Bank of Nova Scotia Makes New $73.76 Million Investment in Cigna Group $CI

Key Points

• Bank of Nova Scotia acquired 267,570 Cigna shares worth approximately $73.76 million during the second quarter, joining other institutional investors that increased their positions. Institutions collectively own 86.99% of Cigna’s stock.
• Cigna reported quarterly EPS of $7.78, exceeding analyst expectations of $7.60, while revenue reached $70.04 billion and grew 6.7% year over year. The company reiterated fiscal 2026 guidance of approximately $30.45 EPS.
• Cigna declared a quarterly dividend of $1.56, equivalent to $6.24 annually and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $339.45, despite recent insider selling and mixed rating changes.

Bank of Nova Scotia acquired a new position in shares of Cigna Group (NYSE:CI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 267,570 shares of the health services provider's stock, valued at approximately $73,764,000. Bank of Nova Scotia owned about 0.10% of Cigna Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Assetmark Inc. boosted its holdings in shares of Cigna Group by 10.0% during the first quarter. Assetmark Inc. now owns 65,662 shares of the health services provider's stock worth $17,515,000 after acquiring an additional 5,963 shares during the period. Mystic Asset Management Inc. acquired a new stake in shares of Cigna Group during the second quarter worth $2,808,000. HighTower Advisors LLC grew its position in Cigna Group by 402.7% during the second quarter. HighTower Advisors LLC now owns 354,398 shares of the health services provider's stock worth $97,701,000 after buying an additional 283,897 shares in the last quarter. KBC Group NV raised its stake in Cigna Group by 6.4% in the second quarter. KBC Group NV now owns 380,034 shares of the health services provider's stock valued at $104,768,000 after purchasing an additional 22,978 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Cigna Group by 12.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 82,825 shares of the health services provider's stock valued at $22,833,000 after buying an additional 8,960 shares during the period. 86.99% of the stock is owned by institutional investors.

Cigna Group Trading Up 0.6%

Shares of CI stock opened at $276.19 on Friday. The company's fifty day simple moving average is $284.20 and its two-hundred day simple moving average is $281.38. Cigna Group has a 1 year low of $239.51 and a 1 year high of $315.47. The stock has a market capitalization of $72.98 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 0.95 and a beta of 0.29. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.76 and a quick ratio of 0.76.

Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The health services provider reported $7.78 EPS for the quarter, beating the consensus estimate of $7.60 by $0.18. Cigna Group had a net margin of 2.27% and a return on equity of 19.75%. The firm had revenue of $70.04 billion during the quarter, compared to the consensus estimate of $70.14 billion. During the same period last year, the firm earned $7.20 EPS. The business's quarterly revenue was up 6.7% compared to the same quarter last year. Cigna Group has set its FY 2026 guidance at 30.450- EPS. As a group, analysts anticipate that Cigna Group will post 30.51 earnings per share for the current year.

Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Tuesday, September 8th will be paid a $1.56 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $6.24 annualized dividend and a yield of 2.3%. Cigna Group's dividend payout ratio is currently 25.82%.

Insider Buying and Selling

In other Cigna Group news, insider Nicole S. Jones sold 19,436 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $276.27, for a total transaction of $5,369,583.72. Following the transaction, the insider directly owned 27,256 shares in the company, valued at $7,530,015.12. This trade represents a 41.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jamie G. Kates sold 899 shares of Cigna Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $298.61, for a total transaction of $268,450.39. Following the transaction, the chief accounting officer directly owned 2,368 shares in the company, valued at $707,108.48. This trade represents a 27.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,012 shares of company stock worth $6,386,550 over the last quarter. Company insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CI. Barclays raised their price objective on Cigna Group from $304.00 to $310.00 and gave the company an "equal weight" rating in a research note on Friday, July 31st. Morgan Stanley upped their price objective on shares of Cigna Group from $355.00 to $361.00 and gave the company an "overweight" rating in a report on Wednesday, May 20th. Raymond James Financial downgraded Cigna Group from a "strong-buy" rating to an "outperform" rating and reduced their target price for the company from $350.00 to $320.00 in a research note on Monday, August 3rd. The Goldman Sachs Group raised their price target on shares of Cigna Group from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Finally, Jefferies Financial Group lowered shares of Cigna Group from a "buy" rating to a "hold" rating and dropped their price target for the company from $336.00 to $307.00 in a research report on Tuesday, August 4th. Fifteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $339.45.

Cigna Group Company 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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