34,577 Cigna Group $CI Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Cigna stake by 6.2%, selling 34,577 shares in the third quarter; it still held 527,459 shares valued at about $143.4 million.
• Cigna shares opened at $306.01, and the company announced a quarterly dividend of $1.56 per share, equivalent to $6.24 annually and a 2.0% yield.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $336.40. Investors are watching the earnings outlook amid possible pressure from lower Evernorth profits and higher medical costs.

Pzena Investment Management LLC decreased its position in Cigna Group (NYSE:CI - Free Report) by 6.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 527,459 shares of the health services provider's stock after selling 34,577 shares during the period. Pzena Investment Management LLC owned approximately 0.20% of Cigna Group worth $143,379,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Osbon Capital Management LLC bought a new position in shares of Cigna Group in the second quarter valued at approximately $26,000. Putney Financial Group LLC acquired a new stake in Cigna Group during the 3rd quarter worth about $27,000. Johnson Financial Group Inc. purchased a new stake in shares of Cigna Group in the 2nd quarter valued at approximately $29,000. Fiduciary Financial Advisors purchased a new position in shares of Cigna Group during the second quarter valued at $29,000. Finally, Cedar Mountain Advisors LLC increased its holdings in shares of Cigna Group by 161.9% in the 1st quarter. Cedar Mountain Advisors LLC now owns 110 shares of the health services provider's stock valued at $29,000 after purchasing an additional 68 shares during the period. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Stock Performance

Shares of Cigna Group stock opened at $306.01 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.76 and a current ratio of 0.76. Cigna Group has a 52 week low of $255.53 and a 52 week high of $316.27. The stock has a market capitalization of $80.86 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.00 and a beta of 0.25. The firm has a fifty day moving average of $285.07 and a two-hundred day moving average of $281.91.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be issued a dividend of $1.56 per share. The ex-dividend date is Thursday, December 3rd. This represents a $6.24 dividend on an annualized basis and a yield of 2.0%. Cigna Group's payout ratio is currently 25.82%.

Insider Buying and Selling at Cigna Group

In other Cigna Group news, insider Everett Neville sold 617 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $284.05, for a total transaction of $175,258.85. Following the sale, the insider directly owned 5,053 shares in the company, valued at approximately $1,435,304.65. This trade represents a 10.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicole S. Jones sold 2,677 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $279.61, for a total transaction of $748,515.97. Following the completion of the sale, the insider directly owned 25,880 shares in the company, valued at $7,236,306.80. This represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is owned by insiders.

Cigna Group News Summary

Here are the key news stories impacting Cigna Group this week:

• Positive Sentiment: Cigna rose alongside Elevance Health as CVS fell sharply following its proposed breakup plan. The relative strength may indicate investors favored Cigna and other peers amid the sector reaction, though the reports do not identify a direct benefit to Cigna from CVS’s plan. CVS Tumbles 12% on Plan to Split Into Two Companies Despite Earnings Beat; Elevance Health Rises 4%, Cigna Climbs 3%
• Neutral Sentiment: Cigna’s gains since its Investor Day have put the focus on whether Thursday’s earnings report can sustain momentum. Analysts expect adjusted third-quarter EPS of $7.52, versus $7.83 a year earlier. Cigna Stock Has Gained Since Investor Day. Earnings Are Next.
• Negative Sentiment: Expectations for slower earnings growth pose a risk: pharmacy and premium growth may lift revenue, but lower Evernorth profits and higher medical costs could weigh on results. Investors will watch whether those headwinds are reflected in Cigna’s outlook. Can Pharmacy Growth Offset Evernorth's Profit Decline in Cigna's Q3?

Analyst Ratings Changes

Several research analysts have weighed in on the company. Piper Sandler reaffirmed an "overweight" rating on shares of Cigna Group in a research report on Friday, October 23rd. Barclays upped their price target on shares of Cigna Group from $304.00 to $310.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. Guggenheim upped their target price on shares of Cigna Group from $338.00 to $361.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Wall Street Zen lowered Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, October 31st. Finally, Evercore started coverage on shares of Cigna Group in a research report on Wednesday, September 9th. They issued an "in-line" rating and a $290.00 price target for the company. Fourteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $336.40.

About Cigna Group

The Cigna Group NYSE: CI is a global health services company that provides insurance coverage, health care benefits and related services. Its operations are primarily organized through Cigna Healthcare, which offers medical, pharmacy, dental, behavioral health and other benefit programs to employers, government organizations and individuals, primarily in the United States.

The company also operates Evernorth Health Services, a health services platform that includes pharmacy benefit management, specialty pharmacy, care management and health-care delivery capabilities.

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