Magnetar Financial LLC Acquires 26,783 Shares of The Cigna Group (NYSE:CI)

Magnetar Financial LLC lifted its position in The Cigna Group (NYSE:CI) by 16.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,119 shares of the health services provider’s stock after buying an additional 26,783 shares during the quarter. The Cigna Group comprises approximately 1.3% of Magnetar Financial LLC’s holdings, making the stock its 27th biggest position. Magnetar Financial LLC owned approximately 0.07% of The Cigna Group worth $62,848,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of CI. Vanguard Group Inc. boosted its holdings in shares of The Cigna Group by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 26,793,138 shares of the health services provider’s stock worth $9,731,000,000 after buying an additional 2,017,333 shares during the period. Price T Rowe Associates Inc. MD raised its stake in The Cigna Group by 6.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,341,233 shares of the health services provider’s stock worth $5,208,593,000 after purchasing an additional 867,180 shares in the last quarter. Focused Investors Fund L P acquired a new position in shares of The Cigna Group during the 1st quarter worth approximately $205,529,000. Swedbank AB acquired a new stake in The Cigna Group during the first quarter worth approximately $161,300,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of The Cigna Group by 526.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 363,537 shares of the health services provider’s stock worth $120,174,000 after purchasing an additional 305,490 shares in the last quarter. Institutional investors own 86.99% of the company’s stock.

Insider Transactions at The Cigna Group

In related news, Director William J. Delaney III sold 2,691 shares of The Cigna Group stock in a transaction on Monday, August 19th. The stock was sold at an average price of $342.68, for a total transaction of $922,151.88. Following the sale, the director now directly owns 17,539 shares in the company, valued at $6,010,264.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CI. Cantor Fitzgerald reiterated an “overweight” rating and set a $400.00 price objective on shares of The Cigna Group in a research note on Monday, September 16th. Barclays lifted their target price on The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Piper Sandler assumed coverage on shares of The Cigna Group in a report on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 target price for the company. Jefferies Financial Group increased their price objective on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $384.00 target price on shares of The Cigna Group in a research note on Monday, September 9th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $392.79.

The Cigna Group Stock Performance

Shares of CI stock opened at $356.14 on Monday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73. The firm has a fifty day simple moving average of $347.02 and a two-hundred day simple moving average of $345.09. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $370.83. The firm has a market capitalization of $101.17 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, August 1st. The health services provider reported $6.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.42 by $0.30. The Cigna Group had a return on equity of 17.83% and a net margin of 1.70%. The business had revenue of $60.52 billion during the quarter, compared to the consensus estimate of $58.30 billion. During the same quarter in the previous year, the business earned $6.13 EPS. The company’s quarterly revenue was up 24.6% on a year-over-year basis. Analysts forecast that The Cigna Group will post 28.48 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, September 4th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $5.60 annualized dividend and a dividend yield of 1.57%. The Cigna Group’s dividend payout ratio is currently 45.98%.

The Cigna Group Company 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.