iA Global Asset Management Inc. Boosts Holdings in Cigna Group (NYSE:CI)

Key Points

• iA Global Asset Management Inc. increased its stake in Cigna Group by 90.9%, owning 5,256 shares worth $1.73 million as of the latest SEC filing.
• Cigna Group reported $7.20 earnings per share for the last quarter, exceeding expectations, and had revenue of $67.13 billion, up 11% year-over-year.
• The company is set to pay a quarterly dividend of $1.51 per share on September 18th, reflecting an annualized yield of 2.2%.

iA Global Asset Management Inc. lifted its position in Cigna Group (NYSE:CI - Free Report) by 90.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,256 shares of the health services provider's stock after acquiring an additional 2,503 shares during the quarter. iA Global Asset Management Inc.'s holdings in Cigna Group were worth $1,729,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Evermay Wealth Management LLC raised its stake in shares of Cigna Group by 58.6% in the 1st quarter. Evermay Wealth Management LLC now owns 111 shares of the health services provider's stock worth $37,000 after buying an additional 41 shares in the last quarter. Richardson Financial Services Inc. bought a new stake in shares of Cigna Group in the 1st quarter worth $38,000. Wayfinding Financial LLC bought a new stake in shares of Cigna Group in the 1st quarter worth $40,000. Putney Financial Group LLC bought a new stake in shares of Cigna Group in the 4th quarter worth $36,000. Finally, Transce3nd LLC acquired a new position in shares of Cigna Group in the 4th quarter worth $38,000. Institutional investors and hedge funds own 86.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts 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. Robert W. Baird cut their price objective on Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft set a $415.00 price target on Cigna Group and gave the company a "buy" rating in a research note on Tuesday. Truist Financial upped their price objective on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Cowen restated a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Three investment 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $377.72.

Cigna Group Stock Performance

Cigna Group stock traded up $4.03 during midday trading on Friday, reaching $275.03. 1,518,156 shares of the company traded hands, compared to its average volume of 2,047,994. The firm has a market capitalization of $73.41 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 0.79 and a beta of 0.47. The business has a 50 day moving average of $304.57 and a two-hundred day moving average of $311.45. Cigna Group has a 12 month low of $256.89 and a 12 month 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.

Cigna Group (NYSE:CI - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $62.61 billion. During the same period in the prior year, the company posted $6.72 earnings per share. The company's revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, research analysts predict that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a $1.51 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.2%. Cigna Group's payout ratio is presently 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.