Banyan Capital Management Inc. Increases Stake in Cigna Group (NYSE:CI)

by · The Cerbat Gem

Banyan Capital Management Inc. lifted its holdings in Cigna Group (NYSE:CI – Free Report) by 1.3% during the first quarter, HoldingsChannel.com reports. The firm owned 54,409 shares of the health services provider’s stock after purchasing an additional 719 shares during the period. Cigna Group accounts for 10.1% of Banyan Capital Management Inc.’s portfolio, making the stock its 3rd biggest position. Banyan Capital Management Inc.’s holdings in Cigna Group were worth $17,901,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. TCTC Holdings LLC acquired a new stake in Cigna Group during the fourth quarter worth about $25,000. Wayfinding Financial LLC acquired a new stake in shares of Cigna Group during the 1st quarter worth approximately $40,000. Putney Financial Group LLC acquired a new stake in shares of Cigna Group during the 4th quarter worth approximately $36,000. Transce3nd LLC acquired a new stake in Cigna Group in the 4th quarter valued at $38,000. Finally, Ameriflex Group Inc. purchased a new position in Cigna Group during the 4th quarter worth $44,000. Institutional investors own 86.99% of the company’s stock.

Cigna Group Stock Down 0.1%

CI stock opened at $302.92 on Tuesday. The firm has a 50-day moving average of $316.42 and a two-hundred day moving average of $311.00. The company has a market cap of $80.92 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 0.90 and a beta of 0.44. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65. Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83.

Cigna Group (NYSE:CI – Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, beating the consensus estimate of $6.35 by $0.39. The company had revenue of $65.45 billion during the quarter, compared to analysts’ expectations of $60.39 billion. Cigna Group had a net margin of 1.97% and a return on equity of 18.63%. The firm’s revenue was up 14.4% compared to the same quarter last year. During the same quarter last year, the company posted $6.47 EPS. As a group, analysts forecast that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were paid a $1.51 dividend. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $6.04 dividend on an annualized basis and a yield of 1.99%. Cigna Group’s dividend payout ratio is presently 33.44%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CI shares. Wall Street Zen upgraded Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 8th. Barclays reissued an “overweight” rating and set a $385.00 price objective (up previously from $382.00) on shares of Cigna Group in a report on Monday, June 2nd. Guggenheim reaffirmed a “buy” rating and issued a $388.00 target price on shares of Cigna Group in a research note on Friday, May 23rd. Mizuho boosted their price objective on Cigna Group from $360.00 to $384.00 and gave the company an “outperform” rating in a research report on Wednesday, April 9th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $371.00 price objective on shares of Cigna Group in a report on Thursday, June 26th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $380.39.

Read Our Latest Stock Analysis on Cigna Group

About Cigna Group

(Free Report)

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.

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