# The Cigna Group (CI)

> Source: Nexqual · https://nexqual.com/CI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Cigna Group (CI), nexqual.com/CI" · informational, not investment advice.

**Price:** USD 315.88 (+3.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 304.37 · day 304.68–316.27 · 52w 239.51–316.27 · market cap $83.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $282B, net income $6.23B (2.2% margin) (SEC filings).
- Valuation: P/E 13.4x (avg 17.5x at the last 3 fiscal year-ends), EV/EBITDA 8.5x, net debt $24.6B.
- 7 of 80 tracked superinvestors hold CI (13F, Q2 2026): 0 new, 4 added, 1 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $65.7M; 1 not under a Rule 10b5-1 plan ($268K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (24 analysts), mean target USD 342.29 (range 288–400).
- Total return with dividends: 1Y +5.9% vs S&P 500 +14.9%; 5Y +60.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 7.51, revenue estimate $72.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $174B | $181B | $195B | $247B | $275B | $282B |
| Gross profit | $56.5B | $55.7B | $61.5B | $64.6B | $59.9B | — |
| Operating income | $7.94B | $8.45B | $8.54B | $9.42B | $9.20B | $9.96B |
| Net income | $5.42B | $6.78B | $5.16B | $3.43B | $5.96B | $6.23B |
| EPS (diluted) | $15.75 | $21.41 | $17.39 | $12.12 | $22.18 | — |
| Gross margin | 32.5% | 30.8% | 31.5% | 26.1% | 21.8% | — |
| Operating margin | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% | 3.5% |
| Net margin | 3.1% | 3.8% | 2.6% | 1.4% | 2.2% | 2.2% |
| Revenue growth | +8.5% | +3.7% | +8.2% | +26.6% | +11.2% | — |
| Cash + short-term investments | $6.00B | $6.83B | $8.75B | $8.21B | $8.73B | — |
| Total debt | $33.7B | $31.1B | $30.9B | $32.0B | $31.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.4x · P/S 0.3x · EV/EBITDA 8.5x · EV/Sales 0.4x · P/B 2.0x · Earnings yield 7.46% · Dividend yield (paid, TTM) 1.95% · Buyback yield (TTM) 1.53% · Net debt $24.6B · EV $108B
P/E at fiscal year-ends: Dec 2025 12.4x, Dec 2024 22.8x, Dec 2023 17.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold CI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 2.67% | $621M | Added +0.9% |
| Leon Cooperman | Omega Family Office | 2.53% | $89.6M | Unchanged |
| Van Den Berg Management I |  | 1.82% | $8.6M | Added +0.5% |
| Dodge & Cox Funds | Dodge & Cox | 1.76% | $3.36B | Added +5.3% |
| David Einhorn | Greenlight Capital | 0.62% | $24.4M | Unchanged |
| Richard Pzena | Pzena Investment Management | 0.45% | $155M | Reduced -2.8% |
| Tweedy Browne |  | 0.16% | $2.1M | Added +42.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Neville Everett | See Remarks | 617 | $175K | 10.9% | Yes (adopted June 2, 2026) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-18 | Jones Nicole S | See Remarks | 2,677 | $749K | 8.9% | Yes (adopted May 4, 2026) | Routine (sold in Mar & Aug each year 2023–2025) |
| 2026-08-04 | Jones Nicole S | See Remarks | 19,436 | $5.4M | 39.3% | Yes (adopted May 4, 2026) | Routine (sold in Mar & Aug each year 2023–2025) |
| 2026-06-12 | Kates Jamie G | Chief Accounting Officer | 899 | $268K | 27.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Cordani David | Chairman & CEO | 201,878 | $59.1M | 23.5% | Yes (adopted February 6, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 24 analysts; mean target USD 342.29 (low 288, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Piper Sandler | Target raised | Overweight | $346 → $370 |
| 2026-10-01 | RBC Capital | Reiterated | Outperform | $337 |
| 2026-08-04 | Jefferies | Downgrade | Buy → Hold | $336 → $307 |
| 2026-08-03 | Raymond James | Downgrade | Strong Buy → Outperform | $350 → $320 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $305 → $307 |
| 2026-07-31 | Guggenheim | Target raised | Buy | $338 → $361 |
| 2026-07-31 | Barclays | Target raised | Equal-Weight | $304 → $310 |
| 2026-07-09 | Bernstein | Target raised | Outperform | $371 → $381 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.9% | +60.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.9% | +9.9% |
| Volatility (annualized) | 33.5% | 26.0% |
| Max drawdown | -20.9% (Oct 2025→Oct 2025) | -31.7% (Sep 2024→Oct 2025) |

## Peers (Healthcare Plans)
ELV (Elevance Health, Inc.) USD 445.28 +2.57% · CVS (CVS Health Corporation) USD 94.48 +1.10% · HUM (Humana Inc.) USD 420.97 -1.05% · CNC (Centene Corporation) USD 71.24 +1.42% · UNH (UnitedHealth Group Incorporated) USD 424.98 +1.91% · MOH (Molina Healthcare Inc) USD 216.64 +0.81%

## More
Full page: https://nexqual.com/CI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CI's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1739940/000173994026000006/ci-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Evernorth Health | "Evernorth Health Services offers a full suite of products and services that both (a) enables our clients to combine our products and services to create a comprehensive benefit offering designed to manage prescription dru…" |
| Customer | Express Scripts | "Our Express Scripts® Pharmacy offers free standard shipping of medications nationwide, usually in a 90-day supply, directly to the customer's home and allows for automatic refills on eligible medications and unrestricted…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Evernorth Health Services | $61.47B | 85.8% | +6.3% |
| Cigna Healthcare | $11.84B | 16.5% | +9.6% |
| Other Operations | $131.0M | 0.2% | -28.8% |
| Total revenue | $71.67B | 100% | — |
The lines above cover 102.5% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $57.17B | 79.8% | +6.6% |
| Network Pharmacy | $33.33B | 46.5% | +9.0% |
| Home Delivery & Specialty | $20.44B | 28.5% | +2.4% |
| Service | $4.37B | 6.1% | +5.5% |
| Service Fees & Other Revenues | $3.96B | 5.5% | +4.0% |
| Other Pharmacy | $3.72B | 5.2% | +8.4% |
| Service Other | $315.0M | 0.4% | +176.3% |
| Total revenue | $71.67B | 100% | — |
The lines above cover 172% of total revenue.

## Customer concentration

Period ended 2025-12-31: 19% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $7.51 | $7.62 | -1.4% | $72.45B | 23 |
| Next quarter (ends 2026-12-31) | $7.42 | $7.39 | +0.5% | $74.58B | 22 |
| Current fiscal year (ends 2026-12-31) | $30.51 | $30.41 | +0.3% | $287.45B | 24 |
| Next fiscal year (ends 2027-12-31) | $33.49 | $33.48 | +0.0% | $299.16B | 24 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±7.0%; earnings reaction alone ±5.1%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 29.3% | ±3.5% |
| 2026-11-06 | 14 | 43.0% | ±7.0% |
| 2026-11-13 | 21 | 38.3% | ±7.5% |
| 2026-11-20 | 28 | 34.8% | ±7.8% |
| 2026-11-27 | 35 | 33.2% | ±8.3% |
| 2026-12-04 | 42 | 32.2% | ±9.0% |
| 2026-12-18 | 56 | 31.4% | ±10.0% |
| 2027-01-15 | 84 | 30.0% | ±11.6% |