Rakuten Investment Management Inc. Buys 4,230 Shares of Cigna Group $CI

Rakuten Investment Management Inc. boosted its holdings in Cigna Group (NYSE:CI) by 9.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,447 shares of the health services provider’s stock after purchasing an additional 4,230 shares during the period. Rakuten Investment Management Inc.’s holdings in Cigna Group were worth $13,060,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CI. Evercore Wealth Management LLC boosted its position in Cigna Group by 2.8% during the first quarter. Evercore Wealth Management LLC now owns 1,301 shares of the health services provider’s stock valued at $347,000 after purchasing an additional 35 shares during the last quarter. Independence Bank of Kentucky raised its stake in shares of Cigna Group by 2.6% during the 2nd quarter. Independence Bank of Kentucky now owns 1,483 shares of the health services provider’s stock worth $409,000 after purchasing an additional 37 shares in the last quarter. West Family Investments Inc. raised its stake in shares of Cigna Group by 4.2% during the 2nd quarter. West Family Investments Inc. now owns 919 shares of the health services provider’s stock worth $253,000 after purchasing an additional 37 shares in the last quarter. WPG Advisers LLC boosted its holdings in shares of Cigna Group by 24.5% in the 1st quarter. WPG Advisers LLC now owns 203 shares of the health services provider’s stock valued at $54,000 after buying an additional 40 shares during the last quarter. Finally, Maripau Wealth Management LLC boosted its holdings in shares of Cigna Group by 4.0% in the 1st quarter. Maripau Wealth Management LLC now owns 1,074 shares of the health services provider’s stock valued at $287,000 after buying an additional 41 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Key Cigna Group News

Here are the key news stories impacting Cigna Group this week:

• Positive Sentiment: Cigna rose alongside Elevance Health as CVS fell sharply following its proposed breakup plan. The relative strength may indicate investors favored Cigna and other peers amid the sector reaction, though the reports do not identify a direct benefit to Cigna from CVS’s plan. CVS Tumbles 12% on Plan to Split Into Two Companies Despite Earnings Beat; Elevance Health Rises 4%, Cigna Climbs 3%
• Neutral Sentiment: Cigna’s gains since its Investor Day have put the focus on whether Thursday’s earnings report can sustain momentum. Analysts expect adjusted third-quarter EPS of $7.52, versus $7.83 a year earlier. Cigna Stock Has Gained Since Investor Day. Earnings Are Next.
• Negative Sentiment: Expectations for slower earnings growth pose a risk: pharmacy and premium growth may lift revenue, but lower Evernorth profits and higher medical costs could weigh on results. Investors will watch whether those headwinds are reflected in Cigna’s outlook. Can Pharmacy Growth Offset Evernorth’s Profit Decline in Cigna’s Q3?

Insider Buying and Selling

In other Cigna Group news, insider Everett Neville sold 617 shares of Cigna Group stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $284.05, for a total transaction of $175,258.85. Following the completion of the transaction, the insider owned 5,053 shares in the company, valued at approximately $1,435,304.65. The trade was a 10.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicole S. Jones sold 2,677 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $279.61, for a total value of $748,515.97. Following the completion of the transaction, the insider owned 25,880 shares in the company, valued at $7,236,306.80. This represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CI. Jefferies Financial Group downgraded shares of Cigna Group from a “buy” rating to a “hold” rating and cut their target price for the company from $336.00 to $307.00 in a research note on Tuesday, August 4th. Piper Sandler reiterated an “overweight” rating on shares of Cigna Group in a research note on Friday, October 23rd. Robert W. Baird set a $362.00 target price on Cigna Group in a report on Friday, July 31st. Barclays boosted their target price on Cigna Group from $304.00 to $310.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Finally, Guggenheim increased their price target on Cigna Group from $338.00 to $361.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Fourteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $336.40.

Cigna Group Stock Up 3.6%

NYSE:CI opened at $306.01 on Thursday. Cigna Group has a one year low of $255.53 and a one year high of $316.27. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market cap of $80.86 billion, a PE ratio of 12.66, a P/E/G ratio of 1.00 and a beta of 0.25. The firm’s 50 day simple moving average is $285.07 and its 200 day simple moving average is $281.91.

Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be given a $1.56 dividend. This represents a $6.24 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, December 3rd. Cigna Group’s payout ratio is presently 25.82%.

About Cigna Group

The Cigna Group (NYSE: CI) is a global health services company that provides insurance coverage, health care benefits and related services. Its operations are primarily organized through Cigna Healthcare, which offers medical, pharmacy, dental, behavioral health and other benefit programs to employers, government organizations and individuals, primarily in the United States.

The company also operates Evernorth Health Services, a health services platform that includes pharmacy benefit management, specialty pharmacy, care management and health-care delivery capabilities.