Man Group plc purchased a new position in shares of Cigna Group (NYSE:CI – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 419,817 shares of the health services provider’s stock, valued at approximately $115,735,000.
Other hedge funds also recently made changes to their positions in the company. GQG Partners LLC acquired a new position in Cigna Group in the second quarter valued at $1,628,918,000. Norges Bank acquired a new stake in Cigna Group during the fourth quarter worth about $1,019,790,000. Northwestern Mutual Wealth Management Co. increased its stake in Cigna Group by 13,333.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,165,408 shares of the health services provider’s stock worth $900,912,000 after acquiring an additional 3,141,844 shares during the last quarter. Legal & General Group Plc purchased a new position in shares of Cigna Group in the 2nd quarter worth about $542,779,000. Finally, Dodge & Cox raised its holdings in shares of Cigna Group by 19.7% in the 4th quarter. Dodge & Cox now owns 11,138,614 shares of the health services provider’s stock worth $3,065,681,000 after purchasing an additional 1,833,389 shares during the period. Institutional investors and hedge funds own 86.99% of the company’s stock.
Cigna Group Trading Down 0.4%
Shares of CI opened at $279.24 on Wednesday. Cigna Group has a 12 month low of $239.51 and a 12 month high of $315.47. The stock’s 50-day moving average is $283.67 and its two-hundred day moving average is $281.53. 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 stock has a market cap of $73.79 billion, a PE ratio of 11.55, a P/E/G ratio of 0.96 and a beta of 0.29.
Cigna Group Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Tuesday, September 8th will be given a $1.56 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $6.24 annualized dividend and a yield of 2.2%. Cigna Group’s dividend payout ratio (DPR) is 25.82%.
Analyst Ratings Changes
A number of brokerages have recently issued reports on CI. Sanford C. Bernstein boosted their target price on Cigna Group from $371.00 to $381.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Raymond James Financial lowered shares of Cigna Group from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $350.00 to $320.00 in a report on Monday, August 3rd. Guggenheim lifted their price target on shares of Cigna Group from $338.00 to $361.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wells Fargo & Company boosted their price objective on shares of Cigna Group from $305.00 to $307.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Finally, Morgan Stanley increased their price objective on shares of Cigna Group from $355.00 to $361.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. Fifteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cigna Group has an average rating of “Moderate Buy” and an average target price of $339.45.
Get Our Latest Research Report on CI
Insider Activity at Cigna Group
In other news, CAO Jamie G. Kates sold 899 shares of Cigna Group stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $298.61, for a total transaction of $268,450.39. Following the sale, the chief accounting officer owned 2,368 shares in the company, valued at $707,108.48. This trade represents a 27.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicole S. Jones sold 2,677 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $279.61, for a total transaction of $748,515.97. Following the transaction, the insider directly owned 25,880 shares in the company, valued at approximately $7,236,306.80. The trade was a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,012 shares of company stock valued at $6,386,550 in the last ninety days. 0.60% of the stock is owned by corporate insiders.
Cigna Group Profile
Cigna Group (NYSE: CI) is a global health services company that offers a broad portfolio of healthcare products and insurance solutions for individuals, employers, and governments. Its core businesses include medical and behavioral health plans, dental and vision coverage, pharmacy benefit management, and supplemental health products. Cigna serves a mix of commercial, Medicare, and Medicaid customers and provides workplace benefits such as group health plans and disability and life benefits for employers.
In addition to traditional insurance products, Cigna operates health services and care-delivery platforms designed to manage costs and improve outcomes.
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