Connor Clark & Lunn Investment Management Ltd. Lowers Position in Cigna Group $CI

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Cigna Group by 93.9%, holding only 1,085 shares after selling 16,825 shares in the first quarter.
• Cigna Group reported $7.20 EPS in its latest quarterly earnings, exceeding estimates, with a revenue of $67.13 billion for the quarter.
• The firm announced a quarterly dividend of $1.51 per share, with a payout ratio of 32.97%, and the stock has a target price consensus of $378.33 from analysts.

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Cigna Group (NYSE:CI - Free Report) by 93.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,085 shares of the health services provider's stock after selling 16,825 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Cigna Group were worth $357,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Zions Bancorporation National Association UT acquired a new position in shares of Cigna Group during the 1st quarter worth $385,000. Townsquare Capital LLC increased its holdings in Cigna Group by 4.6% in the 1st quarter. Townsquare Capital LLC now owns 37,260 shares of the health services provider's stock worth $12,259,000 after purchasing an additional 1,626 shares in the last quarter. Morton Community Bank increased its holdings in Cigna Group by 1.4% in the 1st quarter. Morton Community Bank now owns 12,218 shares of the health services provider's stock worth $4,020,000 after purchasing an additional 170 shares in the last quarter. National Bank of Canada FI increased its holdings in Cigna Group by 15.7% in the 1st quarter. National Bank of Canada FI now owns 305,577 shares of the health services provider's stock worth $100,538,000 after purchasing an additional 41,480 shares in the last quarter. Finally, AlphaCore Capital LLC increased its holdings in Cigna Group by 151.2% in the 1st quarter. AlphaCore Capital LLC now owns 2,158 shares of the health services provider's stock worth $710,000 after purchasing an additional 1,299 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Analyst Upgrades and Downgrades

CI has been the subject of a number of recent research reports. Morgan Stanley upped their target price on Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. TD Cowen raised Cigna Group to a "strong-buy" rating in a report on Monday, June 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $371.00 target price on shares of Cigna Group in a report on Thursday, June 26th. Wall Street Zen cut Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Robert W. Baird set a $372.00 target price on Cigna Group in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $374.82.

Cigna Group Trading Up 1.1%

Shares of Cigna Group stock traded up $3.1890 on Friday, hitting $304.1390. 1,127,473 shares of the company's stock traded hands, compared to its average volume of 2,135,227. Cigna Group has a one year low of $256.89 and a one year high of $370.83. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.71 and a quick ratio of 0.71. The company has a fifty day moving average of $301.16 and a two-hundred day moving average of $311.31. The company has a market capitalization of $81.18 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 0.88 and a beta of 0.47.

Cigna Group (NYSE:CI - Get Free Report) last announced its earnings results on Thursday, July 31st. The health services provider reported $7.20 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 in the prior year, the company earned $6.72 EPS. The firm'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. As a group, sell-side analysts expect that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be issued a $1.51 dividend. The ex-dividend date is Thursday, September 4th. This represents a $6.04 annualized dividend and a yield of 2.0%. Cigna Group's dividend payout ratio is presently 32.97%.

Insider Transactions at Cigna Group

In other Cigna Group news, insider Nicole S. Jones sold 28,526 shares of the stock in a transaction that occurred 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 transaction, the insider owned 25,648 shares in the company, valued at approximately $7,694,400. This represents a 52.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

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.