Cigna Group $CI Stock Sold by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its stake in Cigna Group (NYSE:CI) by 6.2% in the third quarter, Holdings Channel reports. The firm owned 527,459 shares of the health services provider’s stock after selling 34,577 shares during the quarter. Pzena Investment Management LLC’s holdings in Cigna Group were worth $143,379,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in shares of Cigna Group by 10.0% in the 1st quarter. Assetmark Inc. now owns 65,662 shares of the health services provider’s stock valued at $17,515,000 after purchasing an additional 5,963 shares during the period. Mystic Asset Management Inc. acquired a new position in Cigna Group in the 2nd quarter valued at $2,808,000. KBC Group NV grew its stake in shares of Cigna Group by 6.4% in the second quarter. KBC Group NV now owns 380,034 shares of the health services provider’s stock valued at $104,768,000 after acquiring an additional 22,978 shares in the last quarter. Nykredit A S bought a new position in Cigna Group during the second quarter worth about $15,300,000. Finally, Sanctuary Advisors LLC bought a new position in Cigna Group during the second quarter worth about $11,043,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

Cigna Group News Summary

Here are the key news stories impacting Cigna Group this week:

• Positive Sentiment: Cigna rose alongside Elevance Health as CVS fell sharply following its proposed breakup plan. The relative strength may indicate investors favored Cigna and other peers amid the sector reaction, though the reports do not identify a direct benefit to Cigna from CVS’s plan. CVS Tumbles 12% on Plan to Split Into Two Companies Despite Earnings Beat; Elevance Health Rises 4%, Cigna Climbs 3%
• Neutral Sentiment: Cigna’s gains since its Investor Day have put the focus on whether Thursday’s earnings report can sustain momentum. Analysts expect adjusted third-quarter EPS of $7.52, versus $7.83 a year earlier. Cigna Stock Has Gained Since Investor Day. Earnings Are Next.
• Negative Sentiment: Expectations for slower earnings growth pose a risk: pharmacy and premium growth may lift revenue, but lower Evernorth profits and higher medical costs could weigh on results. Investors will watch whether those headwinds are reflected in Cigna’s outlook. Can Pharmacy Growth Offset Evernorth’s Profit Decline in Cigna’s Q3?

Analyst Ratings Changes

CI has been the topic of a number of recent research reports. Raymond James Financial lowered Cigna Group from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $350.00 to $320.00 in a research note on Monday, August 3rd. Barclays boosted their price objective on Cigna Group from $304.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Guggenheim boosted their price objective on shares of Cigna Group from $338.00 to $361.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Evercore assumed coverage on shares of Cigna Group in a research note on Wednesday, September 9th. They issued an “in-line” rating and a $290.00 price objective on the stock. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $337.00 price objective on shares of Cigna Group in a research report on Thursday, October 1st. Fourteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $336.40.

Cigna Group Stock Up 3.6%

Cigna Group stock opened at $306.01 on Thursday. The firm has a 50 day simple moving average of $285.07 and a 200 day simple moving average of $281.91. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.68. Cigna Group has a 1-year low of $255.53 and a 1-year high of $316.27. The firm has a market capitalization of $80.86 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 1.00 and a beta of 0.25.

Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, December 3rd will be paid a dividend of $1.56 per share. This represents a $6.24 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, December 3rd. Cigna Group’s payout ratio is presently 25.82%.

Insiders Place Their Bets

In other news, insider Everett Neville sold 617 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $284.05, for a total value of $175,258.85. Following the sale, the insider directly owned 5,053 shares of the company’s stock, valued at approximately $1,435,304.65. This represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicole S. Jones sold 2,677 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $279.61, for a total transaction of $748,515.97. Following the completion of the transaction, the insider owned 25,880 shares of the company’s stock, valued at $7,236,306.80. This trade represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.

Cigna Group Profile

The Cigna Group (NYSE: CI) is a global health services company that provides insurance coverage, health care benefits and related services. Its operations are primarily organized through Cigna Healthcare, which offers medical, pharmacy, dental, behavioral health and other benefit programs to employers, government organizations and individuals, primarily in the United States.

The company also operates Evernorth Health Services, a health services platform that includes pharmacy benefit management, specialty pharmacy, care management and health-care delivery capabilities.