KLP Kapitalforvaltning AS Buys New Shares in The Cigna Group (NYSE:CI)

KLP Kapitalforvaltning AS bought a new stake in shares of The Cigna Group (NYSE:CI) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 186,823 shares of the health services provider’s stock, valued at approximately $51,589,000.

Several other large investors have also recently bought and sold shares of CI. Sterling Financial Group Inc. bought a new stake in The Cigna Group in the 4th quarter valued at $4,367,000. Principal Financial Group Inc. increased its holdings in The Cigna Group by 3.6% in the 3rd quarter. Principal Financial Group Inc. now owns 323,911 shares of the health services provider’s stock valued at $112,216,000 after buying an additional 11,228 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in The Cigna Group by 1.1% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 75,837 shares of the health services provider’s stock valued at $20,942,000 after buying an additional 858 shares during the period. Valley Wealth Managers Inc. grew its holdings in shares of The Cigna Group by 2.8% in the 4th quarter. Valley Wealth Managers Inc. now owns 56,933 shares of the health services provider’s stock worth $15,721,000 after purchasing an additional 1,548 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in shares of The Cigna Group by 28.3% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 15,713 shares of the health services provider’s stock worth $5,444,000 after purchasing an additional 3,466 shares during the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Barclays lowered their target price on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Morgan Stanley lowered their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Cantor Fitzgerald upped their price target on shares of The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday. Oppenheimer reduced their price target on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating on the stock in a research report on Friday, January 31st. Finally, Piper Sandler reiterated an “overweight” rating and set a $348.00 price target (down previously from $394.00) on shares of The Cigna Group in a research report on Monday, February 3rd. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $373.25.

Insider Buying and Selling

In related news, insider Noelle K. Eder sold 9,944 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the completion of the sale, the insider now directly owns 13,406 shares of the company’s stock, valued at approximately $4,289,920. This represents a 42.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elder Granger sold 2,376 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $310.35, for a total transaction of $737,391.60. Following the transaction, the director now directly owns 5,471 shares of the company’s stock, valued at $1,697,924.85. This represents a 30.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,751 shares of company stock valued at $13,603,991. 0.60% of the stock is owned by corporate insiders.

The Cigna Group Stock Performance

Shares of NYSE:CI opened at $316.78 on Friday. The company has a market capitalization of $86.70 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 0.98 and a beta of 0.53. The firm’s 50 day simple moving average is $300.83 and its 200 day simple moving average is $315.40. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.66 and a quick ratio of 0.72. The Cigna Group has a fifty-two week low of $262.03 and a fifty-two week high of $370.83.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter last year, the company earned $6.79 earnings per share. As a group, sell-side analysts forecast that The Cigna Group will post 29.77 earnings per share for the current year.

The Cigna Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Wednesday, March 5th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.91%. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date was Wednesday, March 5th. The Cigna Group’s dividend payout ratio is presently 49.35%.

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.