Cigna Group (NYSE:CI) Shares Acquired by Davis Selected Advisers

Key Points

• Davis Selected Advisers has increased its stake in Cigna Group to 1,433,251 shares, valued at approximately $471.54 million, making it the 13th largest holding in their portfolio.
• Cigna reported earnings of $7.20 per share for the last quarter, exceeding analyst expectations, and also disclosed revenue of $67.13 billion, marking an 11% year-over-year increase.
• The company has declared a quarterly dividend of $1.51 per share, translating to an annualized dividend yield of 2.2%, with a dividend payout ratio of 32.97%.

Davis Selected Advisers increased its stake in shares of Cigna Group (NYSE:CI - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,433,251 shares of the health services provider's stock after acquiring an additional 1,455 shares during the period. Cigna Group comprises 2.7% of Davis Selected Advisers' holdings, making the stock its 13th largest position. Davis Selected Advisers owned approximately 0.54% of Cigna Group worth $471,540,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in Cigna Group by 0.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,654,993 shares of the health services provider's stock worth $3,834,493,000 after purchasing an additional 98,715 shares in the last quarter. Sanders Capital LLC increased its position in Cigna Group by 2.0% during the fourth quarter. Sanders Capital LLC now owns 8,054,959 shares of the health services provider's stock worth $2,224,296,000 after purchasing an additional 154,420 shares during the last quarter. Northern Trust Corp raised its position in shares of Cigna Group by 11.7% during the 4th quarter. Northern Trust Corp now owns 3,140,201 shares of the health services provider's stock valued at $867,135,000 after buying an additional 328,320 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in Cigna Group in the fourth quarter valued at $724,517,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cigna Group by 15.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,592 shares of the health services provider's stock valued at $689,133,000 after purchasing an additional 326,633 shares during the period. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CI. Guggenheim reaffirmed a "buy" rating and issued a $350.00 price objective (down from $388.00) on shares of Cigna Group in a research note on Monday, August 4th. Morgan Stanley boosted their target price on Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Cowen reaffirmed a "buy" rating on shares of Cigna Group in a report on Monday, May 5th. Wall Street Zen downgraded Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Barclays reduced their target price on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Cigna Group presently has an average rating of "Moderate Buy" and an average price target of $377.72.

Cigna Group Price Performance

NYSE CI traded up $4.03 during mid-day trading on Friday, hitting $275.03. The stock had a trading volume of 1,518,156 shares, compared to its average volume of 2,047,994. Cigna Group has a 52-week low of $256.89 and a 52-week high of $370.83. The company has a market cap of $73.41 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 0.81 and a beta of 0.47. The company has a 50 day simple moving average of $304.57 and a 200 day simple moving average of $311.60. 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 (NYSE:CI - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 earnings per share for the quarter, topping the consensus estimate of $7.15 by $0.05. The company had revenue of $67.13 billion during the quarter, compared to the consensus estimate of $62.61 billion. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%. Cigna Group's revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business posted $6.72 earnings per share. Equities analysts forecast that Cigna Group will post 29.77 EPS for the current fiscal 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 given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's payout ratio is 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.