Ontario Teachers Pension Plan Board Reduces Stock Position in The Cigna Group (NYSE:CI)

Ontario Teachers Pension Plan Board reduced its stake in The Cigna Group (NYSE:CI - Free Report) by 62.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,487 shares of the health services provider's stock after selling 14,366 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in The Cigna Group were worth $2,940,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its stake in shares of The Cigna Group by 4.4% in the 2nd quarter. Van ECK Associates Corp now owns 14,872 shares of the health services provider's stock worth $4,916,000 after acquiring an additional 625 shares during the period. Marks Group Wealth Management Inc raised its stake in The Cigna Group by 3,669.7% during the third quarter. Marks Group Wealth Management Inc now owns 24,013 shares of the health services provider's stock worth $8,319,000 after purchasing an additional 23,376 shares during the period. Hancock Whitney Corp raised its stake in shares of The Cigna Group by 75.6% in the 1st quarter. Hancock Whitney Corp now owns 3,783 shares of the health services provider's stock valued at $1,374,000 after acquiring an additional 1,629 shares during the period. ORG Partners LLC purchased a new position in shares of The Cigna Group in the 2nd quarter valued at $489,000. Finally, Tidal Investments LLC raised its stake in shares of The Cigna Group by 36.0% in the 1st quarter. Tidal Investments LLC now owns 15,276 shares of the health services provider's stock valued at $5,548,000 after acquiring an additional 4,043 shares during the period. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CI shares. Piper Sandler reaffirmed an "overweight" rating and set a $394.00 price target (up from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. StockNews.com downgraded shares of The Cigna Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, November 4th. Royal Bank of Canada dropped their target price on shares of The Cigna Group from $384.00 to $377.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $400.00 price objective on shares of The Cigna Group in a research report on Wednesday, October 23rd. Finally, Stephens reiterated an "overweight" rating and issued a $410.00 target price on shares of The Cigna Group in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $394.64.

The Cigna Group Stock Up 0.3 %

CI traded up $0.86 during trading on Wednesday, hitting $323.36. 1,527,310 shares of the company's stock were exchanged, compared to its average volume of 1,542,903. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71. The business's 50 day moving average is $337.46 and its two-hundred day moving average is $339.14. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $370.83. The stock has a market cap of $89.94 billion, a P/E ratio of 30.44, a PEG ratio of 0.97 and a beta of 0.51.

The Cigna Group (NYSE:CI - Get Free Report) last released its earnings results on Thursday, October 31st. The health services provider reported $7.51 earnings per share for the quarter, beating analysts' consensus estimates of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The firm had revenue of $63.70 billion for the quarter, compared to analysts' expectations of $59.58 billion. During the same period in the previous year, the company earned $6.77 earnings per share. The company's quarterly revenue was up 29.8% on a year-over-year basis. As a group, equities analysts expect that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Wednesday, December 4th. The Cigna Group's dividend payout ratio (DPR) is 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.