Bank of Nova Scotia Has $20.67 Million Stock Holdings in Cigna Group $CI

Key Points

• Bank of Nova Scotia cut its Cigna Group stake by 77.3% in the first quarter, leaving it with 77,495 shares valued at about $20.67 million.
• Cigna reported better-than-expected quarterly results, posting EPS of $7.79 versus the $7.60 estimate and revenue of $68.52 billion, up 4.6% year over year.
• The company announced a quarterly dividend of $1.56 per share, equal to an annualized yield of about 2.2%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $338.80.

Bank of Nova Scotia decreased its stake in shares of Cigna Group (NYSE:CI - Free Report) by 77.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 77,495 shares of the health services provider's stock after selling 263,801 shares during the period. Bank of Nova Scotia's holdings in Cigna Group were worth $20,672,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Wilkerson Advisory Group LLC acquired a new stake in Cigna Group during the fourth quarter worth approximately $25,000. Cedar Mountain Advisors LLC increased its stake in shares of Cigna Group by 161.9% during the first quarter. Cedar Mountain Advisors LLC now owns 110 shares of the health services provider's stock worth $29,000 after purchasing an additional 68 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in Cigna Group during the 4th quarter worth approximately $29,000. Prosperity Bancshares Inc bought a new stake in Cigna Group in the 4th quarter valued at $29,000. Finally, Lodestone Wealth Management LLC bought a new stake in Cigna Group in the 4th quarter valued at $32,000. 86.99% of the stock is owned by institutional investors.

Insider Buying and Selling at Cigna Group

In other Cigna Group news, CEO David Cordani sold 201,878 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $292.82, for a total transaction of $59,113,915.96. Following the completion of the sale, the chief executive officer directly owned 34,337 shares in the company, valued at $10,054,560.34. This represents a 85.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $298.61, for a total value of $268,450.39. Following the completion of the sale, the chief accounting officer directly owned 2,368 shares in the company, valued at approximately $707,108.48. This represents a 27.52% decrease in their position. The SEC filing for this sale provides additional information. 0.60% of the stock is owned by corporate insiders.

Cigna Group Price Performance

CI stock opened at $290.06 on Friday. The company's 50-day moving average price is $286.05 and its two-hundred day moving average price is $280.78. The firm has a market cap of $76.73 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.12 and a beta of 0.29. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.69. Cigna Group has a 12 month low of $239.51 and a 12 month high of $315.47.

Cigna Group (NYSE:CI - Get Free Report) last issued 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. The company had revenue of $68.52 billion during the quarter, compared to the consensus estimate of $66.29 billion. Cigna Group had a net margin of 2.26% and a return on equity of 19.75%. The firm's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.74 EPS. Cigna Group has set its FY 2026 guidance at 30.350- EPS. On average, analysts anticipate that Cigna Group will post 30.39 earnings per share for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Tuesday, September 8th will be given a dividend of $1.56 per share. This represents a $6.24 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 8th. Cigna Group's payout ratio is currently 26.45%.

Analyst Ratings Changes

Several research analysts have weighed in on CI shares. Jefferies Financial Group lowered their price objective on Cigna Group from $333.00 to $330.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Sanford C. Bernstein boosted their target price on shares of Cigna Group from $371.00 to $381.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Raymond James Financial set a $340.00 price target on shares of Cigna Group in a research note on Friday, May 1st. Guggenheim lifted their price objective on shares of Cigna Group from $334.00 to $338.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Finally, Barclays downgraded shares of Cigna Group from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $310.00 to $304.00 in a report on Tuesday, May 26th. One equities 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 company. Based on data from MarketBeat.com, Cigna Group currently has an average rating of "Moderate Buy" and a consensus target price of $338.80.

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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