Allspring Global Investments Holdings LLC Has $86.66 Million Position in Cigna Group $CI

Key Points

• Allspring Global Investments Holdings LLC increased its position in Cigna Group shares by 9.3%, owning approximately $86.66 million worth of stock.
• Multiple hedge funds have adjusted their stakes in Cigna Group, including Modern Wealth Management, which raised its holdings by 91.3% in the first quarter.
• Cigna Group's recent quarterly earnings exceeded expectations, reporting $7.20 EPS and revenue of $67.13 billion, a 11.0% increase year-over-year.

Allspring Global Investments Holdings LLC increased its position in shares of Cigna Group (NYSE:CI - Free Report) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,157 shares of the health services provider's stock after purchasing an additional 22,145 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Cigna Group worth $86,660,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Modern Wealth Management LLC lifted its holdings in Cigna Group by 91.3% during the 1st quarter. Modern Wealth Management LLC now owns 3,130 shares of the health services provider's stock worth $1,030,000 after purchasing an additional 1,494 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Cigna Group by 3.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 35,943 shares of the health services provider's stock valued at $11,882,000 after acquiring an additional 1,357 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Cigna Group by 277.5% in the 1st quarter. Acadian Asset Management LLC now owns 8,274 shares of the health services provider's stock valued at $2,718,000 after acquiring an additional 6,082 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Cigna Group in the 1st quarter valued at $431,000. Finally, Integrity Alliance LLC. acquired a new position in Cigna Group in the 1st quarter valued at $617,000. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CI. Wall Street Zen cut Cigna Group from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. Wells Fargo & Company lifted their price objective on Cigna Group from $340.00 to $354.00 and gave the company an "equal weight" rating in a report on Tuesday, October 7th. TD Cowen raised Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cigna Group in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $371.00 price objective on shares of Cigna Group in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $372.69.

Insiders Place Their Bets

In related news, insider Brian C. Evanko sold 5,368 shares of the business's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $300.00, for a total transaction of $1,610,400.00. Following the sale, the insider owned 51,182 shares in the company, valued at $15,354,600. The trade was a 9.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nicole S. Jones sold 28,526 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $300.00, for a total value of $8,557,800.00. Following the sale, the insider owned 25,648 shares in the company, valued at $7,694,400. This represents a 52.66% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.70% of the company's stock.

Cigna Group Trading Down 1.7%

Shares of CI opened at $295.60 on Tuesday. Cigna Group has a 52-week low of $256.89 and a 52-week high of $358.88. The business's fifty day moving average is $295.25 and its 200-day moving average is $308.92. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market cap of $78.90 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 0.88 and a beta of 0.45.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, beating 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 company had revenue of $67.13 billion for the quarter, compared to analyst estimates of $62.61 billion. During the same quarter last year, the company posted $6.72 EPS. The company'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. Equities analysts anticipate that Cigna Group will post 29.77 EPS for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, September 4th. This represents a $6.04 dividend on an annualized basis and a yield of 2.0%. Cigna Group's payout ratio is currently 32.97%.

Cigna Group 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.

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