Canoe Financial LP Buys 2,463 Shares of Cigna Group $CI

Key Points

• Canoe Financial LP increased its stake in Cigna Group by 226.8% in Q2, holding 3,549 shares worth $1,173,000 after purchasing 2,463 additional shares.
• Analysts have set a new price target for Cigna Group, with Guggenheim maintaining a "buy" rating and a target of $350.00, while the average target price across analysts is $371.81.
• Cigna Group announced a dividend of $1.51 per share, representing an annualized dividend yield of 2.1% and a payout ratio of 32.97%.

Canoe Financial LP lifted its holdings in Cigna Group (NYSE:CI - Free Report) by 226.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,549 shares of the health services provider's stock after buying an additional 2,463 shares during the period. Canoe Financial LP's holdings in Cigna Group were worth $1,173,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CI. Price T Rowe Associates Inc. MD increased its position in Cigna Group by 10.0% during 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 purchasing an additional 1,094,327 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Cigna Group by 0.9% in the 1st 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 purchasing an additional 98,715 shares during the last quarter. Dodge & Cox raised its stake in shares of Cigna Group by 1.3% in the 1st quarter. Dodge & Cox now owns 8,889,733 shares of the health services provider's stock valued at $2,924,722,000 after acquiring an additional 117,125 shares during the period. GQG Partners LLC boosted its position in shares of 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 worth $1,607,716,000 after buying an additional 865,092 shares during the period. Finally, Parnassus Investments LLC grew its position in 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 valued at $949,357,000 after acquiring an additional 86,602 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CI shares. Royal Bank Of Canada restated an "outperform" rating and issued a $371.00 target price on shares of Cigna Group in a report on Thursday, June 26th. Wells Fargo & Company dropped their target price on shares of Cigna Group from $341.00 to $340.00 and set an "equal weight" rating for the company in a report on Thursday, August 14th. Robert W. Baird set a $372.00 target price on shares of Cigna Group in a research report on Thursday, August 14th. TD Cowen upgraded shares of Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft set a $415.00 price objective on shares of Cigna Group and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Cigna Group currently has a consensus rating of "Buy" and a consensus price target of $371.81.

Insider Activity at Cigna Group

In related news, insider Nicole S. Jones sold 28,526 shares of the business'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 transaction, the insider directly owned 25,648 shares of the company's stock, valued at approximately $7,694,400. The trade was a 52.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Cigna Group Price Performance

NYSE:CI traded down $3.60 during trading hours on Friday, reaching $290.16. The company had a trading volume of 2,573,913 shares, compared to its average volume of 1,328,766. The firm has a market capitalization of $77.45 billion, a PE ratio of 15.84, a PEG ratio of 0.85 and a beta of 0.48. The stock has a 50-day moving average of $293.99 and a two-hundred day moving average of $311.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.65. Cigna Group has a one year low of $256.89 and a one year high of $358.91.

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

Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.1%. Cigna Group's dividend payout ratio (DPR) is currently 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.