Parnassus Investments LLC Grows Stake in Cigna Group $CI

Key Points

• Parnassus Investments LLC increased its holdings in Cigna Group by 3.1%, acquiring an additional 86,602 shares, bringing its total to 2,885,583 shares valued at approximately $949 million.
• Several institutional investors have raised their stakes in Cigna Group, which is now owned 86.99% by institutional investors, reflecting growing confidence in the company's performance.
• Cigna Group reported higher-than-expected quarterly earnings of $7.20 EPS, exceeding analyst estimates, alongside a revenue of $67.13 billion, which marked an 11.0% year-over-year increase.

Parnassus Investments LLC increased its position in Cigna Group (NYSE:CI - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,885,583 shares of the health services provider's stock after purchasing an additional 86,602 shares during the period. Cigna Group accounts for 2.3% of Parnassus Investments LLC's portfolio, making the stock its 14th biggest position. Parnassus Investments LLC owned approximately 1.08% of Cigna Group worth $949,357,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cigna Group by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,056,806 shares of the health services provider's stock valued at $3,966,690,000 after purchasing an additional 1,094,327 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 valued at $3,834,493,000 after purchasing an additional 98,715 shares in the last quarter. Dodge & Cox lifted its holdings in shares of Cigna Group by 1.3% during the first quarter. Dodge & Cox now owns 8,889,733 shares of the health services provider's stock valued at $2,924,722,000 after purchasing an additional 117,125 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Cigna Group by 21.5% during the first quarter. GQG Partners LLC now owns 4,886,674 shares of the health services provider's stock valued at $1,607,716,000 after purchasing an additional 865,092 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cigna Group by 15.1% during 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 in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

Cigna Group Stock Performance

Shares of NYSE CI traded down $1.53 during trading on Wednesday, hitting $299.20. The company had a trading volume of 338,329 shares, compared to its average volume of 1,829,076. The stock has a 50 day simple moving average of $298.92 and a 200 day simple moving average of $311.91. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.71 and a current ratio of 0.71. Cigna Group has a 12 month low of $256.89 and a 12 month high of $370.83. The firm has a market capitalization of $79.86 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 0.88 and a beta of 0.48.

Cigna Group (NYSE:CI - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, topping 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 firm had revenue of $67.13 billion for the quarter, compared to the consensus estimate of $62.61 billion. During the same quarter last year, the company earned $6.72 earnings per share. The business'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, analysts anticipate that Cigna Group will post 29.77 earnings per share for the current year.

Cigna Group Announces Dividend

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 2.0%. Cigna Group's dividend payout ratio (DPR) is 32.97%.

Insider Activity at Cigna Group

In other news, insider Nicole S. Jones sold 28,526 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $7,694,400. This trade represents a 52.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CI shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $371.00 price target on shares of Cigna Group in a report on Thursday, June 26th. Guggenheim reaffirmed a "buy" rating and set a $350.00 price target (down from $388.00) on shares of Cigna Group in a report on Monday, August 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $365.00 price target on shares of Cigna Group in a report on Tuesday, August 26th. Wells Fargo & Company lowered their target price on Cigna Group from $341.00 to $340.00 and set an "equal weight" rating on the stock in a report on Thursday, August 14th. Finally, Wall Street Zen downgraded Cigna Group from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $373.06.

Cigna Group Company Profile

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.