Summit Financial Group Inc. Invests $224,000 in The Cigna Group (NYSE:CI)

Summit Financial Group Inc. acquired a new position in The Cigna Group (NYSE:CI) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 616 shares of the health services provider’s stock, valued at approximately $224,000.

Several other hedge funds and other institutional investors have also modified their holdings of CI. Fortitude Family Office LLC acquired a new stake in The Cigna Group during the fourth quarter worth $29,000. Raleigh Capital Management Inc. boosted its stake in The Cigna Group by 69.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock worth $30,000 after buying an additional 41 shares in the last quarter. VisionPoint Advisory Group LLC lifted its holdings in shares of The Cigna Group by 112.2% during the third quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock valued at $30,000 after acquiring an additional 55 shares during the period. Pineridge Advisors LLC bought a new position in shares of The Cigna Group during the fourth quarter valued at $37,000. Finally, Pacifica Partners Inc. lifted its holdings in shares of The Cigna Group by 73.2% during the fourth quarter. Pacifica Partners Inc. now owns 142 shares of the health services provider’s stock valued at $43,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 86.99% of the company’s stock.

Insider Buying and Selling

In related news, CEO David Cordani sold 31,209 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $355.17, for a total transaction of $11,084,500.53. Following the completion of the sale, the chief executive officer now owns 348,054 shares in the company, valued at $123,618,339.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the transaction, the chief executive officer now owns 348,054 shares in the company, valued at approximately $123,618,339.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $348.71, for a total value of $2,073,429.66. Following the completion of the transaction, the senior vice president now owns 2,595 shares of the company’s stock, valued at approximately $904,902.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,193 shares of company stock worth $19,475,326. 0.70% of the stock is owned by corporate insiders.

The Cigna Group Trading Up 0.3 %

CI traded up $0.90 during trading on Wednesday, hitting $334.80. The company’s stock had a trading volume of 1,206,235 shares, compared to its average volume of 1,544,252. The firm has a market capitalization of $95.11 billion, a P/E ratio of 27.49, a PEG ratio of 1.02 and a beta of 0.53. The Cigna Group has a twelve month low of $253.95 and a twelve month high of $365.71. The stock’s fifty day moving average price is $343.36 and its 200-day moving average price is $329.85. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.75.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, beating the consensus estimate of $6.17 by $0.30. The firm had revenue of $57.25 billion during the quarter, compared to the consensus estimate of $56.59 billion. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The company’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.41 earnings per share. Analysts anticipate that The Cigna Group will post 28.47 EPS for the current year.

The Cigna Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $5.60 annualized dividend and a yield of 1.67%. The Cigna Group’s dividend payout ratio (DPR) is currently 45.98%.

Wall Street Analyst Weigh In

CI has been the subject of several recent research reports. Barclays began coverage on The Cigna Group in a report on Wednesday, March 6th. They set an “overweight” rating and a $393.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on The Cigna Group from $432.00 to $435.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a research note on Wednesday, June 12th. Oppenheimer upped their price objective on The Cigna Group from $370.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $392.00 price objective (up from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $373.87.

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.