Cigna group CEO David Cordani sells over $14 million in company stock
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In a recent series of transactions, David Cordani, the Chairman and CEO of Cigna Group (NYSE:CI), sold a substantial amount of company stock, totaling over $14 million. According to the latest filings, Cordani executed these sales over three separate days, with the prices of the shares ranging between $355.016 and $355.1654.
On March 21, 2024, Cordani sold 2,293 shares of Cigna Group at an average price of $355.016, followed by another batch of 6,338 shares at an average price of $355.1092 on March 22. The final sale occurred on March 25, where he sold 31,209 shares at an average price of $355.1654. The total value of the shares sold by Cordani in these non-derivative transactions amounted to approximately $14,149,090.
In addition to the sales, the CEO also acquired shares through option exercises on the same dates. On March 21 and 22, he exercised options for 2,293 and 6,338 shares respectively, both at a set price of $139.22 per share. The largest acquisition came on March 25, with Cordani exercising options for 31,209 shares, again at $139.22 per share. The total value for these option exercises was $5,546,524.
These transactions were conducted under a prearranged trading plan, known as a Rule 10b5-1 plan, which Cordani had adopted on May 15, 2023. This allows company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of insider trading.
Following these transactions, Cordani’s direct holdings in Cigna Group have been adjusted to 348,054 shares of common stock. Additional indirect holdings include 1,734.1237 shares by 401(k), 99,918 shares by GRAT, and 153,801 shares by Trust.
Investors often monitor insider transactions as they can provide insights into executives’ perspectives on the company’s financial health and future prospects. However, these transactions do not necessarily indicate a change in company fundamentals and can be influenced by various personal financial considerations.
InvestingPro Insights
As the Chairman and CEO of Cigna Group (NYSE:CI), David Cordani’s recent stock transactions have captured investor attention, providing a moment to delve into the company’s financial health and market performance. Cigna’s current market capitalization stands at a robust $100.74 billion, reflecting the company’s substantial presence in the healthcare sector.
InvestingPro data highlights a strong revenue growth of 8.42% over the last twelve months as of Q4 2023, with an even more impressive quarterly revenue growth of 11.63% in Q4 2023. This suggests that Cigna is not only expanding its financial base but is also doing so at an accelerating rate. Additionally, the company boasts a healthy dividend yield of 1.58%, a testament to its commitment to returning value to shareholders, which is further underscored by a significant 25.0% dividend growth during the same period.
One of the InvestingPro Tips that stands out is the company’s consistent dividend payments for an impressive 43 consecutive years, indicating a reliable income stream for investors. Moreover, Cigna’s management has shown confidence in the company by aggressively buying back shares, a move that often signals a belief in the company’s undervaluation or strong future prospects.
For those considering adding Cigna to their portfolio, or current shareholders looking to reassess their position, the InvestingPro platform offers additional insights and metrics. There are 15 more InvestingPro Tips available for Cigna, which can be accessed by visiting: https://www.investing.com/pro/CI. To enrich your investment strategy, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
