Fintel reports that BlackRock has filed a 13G form with the SEC disclosing ownership of 27.47MM shares of Cigna Corp (CI). This represents 9.0% of the company.
In their previous filing dated February 3, 2022 they reported 29.59MM shares and 8.90% of the company, a decrease in shares of 7.16% and an increase in total ownership of 0.10% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 27.14% Upside
As of February 6, 2023, the average one-year price target for Cigna is $366.71. The forecasts range from a low of $289.87 to a high of $404.25. The average price target represents an increase of 27.14% from its latest reported closing price of $288.44.
The projected annual revenue for Cigna is $195,727MM, an increase of 8.72%. The projected annual EPS is $25.57, an increase of 22.20%.
Fund Sentiment
There are 2676 funds or institutions reporting positions in Cigna. This is an increase of 100 owner(s) or 3.88%.
Average portfolio weight of all funds dedicated to US:CI is 0.6159%, an increase of 6.2443%. Total shares owned by institutions decreased in the last three months by 1.23% to 326,840K shares.
What are large shareholders doing?
Price T Rowe Associates holds 14,502,445 shares representing 4.74% ownership of the company. In it's prior filing, the firm reported owning 15,718,124 shares, representing a decrease of 8.38%. The firm increased its portfolio allocation in CI by 25.97% over the last quarter.
Dodge & Cox holds 12,105,826 shares representing 3.96% ownership of the company. In it's prior filing, the firm reported owning 16,654,297 shares, representing a decrease of 37.57%. The firm decreased its portfolio allocation in CI by 16.22% over the last quarter.
Massachusetts Financial Services holds 11,615,277 shares representing 3.80% ownership of the company. In it's prior filing, the firm reported owning 11,990,688 shares, representing a decrease of 3.23%. The firm increased its portfolio allocation in CI by 10.61% over the last quarter.
Capital World Investors holds 9,765,405 shares representing 3.19% ownership of the company. In it's prior filing, the firm reported owning 10,428,958 shares, representing a decrease of 6.79%. The firm increased its portfolio allocation in CI by 4.20% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,096,371 shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 9,344,159 shares, representing a decrease of 2.72%. The firm increased its portfolio allocation in CI by 6.85% over the last quarter.
Cigna Declares $1.23 Dividend
Cigna said on February 2, 2023 that its board of directors declared a regular quarterly dividend of $1.23 per share ($4.92 annualized). Shareholders of record as of March 7, 2023 will receive the payment on March 23, 2023. Previously, the company paid $1.12 per share.
At the current share price of $288.44 / share, the stock's dividend yield is 1.71%. Looking back five years and taking a sample every week, the average dividend yield has been 0.70%, the lowest has been 0.02%, and the highest has been 2.01%. The standard deviation of yields is 0.83 (n=237).
The current dividend yield is 1.20 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.21. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 111.00%, demonstrating that it has increased its dividend over time.
Cigna Background Information
(This description is provided by the company.)
Cigna Corporation is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Cigna Life Insurance Company of New York, Connecticut General Life Insurance Company, Evernorth companies or their affiliates, Express Scripts companies or their affiliates, and Life Insurance Company of North America. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 175 million customer relationships throughout the world.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
