Bank of Nova Scotia Grows Stake in Cigna Group (NYSE:CI)

Key Points

• Bank of Nova Scotia increased its stake in Cigna Group by 163.2%, acquiring an additional 206,739 shares, bringing its ownership to about 0.12% valued at $109.7 million.
• Cigna reported earnings of $7.20 per share for the recent quarter, surpassing estimates and showing a year-over-year revenue increase of 11.0% to $67.13 billion.
• The company declared a quarterly dividend of $1.51 per share, reflecting an annualized dividend of $6.04 with a yield of 2.3%.

Bank of Nova Scotia increased its position in Cigna Group (NYSE:CI - Free Report) by 163.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 333,435 shares of the health services provider's stock after buying an additional 206,739 shares during the quarter. Bank of Nova Scotia owned 0.12% of Cigna Group worth $109,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Putney Financial Group LLC bought a new stake in Cigna Group in the fourth quarter valued at approximately $36,000. Evermay Wealth Management LLC increased its stake in shares of Cigna Group by 58.6% during the first quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock valued at $37,000 after buying an additional 41 shares during the period. Transce3nd LLC purchased a new position in shares of Cigna Group during the fourth quarter valued at approximately $38,000. Richardson Financial Services Inc. purchased a new position in shares of Cigna Group during the first quarter valued at approximately $38,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Cigna Group during the first quarter valued at approximately $40,000. Institutional investors own 86.99% of the company's stock.

Cigna Group Stock Performance

CI stock traded down $5.12 during trading on Friday, reaching $262.26. The stock had a trading volume of 3,428,214 shares, compared to its average volume of 1,808,167. The stock's 50 day moving average is $308.90 and its two-hundred day moving average is $312.33. The firm has a market cap of $70.01 billion, a PE ratio of 14.32, a PEG ratio of 0.79 and a beta of 0.47. Cigna Group has a 52 week low of $256.89 and a 52 week high of $370.83. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.65.

Cigna Group (NYSE:CI - Get Free Report) last released its quarterly 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 net margin of 1.92% and a return on equity of 18.80%. The firm had revenue of $67.13 billion during the quarter, compared to analyst estimates of $62.61 billion. During the same quarter in the prior year, the firm earned $6.72 EPS. The business's revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities analysts anticipate that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a dividend yield of 2.3%. Cigna Group's dividend payout ratio (DPR) is 32.97%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CI. Truist Financial boosted their target price on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Guggenheim reissued a "buy" rating and set a $388.00 target price on shares of Cigna Group in a research note on Friday, May 23rd. Morgan Stanley boosted their target price on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Wall Street Zen cut Cigna Group from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Robert W. Baird reduced their price target on Cigna Group from $388.00 to $362.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $378.67.

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.