Cigna Group $CI Holdings Lowered by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Cigna Group by 1.4%, now holding approximately 0.28% of the company's shares, valued at $249.6 million.
• Cigna Group reported a net revenue of $67.13 billion for the last quarter, surpassing analysts' estimates and reflecting an 11% year-over-year growth.
• The company has declared a quarterly dividend of $1.51 per share, resulting in an annualized dividend of $6.04 with a yield of 2.0%.

The Manufacturers Life Insurance Company cut its stake in shares of Cigna Group (NYSE:CI - Free Report) by 1.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 758,538 shares of the health services provider's stock after selling 10,497 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.28% of Cigna Group worth $249,559,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC increased its holdings in Cigna Group by 9.3% during the 4th quarter. Brighton Jones LLC now owns 3,736 shares of the health services provider's stock worth $1,032,000 after purchasing an additional 318 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Cigna Group during the 4th quarter worth approximately $1,068,000. Eagle Strategies LLC purchased a new stake in Cigna Group during the 4th quarter worth approximately $269,000. TAM Capital Management Inc. purchased a new stake in Cigna Group during the 4th quarter worth approximately $128,590,000. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Cigna Group by 0.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 57,003 shares of the health services provider's stock worth $15,741,000 after purchasing an additional 225 shares during the last quarter. 86.99% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Nicole S. Jones sold 28,526 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $300.00, for a total transaction of $8,557,800.00. Following the completion of the sale, the insider directly owned 25,648 shares of the company's stock, valued at $7,694,400. This represents a 52.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CI shares. Truist Financial boosted their price target on Cigna Group from $385.00 to $405.00 and gave the company a "buy" rating in a report on Monday, May 12th. Morgan Stanley boosted their price target on Cigna Group from $379.00 to $390.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Deutsche Bank Aktiengesellschaft set a $415.00 price target on Cigna Group and gave the company a "buy" rating in a report on Tuesday, August 5th. Barclays lowered their price target on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $365.00 price target on shares of Cigna Group in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Cigna Group presently has an average rating of "Buy" and a consensus target price of $374.82.

Cigna Group Stock Performance

CI traded down $0.29 during trading on Tuesday, reaching $300.58. 1,431,110 shares of the company were exchanged, compared to its average volume of 1,838,203. The stock has a market cap of $80.23 billion, a P/E ratio of 16.41, a PEG ratio of 0.88 and a beta of 0.48. The firm has a 50 day moving average of $299.24 and a 200 day moving average of $311.99. 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 has a 52 week low of $256.89 and a 52 week high of $370.83.

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 (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 company had revenue of $67.13 billion during the quarter, compared to analysts' expectations of $62.61 billion. During the same quarter in the prior year, the business posted $6.72 earnings per share. The company'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. On average, sell-side analysts forecast that Cigna Group will post 29.77 EPS 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 paid a dividend of $1.51 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $6.04 annualized dividend and a yield of 2.0%. Cigna Group's dividend payout ratio (DPR) is currently 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.