Cigna Group (NYSE:CI) Stake Boosted by Mackenzie Financial Corp

Mackenzie Financial Corp raised its position in Cigna Group (NYSE:CI - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,001 shares of the health services provider's stock after purchasing an additional 1,996 shares during the period. Mackenzie Financial Corp's holdings in Cigna Group were worth $39,151,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CI. Family Legacy Inc. lifted its holdings in shares of Cigna Group by 0.5% during the 1st quarter. Family Legacy Inc. now owns 6,497 shares of the health services provider's stock worth $2,138,000 after acquiring an additional 31 shares during the period. Impact Investors Inc lifted its holdings in shares of Cigna Group by 1.6% during the 1st quarter. Impact Investors Inc now owns 1,975 shares of the health services provider's stock worth $650,000 after acquiring an additional 31 shares during the period. Mission Wealth Management LP lifted its holdings in shares of Cigna Group by 1.5% during the 1st quarter. Mission Wealth Management LP now owns 2,101 shares of the health services provider's stock worth $691,000 after acquiring an additional 32 shares during the period. Westend Capital Management LLC lifted its holdings in shares of Cigna Group by 8.1% during the 1st quarter. Westend Capital Management LLC now owns 427 shares of the health services provider's stock worth $140,000 after acquiring an additional 32 shares during the period. Finally, Moody National Bank Trust Division lifted its holdings in shares of Cigna Group by 0.7% during the 1st quarter. Moody National Bank Trust Division now owns 4,587 shares of the health services provider's stock worth $1,509,000 after acquiring an additional 34 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank Of Canada restated an "outperform" rating and issued a $371.00 price target on shares of Cigna Group in a report on Thursday, June 26th. Piper Sandler raised their price target on shares of Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Mizuho raised their price target on shares of Cigna Group from $360.00 to $384.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Cowen reaffirmed a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Finally, Wall Street Zen downgraded shares of Cigna Group from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $378.67.

Cigna Group Stock Performance

Shares of NYSE CI traded down $5.12 during midday trading on Friday, reaching $262.26. 3,428,214 shares of the company traded hands, compared to its average volume of 1,845,971. Cigna Group has a 52 week low of $256.89 and a 52 week high of $370.83. The stock has a 50-day moving average price of $309.98 and a 200 day moving average price of $312.08. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $70.06 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.90 and a beta of 0.44.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $67.13 billion for the quarter, compared to analysts' expectations of $62.61 billion. Cigna Group had a net margin of 1.97% and a return on equity of 18.63%. The company's revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the business earned $6.72 earnings per share. Sell-side analysts anticipate that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, September 4th. Cigna Group's payout ratio is presently 33.44%.

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.