New Mexico Educational Retirement Board Lowers Stake in Cigna Co. (NYSE:CI)

New Mexico Educational Retirement Board lowered its stake in shares of Cigna Co. (NYSE:CIGet Rating) by 7.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 20,747 shares of the health services provider’s stock after selling 1,700 shares during the period. New Mexico Educational Retirement Board’s holdings in Cigna were worth $4,764,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Townsend & Associates Inc purchased a new stake in shares of Cigna during the 3rd quarter valued at $1,523,000. Magnetar Financial LLC lifted its holdings in shares of Cigna by 140.1% during the 3rd quarter. Magnetar Financial LLC now owns 91,024 shares of the health services provider’s stock valued at $18,219,000 after purchasing an additional 53,117 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Cigna by 10.4% during the 3rd quarter. Alliancebernstein L.P. now owns 1,277,730 shares of the health services provider’s stock valued at $255,750,000 after purchasing an additional 120,847 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Cigna by 27.3% during the 3rd quarter. Private Advisor Group LLC now owns 15,899 shares of the health services provider’s stock valued at $3,182,000 after purchasing an additional 3,410 shares during the last quarter. Finally, Heritage Investors Management Corp lifted its holdings in shares of Cigna by 33.5% during the 3rd quarter. Heritage Investors Management Corp now owns 15,180 shares of the health services provider’s stock valued at $3,038,000 after purchasing an additional 3,805 shares during the last quarter. Institutional investors own 86.39% of the company’s stock.

NYSE:CI opened at $242.39 on Friday. Cigna Co. has a 52 week low of $191.74 and a 52 week high of $272.81. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $77.80 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 0.94 and a beta of 0.86. The stock’s 50-day moving average price is $232.29 and its 200-day moving average price is $219.19.

Cigna (NYSE:CIGet Rating) last posted its quarterly earnings data on Thursday, February 3rd. The health services provider reported $4.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.68 by $0.09. Cigna had a return on equity of 14.59% and a net margin of 3.08%. The company had revenue of $45.69 billion for the quarter, compared to analysts’ expectations of $43.98 billion. During the same period in the previous year, the firm posted $3.51 EPS. Cigna’s revenue was up 9.5% compared to the same quarter last year. Sell-side analysts expect that Cigna Co. will post 22.51 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 24th. Investors of record on Wednesday, March 9th will be issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 1.85%. This is a boost from Cigna’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, March 8th. Cigna’s payout ratio is presently 28.46%.

In other Cigna news, CEO David Cordani sold 10,069 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $228.70, for a total value of $2,302,780.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Everett Neville sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, January 3rd. The stock was sold at an average price of $229.49, for a total transaction of $1,101,552.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,601 shares of company stock worth $3,576,695. 0.80% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on the company. Sanford C. Bernstein raised their target price on Cigna from $234.00 to $258.00 in a research note on Tuesday, January 11th. Truist Financial raised their target price on Cigna from $270.00 to $275.00 in a research note on Wednesday, January 5th. JPMorgan Chase & Co. lowered Cigna from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $270.00 to $248.00 in a research note on Tuesday, December 21st. The Goldman Sachs Group assumed coverage on Cigna in a research note on Tuesday, December 14th. They issued a “neutral” rating and a $233.00 target price for the company. Finally, Wells Fargo & Company upgraded Cigna from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $236.00 to $278.00 in a research note on Thursday, January 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $257.26.

Cigna Company Profile (Get Rating)

Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers.

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