensus estimates of $6.54 by $0.25. The firm had revenue of $51.15 billion for the quarter, compared to analyst estimates of $48.91 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $4.96 EPS. As a group, equities research analysts forecast that The Cigna Group will post 28.36 earnings per share for the current year.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, June 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.57%. The Cigna Group’s payout ratio is presently 32.20%.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $355.17, for a total value of $11,084,500.53. Following the transaction, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Eric P. Palmer sold 6,083 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $340.00, for a total transaction of $2,068,220.00. Following the completion of the transaction, the insider now directly owns 44,649 shares in the company, valued at approximately $15,180,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David Cordani sold 31,209 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the sale, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 114,144 shares of company stock worth $39,296,330. Company insiders own 0.70% 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.