Canada Post Corp Registered Pension Plan has increased its holdings in Cigna Group by an impressive 545.3% during the third quarter of 2023, according to findings from Holdings Channel.com. The pension plan now owns 26,888 shares of Cigna Group, which translates to a total value of $7,707,000 at the close of the most recent reporting period. This substantial investment reflects growing confidence in the health services provider, which operates under the ticker symbol CI on the New York Stock Exchange.
Other institutional investors have also taken notable actions regarding Cigna Group shares in recent months. For instance, Massachusetts Financial Services Co. increased its stake by 1.1% during the second quarter, bringing its total to 11,778,472 shares valued at approximately $3.89 billion. Similarly, Dodge & Cox raised its position by 0.7%, now holding 8,950,610 shares worth about $2.96 billion.
In another significant move, Norges Bank established a new stake in Cigna Group valued at around $1.11 billion, while Arrowstreet Capital Limited Partnership increased its holdings by 24.4%, now owning 2,508,740 shares valued at $829 million. Additionally, Charles Schwab Investment Management Inc. raised its stake by 0.7%, now holding 2,052,912 shares worth approximately $678.65 million. Collectively, hedge funds and institutional investors control 86.99% of Cigna Group’s stock.
Recent Stock Performance and Dividend Announcement
As of the latest trading session, Cigna Group’s shares opened at $292.29. The company reports a debt-to-equity ratio of 0.74, with current and quick ratios both standing at 0.74 and 0.76, respectively. Over the past year, Cigna Group’s stock has fluctuated between a low of $239.51 and a high of $350.00. The firm holds a market capitalization of $78.08 billion and maintains a price-to-earnings (P/E) ratio of 13.18.
In a recent development, Cigna Group announced a quarterly dividend of $1.56 per share, which will be distributed on March 19, 2024. Shareholders of record on March 5, 2024 will receive this dividend, marking an increase from the previous quarterly dividend of $1.51. This adjustment results in an annualized dividend of $6.24 and a yield of 2.1%. Currently, Cigna Group’s payout ratio stands at 26.64%.
Analyst Ratings and Future Projections
Cigna Group’s stock has drawn attention from various research analysts. On October 31, 2023, Morgan Stanley reaffirmed an “overweight” rating and set a price target of $355.00. Sanford C. Bernstein also reiterated a “market perform” rating, suggesting a target price of $307.00. TD Cowen proposed a price target of $333.00, while Royal Bank of Canada reduced its price objective from $344.00 to $333.00, maintaining an “outperform” rating.
Moreover, Truist Financial increased its price target for Cigna Group from $310.00 to $320.00, designating the stock with a “buy” rating. Overall, one analyst has rated the stock with a “Strong Buy,” fifteen have issued a “Buy” rating, and five have recommended a “Hold.” According to MarketBeat, Cigna Group holds a consensus rating of “Moderate Buy” with a target price averaging $323.16.
Cigna Group, listed on the NYSE as CI, is a global health services provider offering a comprehensive range of healthcare products and insurance solutions. Its core business includes medical and behavioral health plans, pharmacy benefit management, and supplemental health products. The company serves a diverse clientele, including commercial, Medicare, and Medicaid customers, and also provides workplace benefits for employers.
Investors and analysts alike will be closely monitoring Cigna Group’s performance in the coming quarters as the company continues to navigate the evolving landscape of the healthcare industry.
