Investment Management Corp of Ontario Boosts Stock Position in The Cigna Group (NYSE:CI)

Investment Management Corp of Ontario boosted its holdings in The Cigna Group (NYSE:CI) by 8.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,760 shares of the health services provider’s stock after purchasing an additional 3,100 shares during the period. Investment Management Corp of Ontario’s holdings in The Cigna Group were worth $13,428,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. TruNorth Capital Management LLC bought a new stake in The Cigna Group in the 2nd quarter valued at about $33,000. Ulland Investment Advisors LLC boosted its holdings in The Cigna Group by 2,500.0% in the 3rd quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock worth $36,000 after buying an additional 100 shares during the period. Prospera Private Wealth LLC bought a new position in shares of The Cigna Group in the third quarter worth $37,000. Harbor Capital Advisors Inc. bought a new stake in shares of The Cigna Group during the third quarter valued at about $45,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of The Cigna Group during the second quarter valued at about $66,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $394.00 price objective (up previously from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a research report on Wednesday, October 23rd. StockNews.com lowered The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 4th. Royal Bank of Canada lowered their price target on The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their price target on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, The Cigna Group has a consensus rating of “Buy” and a consensus target price of $394.64.

The Cigna Group Price Performance

Shares of The Cigna Group stock opened at $337.14 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50 day simple moving average is $333.16 and its two-hundred day simple moving average is $338.34. The stock has a market capitalization of $93.77 billion, a P/E ratio of 31.81, a price-to-earnings-growth ratio of 1.02 and a beta of 0.50. The Cigna Group has a one year low of $253.95 and a one year high of $370.83.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion for the quarter, compared to analysts’ expectations of $59.58 billion. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The business’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $6.77 EPS. Analysts forecast that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be given a $1.40 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.66%. The Cigna Group’s dividend payout ratio is currently 52.83%.

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.