3,494 Cigna Group $CI Shares Sold by Cortland Associates Inc. MO

Key Points

• Cortland Associates reduced its Cigna Group position by 3%, selling 3,494 shares and retaining 113,001 shares valued at approximately $30.7 million. Institutional investors collectively own 86.99% of the stock.
• Analyst sentiment remains positive, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $338.24.
• Cigna’s stock opened at $295.20, while the company declared a quarterly dividend of $1.56 per share, equating to a 2.1% yield and $6.24 annualized payout.

Cortland Associates Inc. MO lowered its position in shares of Cigna Group (NYSE:CI - Free Report) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,001 shares of the health services provider's stock after selling 3,494 shares during the period. Cigna Group comprises approximately 4.5% of Cortland Associates Inc. MO's holdings, making the stock its 9th largest holding. Cortland Associates Inc. MO's holdings in Cigna Group were worth $30,717,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Evercore Wealth Management LLC grew its holdings in Cigna Group by 2.8% during the 1st quarter. Evercore Wealth Management LLC now owns 1,301 shares of the health services provider's stock worth $347,000 after acquiring an additional 35 shares in the last quarter. Independence Bank of Kentucky increased its position in Cigna Group by 2.6% during the 2nd quarter. Independence Bank of Kentucky now owns 1,483 shares of the health services provider's stock valued at $409,000 after purchasing an additional 37 shares during the period. West Family Investments Inc. raised its holdings in shares of Cigna Group by 4.2% in the 2nd quarter. West Family Investments Inc. now owns 919 shares of the health services provider's stock valued at $253,000 after purchasing an additional 37 shares in the last quarter. WPG Advisers LLC raised its holdings in shares of Cigna Group by 24.5% in the 1st quarter. WPG Advisers LLC now owns 203 shares of the health services provider's stock valued at $54,000 after purchasing an additional 40 shares in the last quarter. Finally, Maripau Wealth Management LLC lifted its position in shares of Cigna Group by 4.0% in the 1st quarter. Maripau Wealth Management LLC now owns 1,074 shares of the health services provider's stock worth $287,000 after purchasing an additional 41 shares during the period. 86.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CI. Sanford C. Bernstein reiterated an "outperform" rating on shares of Cigna Group in a research note on Friday, October 2nd. Evercore assumed coverage on shares of Cigna Group in a research note on Wednesday, September 9th. They issued an "in-line" rating and a $290.00 price objective for the company. Wells Fargo & Company upped their target price on Cigna Group from $305.00 to $307.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Raymond James Financial cut Cigna Group from a "strong-buy" rating to an "outperform" rating and dropped their target price for the company from $350.00 to $320.00 in a research report on Monday, August 3rd. Finally, Piper Sandler reiterated an "overweight" rating on shares of Cigna Group in a report on Friday, October 23rd. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $338.24.

Cigna Group Trading Down 1.0%

Cigna Group stock opened at $295.20 on Tuesday. The stock has a 50-day moving average of $284.24 and a two-hundred day moving average of $281.65. 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 one year low of $239.51 and a one year high of $316.27. The stock has a market cap of $78.00 billion, a PE ratio of 9.37, a price-to-earnings-growth ratio of 1.00 and a beta of 0.29.

Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders 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 annualized dividend and a dividend yield of 2.1%. Cigna Group's dividend payout ratio is 25.82%.

Insider Activity at Cigna Group

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

Cigna Group Company Profile

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.

Want to see what other hedge funds are holding CI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cigna Group (NYSE:CI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.