Canada Post Corp Registered Pension Plan significantly increased its investment in Cigna Group (NYSE: CI) by an impressive **545.3%** during the third quarter of 2023. This institutional investor now holds **26,888 shares** of the health services provider, following the acquisition of an additional **22,721 shares** during this period. At the close of the most recent reporting period, Canada Post’s stake in Cigna was valued at approximately **$7,707,000**.
The surge in holdings by Canada Post is part of a broader trend among institutional investors, as several hedge funds have also been active in trading shares of Cigna Group. For instance, Massachusetts Financial Services Co. increased its position by **1.1%** in the second quarter, now owning **11,778,472 shares** worth **$3,893,727,000** after purchasing an extra **123,479 shares**. Similarly, Dodge & Cox raised its stakes by **0.7%**, owning **8,950,610 shares** valued at **$2,958,893,000** after acquiring **60,877 shares**.
Norges Bank made a notable entry into Cigna Group by purchasing a new stake worth about **$1,110,426,000** in the second quarter. Meanwhile, Arrowstreet Capital Limited Partnership increased its position by **24.4%**, now holding **2,508,740 shares** valued at **$829,339,000**, while Charles Schwab Investment Management Inc. slightly boosted its stake by **0.7%**, owning **2,052,912 shares** worth **$678,652,000**.
Institutional investors collectively own **86.99%** of Cigna Group’s stock, indicating strong confidence in the company’s performance.
Cigna Group’s Financial Overview
On **Friday**, Cigna Group’s stock opened at **$292.29**. The company maintains a debt-to-equity ratio of **0.74** and a current ratio of **0.74**, alongside a quick ratio of **0.76**. Over the past year, Cigna’s stock has seen a low of **$239.51** and a high of **$350.00**, contributing to a market capitalization of **$78.08 billion**. The company’s price-to-earnings ratio stands at **13.18**, with a P/E/G ratio of **1.01** and a beta of **0.27**. The firm’s **50-day** and **200-day** simple moving averages are **$274.77** and **$283.95**, respectively, reflecting its recent stock performance.
In addition to its stock movements, Cigna Group announced a quarterly dividend of **$1.56**, payable on **March 19, 2024**. Shareholders of record on **March 5, 2024**, will receive this dividend, which represents an annualized figure of **$6.24** and a yield of **2.1%**. This marks an increase from the previous quarterly dividend of **$1.51**, with a payout ratio currently at **26.64%**.
Analyst Perspectives on Cigna Group
Market reactions to Cigna’s stock have drawn attention from several research analysts. On **October 31, 2023**, Morgan Stanley reaffirmed an “overweight” rating, setting a price target of **$355.00** per share. Similarly, Sanford C. Bernstein maintained a “market perform” rating with a target of **$307.00**.
TD Cowen has placed a price target of **$333.00**, while Royal Bank of Canada adjusted its target from **$344.00** to **$333.00**, maintaining an “outperform” rating. Truist Financial also raised its price objective from **$310.00** to **$320.00**, giving Cigna a “buy” rating.
Overall, one analyst has rated Cigna with a Strong Buy, fifteen have provided a Buy rating, and five have issued a Hold rating. According to MarketBeat, Cigna Group currently holds a consensus rating of “Moderate Buy” with an average target price of **$323.16**.
Cigna Group, listed on the NYSE as CI, operates as a global health services company. It offers a diverse range of healthcare products and insurance solutions tailored for individuals, employers, and governmental bodies. Its core offerings include medical and behavioral health plans, dental and vision coverage, pharmacy benefit management, and supplemental health products. Cigna serves a mix of commercial, Medicare, and Medicaid customers, in addition to providing workplace benefits such as group health plans and life insurance. The company is also engaged in health services and care-delivery systems aimed at managing costs and enhancing health outcomes.
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