Stevens Capital Management LP Purchases New Position in The Cigna Group (NYSE:CI)

Stevens Capital Management LP bought a new stake in shares of The Cigna Group (NYSE:CI) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 8,658 shares of the health services provider’s stock, valued at approximately $2,593,000. The Cigna Group accounts for approximately 0.6% of Stevens Capital Management LP’s portfolio, making the stock its 28th largest position.

Other hedge funds have also made changes to their positions in the company. Bogart Wealth LLC boosted its stake in The Cigna Group by 104.5% in the 3rd quarter. Bogart Wealth LLC now owns 90 shares of the health services provider’s stock worth $26,000 after purchasing an additional 46 shares in the last quarter. OFI Invest Asset Management purchased a new position in The Cigna Group in the 3rd quarter worth $26,000. Fortitude Family Office LLC acquired a new position in shares of The Cigna Group in the fourth quarter valued at about $29,000. VisionPoint Advisory Group LLC increased its holdings in shares of The Cigna Group by 112.2% in the third quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 55 shares during the period. Finally, Pacifica Partners Inc. lifted its holdings in shares of The Cigna Group by 73.2% during the fourth quarter. Pacifica Partners Inc. now owns 142 shares of the health services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CI has been the subject of a number of recent research reports. Barclays began coverage on shares of The Cigna Group in a research report on Wednesday, March 6th. They set an “overweight” rating and a $393.00 price target for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $392.00 price target (up from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 14th. Royal Bank of Canada upgraded shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $327.00 to $354.00 in a research note on Monday, February 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of The Cigna Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $355.00 to $370.00 in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $362.14.

The Cigna Group Price Performance

NYSE CI traded down $0.04 during trading hours on Friday, hitting $354.47. 803,927 shares of the company’s stock traded hands, compared to its average volume of 1,570,482. The company has a market capitalization of $103.63 billion, a PE ratio of 20.39, a PEG ratio of 1.08 and a beta of 0.56. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.67. The Cigna Group has a 52-week low of $240.50 and a 52-week high of $365.71. The firm’s 50-day moving average is $349.61 and its 200-day moving average is $317.35.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Friday, February 2nd. The health services provider reported $6.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.54 by $0.25. The Cigna Group had a net margin of 2.64% and a return on equity of 13.59%. The firm had revenue of $51.15 billion during the quarter, compared to analysts’ expectations of $48.91 billion. During the same period last year, the business earned $4.96 earnings per share. The Cigna Group’s revenue was up 11.8% compared to the same quarter last year. Equities analysts forecast that The Cigna Group will post 28.36 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be paid a $1.40 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $5.60 annualized dividend and a yield of 1.58%. The Cigna Group’s dividend payout ratio is currently 32.20%.

Insiders Place Their Bets

In other news, CEO David Cordani sold 38,065 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $335.22, for a total value of $12,760,149.30. Following the completion of the transaction, the chief executive officer now owns 329,321 shares in the company, valued at approximately $110,394,985.62. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the transaction, the senior vice president now directly owns 2,102 shares in the company, valued at $694,668.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David Cordani sold 38,065 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the completion of the sale, the chief executive officer now owns 329,321 shares of the company’s stock, valued at approximately $110,394,985.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,144 shares of company stock valued at $39,296,330. 0.60% of the stock is owned by corporate insiders.

The Cigna Group 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.