KLP Kapitalforvaltning AS Invests $51.59 Million in The Cigna Group (NYSE:CI)

KLP Kapitalforvaltning AS bought a new position in The Cigna Group (NYSE:CI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 186,823 shares of the health services provider's stock, valued at approximately $51,589,000. KLP Kapitalforvaltning AS owned approximately 0.07% of The Cigna Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. TCTC Holdings LLC acquired a new stake in The Cigna Group in the fourth quarter worth about $25,000. Collier Financial purchased a new stake in The Cigna Group during the 4th quarter worth approximately $32,000. ORG Wealth Partners LLC purchased a new stake in The Cigna Group during the 4th quarter worth approximately $34,000. Prospera Private Wealth LLC acquired a new position in The Cigna Group during the 3rd quarter valued at approximately $37,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of The Cigna Group in the fourth quarter worth $37,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

The Cigna Group Stock Performance

Shares of The Cigna Group stock traded up $4.34 on Wednesday, hitting $321.18. The stock had a trading volume of 1,200,030 shares, compared to its average volume of 1,564,799. The company's 50 day moving average price is $302.98 and its 200 day moving average price is $314.24. The stock has a market cap of $87.90 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 0.98 and a beta of 0.53. The company has a current ratio of 0.66, a quick ratio of 0.72 and a debt-to-equity ratio of 0.70. The Cigna Group has a 52-week low of $262.03 and a 52-week high of $370.83.

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The Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS 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 in the previous year, the company posted $6.79 earnings per share. On average, research analysts anticipate that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Wednesday, March 5th. This is a positive change from The Cigna Group's previous quarterly dividend of $1.40. The Cigna Group's payout ratio is currently 49.35%.

Insiders Place Their Bets

In related news, insider Noelle K. Eder sold 9,944 shares of the stock in a transaction dated Friday, March 7th. The shares were 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 of the company's stock, valued at approximately $4,289,920. This represents a 42.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicole S. Jones sold 4,904 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $308.12, for a total value 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. This trade represents a 14.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,751 shares of company stock worth $13,603,991. Company insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

CI has been the topic of several research reports. Raymond James reiterated a "strong-buy" rating and issued a $360.00 price target (down previously from $415.00) on shares of The Cigna Group in a report on Friday, January 31st. StockNews.com raised shares of The Cigna Group from a "hold" rating to a "buy" rating in a report on Wednesday, February 19th. Stephens reduced their price objective on The Cigna Group from $410.00 to $380.00 and set an "overweight" rating for the company in a research note 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 for the company in a report on Monday, February 3rd. Finally, Truist Financial lowered their target price on The Cigna Group from $390.00 to $375.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $373.25.

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.