Industrial Alliance Investment Management Inc. Acquires 109 Shares of The Cigna Group (NYSE:CI)

Industrial Alliance Investment Management Inc. increased its holdings in The Cigna Group (NYSE:CI) by 4.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,826 shares of the health services provider’s stock after buying an additional 109 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in The Cigna Group were worth $1,026,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CI. Silicon Valley Capital Partners boosted its holdings in The Cigna Group by 100.0% in the 1st quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock worth $25,000 after buying an additional 35 shares during the period. Cedar Wealth Management LLC bought a new position in The Cigna Group in the 1st quarter worth approximately $29,000. Raleigh Capital Management Inc. boosted its holdings in The Cigna Group by 69.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock worth $30,000 after buying an additional 41 shares during the period. Pineridge Advisors LLC bought a new position in The Cigna Group in the 4th quarter worth approximately $37,000. Finally, MeadowBrook Investment Advisors LLC bought a new position in The Cigna Group in the 4th quarter worth approximately $43,000. 86.99% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Noelle K. Eder sold 10,700 shares of The Cigna Group stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $348.47, for a total transaction of $3,728,629.00. Following the sale, the insider now owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Noelle K. Eder sold 10,700 shares of The Cigna Group stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $348.47, for a total transaction of $3,728,629.00. Following the completion of the transaction, the insider now directly owns 15,824 shares of the company’s stock, valued at approximately $5,514,189.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of The Cigna Group stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $348.71, for a total transaction of $2,073,429.66. Following the transaction, the senior vice president now directly owns 2,595 shares of the company’s stock, valued at $904,902.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,988 shares of company stock valued at $7,975,726. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

CI has been the topic of several recent analyst reports. Oppenheimer increased their target price on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. StockNews.com cut shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 20th. Piper Sandler initiated coverage on shares of The Cigna Group in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of The Cigna Group from $432.00 to $435.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Finally, Baird R W upgraded shares of The Cigna Group to a “strong-buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $376.20.

The Cigna Group Trading Up 1.8 %

Shares of CI stock traded up $6.23 on Tuesday, hitting $352.77. 900,505 shares of the company’s stock traded hands, compared to its average volume of 1,555,708. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.71 and a current ratio of 0.71. The Cigna Group has a one year low of $253.95 and a one year high of $365.71. The company’s fifty day simple moving average is $335.24 and its 200 day simple moving average is $338.14. The stock has a market capitalization of $100.21 billion, a price-to-earnings ratio of 28.96, a P/E/G ratio of 1.05 and a beta of 0.52.

The Cigna Group (NYSE:CI) last released its earnings results on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, beating the consensus estimate of $6.17 by $0.30. The company had revenue of $57.25 billion for the quarter, compared to analyst estimates of $56.59 billion. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the firm earned $5.41 EPS. Equities analysts forecast that The Cigna Group will post 28.47 EPS for the current year.

The Cigna Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Wednesday, September 4th. The Cigna Group’s payout ratio is 45.98%.

About The 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.