Adage Capital Partners GP L.L.C. Grows Stock Position in Cigna Group $CI

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Cigna Group by 16.1%, acquiring an additional 26,710 shares, bringing its total ownership to approximately 0.07% valued at $63.27 million.
• Cigna Group reported a record quarterly revenue of $67.13 billion, exceeding analysts' expectations, with earnings per share of $7.20, surpassing the consensus estimate by $0.05.
• The company declared a quarterly dividend of $1.51 per share, representing an annualized yield of 2.0%, with a payout ratio currently at 32.97%.

Adage Capital Partners GP L.L.C. raised its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,314 shares of the health services provider's stock after purchasing an additional 26,710 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.07% of Cigna Group worth $63,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Cigna Group by 10.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,056,806 shares of the health services provider's stock worth $3,966,690,000 after acquiring an additional 1,094,327 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Cigna Group by 0.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,654,993 shares of the health services provider's stock valued at $3,834,493,000 after buying an additional 98,715 shares during the period. Dodge & Cox lifted its position in Cigna Group by 1.3% during the first quarter. Dodge & Cox now owns 8,889,733 shares of the health services provider's stock valued at $2,924,722,000 after buying an additional 117,125 shares during the period. GQG Partners LLC lifted its position in Cigna Group by 21.5% during the first quarter. GQG Partners LLC now owns 4,886,674 shares of the health services provider's stock valued at $1,607,716,000 after buying an additional 865,092 shares during the period. Finally, Parnassus Investments LLC raised its position in shares of Cigna Group by 3.1% in the 1st quarter. Parnassus Investments LLC now owns 2,885,583 shares of the health services provider's stock worth $949,357,000 after purchasing an additional 86,602 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nicole S. Jones sold 28,526 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $300.00, for a total transaction of $8,557,800.00. Following the sale, the insider directly owned 25,648 shares of the company's stock, valued at $7,694,400. This represents a 52.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CI has been the subject of several research analyst reports. Truist Financial set a $375.00 price objective on Cigna Group in a report on Tuesday, September 2nd. Wells Fargo & Company reduced their price objective on Cigna Group from $341.00 to $340.00 and set an "equal weight" rating for the company in a report on Thursday, August 14th. TD Cowen upgraded Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Robert W. Baird set a $372.00 price objective on Cigna Group in a report on Thursday, August 14th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $371.00 price target on shares of Cigna Group in a research note on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $374.76.

Cigna Group Price Performance

CI stock traded down $2.07 during midday trading on Monday, hitting $303.25. The company's stock had a trading volume of 277,185 shares, compared to its average volume of 1,821,188. Cigna Group has a 12 month low of $256.89 and a 12 month high of $370.83. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $80.95 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.89 and a beta of 0.48. The company has a 50 day moving average of $297.68 and a two-hundred day moving average of $312.17.

Cigna Group (NYSE:CI - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, topping the consensus estimate of $7.15 by $0.05. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%.The business had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. During the same period in the prior year, the company posted $6.72 EPS. The firm's revenue for the quarter was up 11.0% compared to the same quarter last year. Cigna Group has set its FY 2025 guidance at 29.600- EPS. On average, analysts expect that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's dividend payout ratio is 32.97%.

About 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.