Resona Asset Management Co. Ltd. Invests $24.85 Million in The Cigna Group (NYSE:CI)

Resona Asset Management Co. Ltd. acquired a new stake in The Cigna Group (NYSE:CI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 89,874 shares of the health services provider’s stock, valued at approximately $24,849,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CI. Norges Bank purchased a new position in shares of The Cigna Group during the 4th quarter worth approximately $867,785,000. Raymond James Financial Inc. acquired a new position in shares of The Cigna Group in the fourth quarter worth $313,911,000. GQG Partners LLC lifted its position in shares of The Cigna Group by 22.4% in the fourth quarter. GQG Partners LLC now owns 4,021,582 shares of the health services provider’s stock valued at $1,110,520,000 after acquiring an additional 737,099 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of The Cigna Group by 4.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,556,278 shares of the health services provider’s stock valued at $3,191,151,000 after acquiring an additional 501,320 shares during the last quarter. Finally, Amundi increased its position in The Cigna Group by 19.9% during the 4th quarter. Amundi now owns 2,254,050 shares of the health services provider’s stock worth $628,579,000 after purchasing an additional 374,865 shares in the last quarter. 86.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CI has been the topic of a number of recent research reports. Royal Bank of Canada set a $355.00 target price on shares of The Cigna Group in a report on Friday, January 31st. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 29th. Barclays cut their price target on The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a report on Friday, January 31st. UBS Group decreased their price objective on The Cigna Group from $410.00 to $390.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their target price on The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $373.25.

The Cigna Group Trading Down 4.9 %

Shares of CI stock opened at $322.02 on Friday. 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 has a fifty-two week low of $262.03 and a fifty-two week high of $370.83. The firm’s 50 day moving average price is $308.72 and its two-hundred day moving average price is $312.70. The stock has a market cap of $88.13 billion, a price-to-earnings ratio of 26.31, a price-to-earnings-growth ratio of 0.98 and a beta of 0.50.

The Cigna Group (NYSE:CI) last posted its earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing the consensus estimate 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 last year, the business posted $6.79 EPS. On average, analysts anticipate that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Wednesday, March 5th were issued a dividend of $1.51 per share. 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 1.88%. The ex-dividend date was Wednesday, March 5th. The Cigna Group’s dividend payout ratio (DPR) is presently 49.35%.

Insider Buying and Selling

In related news, Director Elder Granger sold 2,376 shares of The Cigna Group stock in a transaction on Friday, March 14th. The shares were sold at an average price of $310.35, for a total transaction of $737,391.60. Following the sale, the director now owns 5,471 shares of the company’s stock, valued at $1,697,924.85. The trade was a 30.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nicole S. Jones sold 4,904 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total transaction of $1,511,020.48. Following the completion of the transaction, the insider now directly owns 29,421 shares of the company’s stock, valued at approximately $9,065,198.52. The trade was a 14.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,751 shares of company stock valued at $13,603,991. Corporate insiders own 0.70% of the company’s stock.

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.