Platinum Investment Management Ltd. Boosts Stake in The Cigna Group (NYSE:CI)

Platinum Investment Management Ltd. increased its position in The Cigna Group (NYSE:CI) by 15.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 316 shares of the health services provider’s stock after acquiring an additional 43 shares during the quarter. Platinum Investment Management Ltd.’s holdings in The Cigna Group were worth $87,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Swedbank AB raised its holdings in shares of The Cigna Group by 26.6% in the third quarter. Swedbank AB now owns 570,283 shares of the health services provider’s stock worth $197,569,000 after acquiring an additional 119,681 shares during the last quarter. AMG National Trust Bank increased its stake in The Cigna Group by 5.7% in the third quarter. AMG National Trust Bank now owns 4,072 shares of the health services provider’s stock valued at $1,411,000 after purchasing an additional 218 shares during the last quarter. OneAscent Wealth Management LLC acquired a new position in The Cigna Group in the third quarter valued at $358,000. OneAscent Financial Services LLC acquired a new position in The Cigna Group in the third quarter valued at $454,000. Finally, Meeder Asset Management Inc. increased its stake in The Cigna Group by 353.5% in the third quarter. Meeder Asset Management Inc. now owns 11,800 shares of the health services provider’s stock valued at $4,088,000 after purchasing an additional 9,198 shares during the last quarter. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Noelle K. Eder sold 9,944 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $320.00, for a total value of $3,182,080.00. Following the sale, the insider now directly owns 13,406 shares in the company, valued at $4,289,920. This trade represents a 42.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elder Granger sold 2,376 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $310.35, for a total value of $737,391.60. Following the transaction, the director now directly owns 5,471 shares of the company’s stock, valued at approximately $1,697,924.85. The trade was a 30.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,751 shares of company stock valued at $13,603,991 in the last quarter. Insiders own 0.60% of the company’s stock.

The Cigna Group Price Performance

Shares of NYSE CI opened at $322.15 on Wednesday. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The business has a 50-day moving average of $298.39 and a 200-day moving average of $315.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72. The company has a market capitalization of $88.17 billion, a price-to-earnings ratio of 26.32, a PEG ratio of 0.98 and a beta of 0.53.

The Cigna Group (NYSE:CI) last issued 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 return on equity of 18.61% and a net margin of 1.39%. During the same period in the previous year, the company posted $6.79 earnings per share. On average, equities analysts anticipate that The Cigna Group will post 29.77 EPS for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Wednesday, March 5th will be issued a $1.51 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $6.04 dividend on an annualized basis and a yield of 1.87%. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. The Cigna Group’s dividend payout ratio is currently 49.35%.

Analyst Ratings Changes

CI has been the subject of several analyst reports. 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. Raymond James reiterated a “strong-buy” rating and issued a $360.00 target price (down from $415.00) on shares of The Cigna Group in a research note on Friday, January 31st. Morgan Stanley dropped their target price on The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Oppenheimer dropped their price target on The Cigna Group from $400.00 to $375.00 and set an “outperform” rating for the company in a research note on Friday, January 31st. Finally, Piper Sandler restated an “overweight” rating and set a $348.00 price target (down from $394.00) on shares of The Cigna Group in a research note on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $372.31.

The Cigna Group Company 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.