Amundi Boosts Stake in Cigna Group $CI

Key Points

• Amundi increased its Cigna stake by 31% in the first quarter, purchasing 366,753 additional shares for a total holding of 1.55 million shares valued at approximately $413.5 million. Institutional investors collectively own 86.99% of Cigna’s stock.
• Cigna reported stronger-than-expected quarterly results, with earnings of $7.79 per share and revenue of $68.52 billion, representing 4.6% year-over-year growth. The company also announced a quarterly dividend of $1.56, or $6.24 annualized, yielding about 2.1%.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $338.80 versus the reported share price of $297.42. However, CEO David Cordani and another executive recently disclosed stock sales.

Amundi grew its position in Cigna Group (NYSE:CI - Free Report) by 31.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,550,003 shares of the health services provider's stock after buying an additional 366,753 shares during the period. Amundi owned 0.59% of Cigna Group worth $413,464,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CI. Norges Bank acquired a new stake in Cigna Group in the 4th quarter worth approximately $1,019,790,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cigna Group by 13,333.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,165,408 shares of the health services provider's stock worth $900,912,000 after buying an additional 3,141,844 shares during the period. Dodge & Cox lifted its stake in shares of Cigna Group by 19.7% during the fourth quarter. Dodge & Cox now owns 11,138,614 shares of the health services provider's stock worth $3,065,681,000 after buying an additional 1,833,389 shares during the period. Boston Partners grew its holdings in shares of Cigna Group by 314.6% during the fourth quarter. Boston Partners now owns 1,638,191 shares of the health services provider's stock valued at $450,856,000 after buying an additional 1,243,056 shares during the last quarter. Finally, GQG Partners LLC grew its holdings in shares of Cigna Group by 14.3% during the fourth quarter. GQG Partners LLC now owns 7,763,295 shares of the health services provider's stock valued at $2,136,699,000 after buying an additional 972,302 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Trading Down 1.2%

Shares of Cigna Group stock opened at $297.42 on Thursday. The firm has a 50-day simple moving average of $286.64 and a two-hundred day simple moving average of $281.06. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.73 and a current ratio of 0.73. Cigna Group has a fifty-two week low of $239.51 and a fifty-two week high of $315.47. The company has a market cap of $78.68 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.16 and a beta of 0.29.

Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The health services provider reported $7.79 earnings per share for the quarter, topping analysts' consensus estimates of $7.60 by $0.19. Cigna Group had a return on equity of 19.75% and a net margin of 2.26%.The company had revenue of $68.52 billion during the quarter, compared to analysts' expectations of $66.29 billion. During the same quarter in the prior year, the firm posted $6.74 EPS. Cigna Group's quarterly revenue was up 4.6% compared to the same quarter last year. As a group, equities analysts predict that Cigna Group will post 30.39 earnings per share for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 8th will be given a $1.56 dividend. This represents a $6.24 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, September 8th. Cigna Group's dividend payout ratio (DPR) is 26.45%.

Wall Street Analysts Forecast Growth

CI has been the subject of a number of research analyst reports. Barclays lowered Cigna Group from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $310.00 to $304.00 in a research note on Tuesday, May 26th. Wolfe Research reissued an "outperform" rating and issued a $315.00 price objective on shares of Cigna Group in a report on Tuesday, June 16th. Royal Bank Of Canada raised their price objective on Cigna Group from $333.00 to $337.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Robert W. Baird set a $337.00 target price on Cigna Group in a report on Friday, May 1st. Finally, UBS Group upped their target price on Cigna Group from $375.00 to $400.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Cigna Group currently has an average rating of "Moderate Buy" and an average price target of $338.80.

Insider Buying and Selling

In related news, CEO David Cordani sold 201,878 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $292.82, for a total value of $59,113,915.96. Following the completion of the transaction, the chief executive officer directly owned 34,337 shares of the company's stock, valued at approximately $10,054,560.34. This represents a 85.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jamie G. Kates sold 899 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $298.61, for a total value of $268,450.39. Following the transaction, the chief accounting officer owned 2,368 shares in the company, valued at approximately $707,108.48. This represents a 27.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company's stock.

Cigna Group Profile

Cigna Group NYSE: CI is a global health services company that offers a broad portfolio of healthcare products and insurance solutions for individuals, employers, and governments. Its core businesses include medical and behavioral health plans, dental and vision coverage, pharmacy benefit management, and supplemental health products. Cigna serves a mix of commercial, Medicare, and Medicaid customers and provides workplace benefits such as group health plans and disability and life benefits for employers.

In addition to traditional insurance products, Cigna operates health services and care-delivery platforms designed to manage costs and improve outcomes.

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