Cibc World Markets Corp Increases Stock Position in The Cigna Group (NYSE:CI)

Cibc World Markets Corp raised its stake in shares of The Cigna Group (NYSE:CI) by 15.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,980 shares of the health services provider’s stock after acquiring an additional 5,752 shares during the period. Cibc World Markets Corp’s holdings in The Cigna Group were worth $12,145,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CI. Adero Partners LLC increased its holdings in The Cigna Group by 4.5% in the 3rd quarter. Adero Partners LLC now owns 788 shares of the health services provider’s stock valued at $273,000 after purchasing an additional 34 shares during the last quarter. CreativeOne Wealth LLC boosted its position in shares of The Cigna Group by 3.0% during the third quarter. CreativeOne Wealth LLC now owns 1,219 shares of the health services provider’s stock worth $422,000 after buying an additional 35 shares during the period. Hudson Edge Investment Partners Inc. grew its stake in shares of The Cigna Group by 1.9% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 1,883 shares of the health services provider’s stock valued at $520,000 after buying an additional 36 shares in the last quarter. Meridian Wealth Management LLC raised its holdings in shares of The Cigna Group by 1.0% in the 4th quarter. Meridian Wealth Management LLC now owns 3,670 shares of the health services provider’s stock valued at $1,013,000 after buying an additional 37 shares during the period. Finally, Smithfield Trust Co lifted its stake in The Cigna Group by 3.6% during the 3rd quarter. Smithfield Trust Co now owns 1,080 shares of the health services provider’s stock worth $373,000 after acquiring an additional 38 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The Cigna Group

In other news, insider Noelle K. Eder sold 9,944 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $320.00, for a total value of $3,182,080.00. Following the completion of the sale, the insider now directly owns 13,406 shares of the company’s stock, valued at approximately $4,289,920. This represents a 42.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Cordani sold 26,527 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $308.12, for a total value of $8,173,499.24. Following the transaction, the chief executive officer now directly owns 127,767 shares in the company, valued at approximately $39,367,568.04. This represents a 17.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,751 shares of company stock valued at $13,603,991 in the last three months. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CI. Stephens dropped their target price on The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Raymond James restated a “strong-buy” rating and issued a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a report on Friday, January 31st. Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a report on Friday, January 31st. Piper Sandler restated an “overweight” rating and issued a $348.00 price target (down previously from $394.00) on shares of The Cigna Group in a research note on Monday, February 3rd. Finally, Wells Fargo & Company reduced their price objective on The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $372.31.

The Cigna Group Stock Performance

Shares of CI opened at $317.23 on Tuesday. The company has a market capitalization of $86.82 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average price of $297.55 and a 200 day moving average price of $315.92.

The Cigna Group (NYSE:CI) last posted its earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter in the previous year, the company earned $6.79 earnings per share. Research analysts predict that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th will be issued a $1.51 dividend. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Wednesday, March 5th. The Cigna Group’s payout ratio is presently 49.35%.

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.