Cibc World Markets Corp Boosts Holdings 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 its most recent 13F filing with the SEC. The fund owned 43,980 shares of the health services provider’s stock after buying an additional 5,752 shares during the period. Cibc World Markets Corp’s holdings in The Cigna Group were worth $12,145,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC acquired a new stake in The Cigna Group during the third quarter worth about $37,000. Collier Financial purchased a new stake in The Cigna Group in the 4th quarter worth approximately $32,000. ORG Wealth Partners LLC acquired a new stake in shares of The Cigna Group during the 4th quarter worth approximately $34,000. Compagnie Lombard Odier SCmA purchased a new position in shares of The Cigna Group during the 4th quarter valued at approximately $37,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of The Cigna Group in the 4th quarter valued at $53,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

Insider Buying and Selling

In other news, insider Noelle K. Eder sold 9,944 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the sale, the insider now owns 13,406 shares in the company, valued at $4,289,920. This trade represents a 42.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Cordani sold 26,527 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $8,173,499.24. Following the completion of the transaction, the chief executive officer now owns 127,767 shares in the company, valued at $39,367,568.04. This represents a 17.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,751 shares of company stock worth $13,603,991. 0.60% of the stock is owned by corporate insiders.

The Cigna Group Trading Up 1.4 %

Shares of CI opened at $317.23 on Tuesday. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83. The stock has a market cap of $86.82 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The firm’s fifty day moving average is $297.55 and its two-hundred day moving average is $315.92. 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 Cigna Group (NYSE:CI) last posted its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.61% and a net margin of 1.39%. During the same quarter last year, the business earned $6.79 EPS. Research analysts forecast that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be issued a $1.51 dividend. 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. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio (DPR) is currently 49.35%.

Wall Street Analyst Weigh In

CI has been the topic of several analyst reports. Truist Financial dropped their price target on shares of The Cigna Group from $390.00 to $375.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Oppenheimer dropped their target price on The Cigna Group from $400.00 to $375.00 and set an “outperform” rating on the stock in a research report on Friday, January 31st. Sanford C. Bernstein lowered The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price target for the company. in a research note on Thursday, February 6th. Wells Fargo & Company lowered their price target on The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, Royal Bank of Canada set a $355.00 price objective on The Cigna Group in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $372.31.

About The Cigna Group

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.