Munich Reinsurance Co Stock Corp has made a significant investment in Cigna Group, acquiring shares valued at approximately $6.53 million. The investment, which was executed in the third quarter of 2023, involved the purchase of 22,646 shares of the health services provider, according to data from HoldingsChannel.com. This move underscores the growing interest from institutional investors in the health insurance sector.
Several other large investors have also recently adjusted their stakes in Cigna Group (NYSE: CI). For instance, Harbor Capital Advisors Inc. increased its holdings by 119.5% during the same quarter, now owning 90 shares worth $26,000 following the acquisition of an additional 49 shares. Collier Financial entered the fray with a new investment valued at $34,000, while Traub Capital Management LLC and Twin Peaks Wealth Advisors LLC made new investments worth approximately $48,000 and $52,000, respectively. Notably, CNB Bank saw an impressive 479.4% increase in its stake, now holding 197 shares valued at $57,000.
Hedge funds and institutional investors collectively own 86.99% of Cigna Group’s stock, reflecting a robust confidence in the company’s prospects.
Analysts have issued various ratings and price targets for Cigna Group. Robert W. Baird recently reduced its price objective from $372.00 to $315.00, maintaining an “outperform” rating. Other firms, including Mizuho and Barclays, have also provided updated targets, with Mizuho setting a price objective of $325.00 and Barclays adjusting its goal slightly down to $303.00. Currently, one analyst ranks the stock as a Strong Buy, while sixteen others have issued Buy ratings, and five have given it a Hold rating. The consensus price target sits at $330.42, according to MarketBeat.
In terms of insider activity, Cigna Group experienced notable sales. On March 2, 2024, insider Nicole S. Jones sold 2,307 shares at an average price of $288.91, totaling approximately $666,515.37. Following this transaction, Jones holds 32,647 shares, valued at around $9.43 million. Another insider, Everett Neville, sold 1,719 shares on the same day for about $496,636.29, reducing his ownership by 23.26%.
As for Cigna Group’s trading performance, shares opened at $271.50 on Friday, reflecting a 3.5% decline. The company has experienced a yearly low of $239.51 and a high of $350.00. With a market capitalization of $71.55 billion, Cigna Group maintains a P/E ratio of 12.24 and a P/E/G ratio of 0.94.
In the latest quarterly earnings report released on February 5, 2024, Cigna Group reported earnings per share of $8.08, exceeding the consensus estimate of $7.88. The company’s revenue reached $72.50 billion, surpassing expectations of $69.53 billion. This represents a year-over-year revenue increase of 10.4%.
Cigna Group has also announced a quarterly dividend of $1.56, set to be paid on March 19, 2024. Investors of record on March 5, 2024, will receive this dividend, which reflects an increase from the previous quarterly dividend of $1.51. The annualized dividend now stands at $6.24, offering a yield of 2.3%, with a payout ratio of 28.13%.
Cigna Group operates as a global health services company, providing a wide range of healthcare products and insurance solutions. Its offerings include medical and behavioral health plans, dental and vision coverage, and pharmacy benefit management, serving a diverse clientele that includes individuals, employers, and government entities. With its focus on improving health outcomes and managing costs, Cigna continues to be a significant player in the health services market.
