Magnetar Financial LLC Sells 102,988 Shares of The Cigna Group (NYSE:CI)

Magnetar Financial LLC reduced its stake in shares of The Cigna Group (NYSE:CI - Free Report) by 41.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 145,366 shares of the health services provider's stock after selling 102,988 shares during the period. Magnetar Financial LLC owned approximately 0.05% of The Cigna Group worth $40,141,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CI. TCTC Holdings LLC bought a new position in The Cigna Group during the fourth quarter valued at approximately $25,000. Prospera Private Wealth LLC purchased a new stake in shares of The Cigna Group in the 3rd quarter valued at $37,000. Collier Financial bought a new position in shares of The Cigna Group during the 4th quarter valued at $32,000. ORG Wealth Partners LLC purchased a new position in The Cigna Group in the 4th quarter worth $34,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in The Cigna Group in the 4th quarter worth $37,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Stock Up 1.3 %

Shares of CI traded up $4.14 on Monday, reaching $320.79. The stock had a trading volume of 1,287,842 shares, compared to its average volume of 1,565,016. The firm has a market capitalization of $87.79 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The company has a 50-day simple moving average of $300.83 and a 200-day simple moving average of $314.69. The Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.72 and a current ratio of 0.66.

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The Cigna Group (NYSE:CI - Get Free Report) last announced its earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing analysts' consensus estimates 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 prior year, the firm posted $6.79 EPS. Sell-side analysts predict that The Cigna Group will post 29.77 EPS for the current year.

The Cigna Group Increases Dividend

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

Insider Activity

In other news, CEO David Cordani sold 26,527 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $8,173,499.24. Following the transaction, the chief executive officer now owns 127,767 shares in the company, valued at approximately $39,367,568.04. This represents a 17.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Noelle K. Eder sold 9,944 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the sale, the insider now owns 13,406 shares in the company, valued at approximately $4,289,920. The trade was a 42.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,751 shares of company stock worth $13,603,991. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Oppenheimer reduced their price objective on The Cigna Group from $400.00 to $375.00 and set an "outperform" rating on the stock in a research note on Friday, January 31st. Royal Bank of Canada set a $355.00 price target on The Cigna Group in a research report on Friday, January 31st. Raymond James reiterated a "strong-buy" rating and issued a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a research report on Friday, January 31st. Piper Sandler reissued an "overweight" rating and set a $348.00 price objective (down previously from $394.00) on shares of The Cigna Group in a research note on Monday, February 3rd. Finally, Sanford C. Bernstein downgraded shares of The Cigna Group from an "outperform" rating to a "market perform" rating and set a $323.00 target price on the stock. in a research note on Thursday, February 6th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $373.25.

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.