GAMMA Investing LLC Acquires New Shares in The Cigna Group (NYSE:CI)

GAMMA Investing LLC purchased a new stake in The Cigna Group (NYSE:CI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,646 shares of the health services provider’s stock, valued at approximately $495,000.

A number of other institutional investors and hedge funds have also modified their holdings of CI. FMR LLC increased its position in The Cigna Group by 13.8% in the 3rd quarter. FMR LLC now owns 15,967,363 shares of the health services provider’s stock worth $4,567,783,000 after buying an additional 1,939,554 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in The Cigna Group by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,833,753 shares of the health services provider’s stock worth $3,385,282,000 after buying an additional 345,605 shares in the last quarter. Morgan Stanley increased its holdings in The Cigna Group by 4.7% in the 3rd quarter. Morgan Stanley now owns 4,973,106 shares of the health services provider’s stock valued at $1,422,657,000 after buying an additional 225,115 shares during the period. Northern Trust Corp raised its stake in shares of The Cigna Group by 5.9% in the 3rd quarter. Northern Trust Corp now owns 3,244,157 shares of the health services provider’s stock valued at $928,056,000 after buying an additional 181,385 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of The Cigna Group by 2.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,570,994 shares of the health services provider’s stock worth $735,484,000 after acquiring an additional 72,714 shares during the period. 86.99% of the stock is currently owned by institutional investors and hedge funds.

The Cigna Group Price Performance

NYSE CI traded down $0.76 on Wednesday, hitting $351.89. 378,301 shares of the company’s stock were exchanged, compared to its average volume of 1,578,596. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.61. The Cigna Group has a 52 week low of $240.50 and a 52 week high of $365.71. The stock has a market cap of $102.88 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 1.08 and a beta of 0.56. The stock has a 50-day moving average of $349.03 and a 200-day moving average of $316.84.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.54 by $0.25. The Cigna Group had a net margin of 2.64% and a return on equity of 13.59%. The business had revenue of $51.15 billion during the quarter, compared to analysts’ expectations of $48.91 billion. During the same period in the prior year, the company earned $4.96 EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Analysts expect that The Cigna Group will post 28.36 earnings per share for the current year.

The Cigna Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 6th were given a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This is an increase from The Cigna Group’s previous quarterly dividend of $1.23. This represents a $5.60 annualized dividend and a yield of 1.59%. The Cigna Group’s dividend payout ratio (DPR) is currently 32.20%.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $355.17, for a total transaction of $11,084,500.53. Following the sale, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at approximately $123,618,339.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the sale, the senior vice president now owns 2,102 shares in the company, valued at approximately $694,668.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David Cordani sold 31,209 shares of The Cigna Group stock in a transaction that occurred 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 sale, the chief executive officer now owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 114,144 shares of company stock worth $39,296,330. 0.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Morgan Stanley restated an “overweight” rating and set a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a research note on Monday, March 4th. Sanford C. Bernstein raised The Cigna Group from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $330.00 to $372.00 in a research note on Thursday, January 4th. Deutsche Bank Aktiengesellschaft raised The Cigna Group from a “hold” rating to a “buy” rating and lifted their price objective for the company from $355.00 to $370.00 in a report on Thursday, February 1st. Barclays assumed coverage on shares of The Cigna Group in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price on the stock. Finally, Royal Bank of Canada raised shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $327.00 to $354.00 in a report on Monday, February 5th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $362.14.

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.