THE CIGNA GROUP CI
COM · Common Stock · CUSIP 125523100 · ISIN US1255231003
American health services organization
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($514.9m this quarter). Holder counts are more reliable. Shares outstanding: 292.4m as of 2024-01-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $298.93. Options: 46 managers hold calls ($1.6bn notional), 44 hold puts ($1.2bn).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,472 |
| Q4 2022 | 1,548 |
| Q1 2023 | 1,485 |
| Q2 2023 | 1,487 |
| Q3 2023 | 1,489 |
| Q4 2023 | 1,622 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 618 | 670 |
| Q1 2023 | 597 | 781 |
| Q2 2023 | 663 | 642 |
| Q3 2023 | 601 | 662 |
| Q4 2023 | 654 | 684 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $1.0bn | $870.7m | 0.86 |
| Q2 2023 | $1.1bn | $825.2m | 0.78 |
| Q3 2023 | $966.9m | $902.1m | 0.93 |
| Q4 2023 | $1.6bn | $1.2bn | 0.75 |
Biggest buyers
| MORGAN STANLEY | Added | +7.5m |
| JPMORGAN CHASE & CO | Added | +3.6m |
| CITADEL ADVISORS LLC | Added | +1.3m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.2m |
| GQG Partners LLC | New | +726.3k |
| Man Group plc | New | +682.5k |
| GLENVIEW CAPITAL MANAGEMENT, LLC | Added | +593.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | New | +574.6k |
| Cerity Partners LLC | Added | +538.3k |
| Qube Research & Technologies Ltd | Added | +421.7k |
Biggest sellers
| Capital World Investors | Reduced | -1.6m |
| AMERIPRISE FINANCIAL INC | Reduced | -1.5m |
| FMR LLC | Reduced | -1.4m |
| MARSHALL WACE, LLP | Reduced | -818.1k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -511.1k |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -496.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -469.6k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -467.8k |
| Capital Research Global Investors | Sold out | -398.9k |
| Invesco Ltd. | Reduced | -392.5k |
Biggest calls
| BloombergSen Inc. | Reduced | $349.9m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $256.9m857.9k shares |
| CITADEL ADVISORS LLC | Added | $143.7m479.9k shares |
| Twin Tree Management, LP | New | $118.6m396.2k shares |
| Avidity Partners Management LP | New | $104.8m350.0k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $76.2m254.5k shares |
| JANE STREET GROUP, LLC | Added | $67.6m225.8k shares |
| GLENVIEW CAPITAL MANAGEMENT, LLC | Reduced | $55.2m184.5k shares |
| BANK OF AMERICA CORP /DE/ | Added | $54.3m181.4k shares |
| WOLVERINE TRADING, LLC | Added | $53.2m177.6k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $247.9m828.0k shares |
| CITADEL ADVISORS LLC | Added | $200.0m667.9k shares |
| Twin Tree Management, LP | New | $110.1m367.6k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $99.6m332.7k shares |
| WOLVERINE TRADING, LLC | Reduced | $83.0m277.1k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $62.8m209.7k shares |
| MARSHALL WACE, LLP | New | $47.5m158.7k shares |
| SIMPLEX TRADING, LLC | Added | $41.0m136.8k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $40.5m1.4k shares |
| IMC-Chicago, LLC | Added | $39.4m131.6k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
| BlackRock, Inc. 13G · institution filed 2025-04-24 | 7.4% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2022 | 0 | — | 3 | $4.1m | — |
| Q2 2022 | 0 | — | 5 | $47.0m | — |
| Q3 2022 | 0 | — | 6 | $10.8m | — |
| Q4 2022 | 0 | — | 4 | $7.9m | — |
| Q1 2023 | 0 | — | 7 | $10.5m | — |
| Q2 2023 | 0 | — | 1 | $191.7k | $191.7k |
| Q3 2023 | 0 | — | 6 | $11.9m | $8.4m |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.16% of their portfolio | 24.8m $7.4bn | Reduced -162.0k |
| BlackRock Inc. 0.19% of their portfolio | 24.6m $7.4bn | Added +44.6k |
| FMR LLC 0.33% of their portfolio | 14.5m $4.3bn | Reduced -1.4m |
| STATE STREET CORP 0.20% of their portfolio | 13.5m $4.1bn | Added +165.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.54% of their portfolio | 13.5m $4.0bn | Reduced -238.8k |
| Dodge & Cox 2.51% of their portfolio | 13.2m $4.0bn | Reduced -220.5k |
| MORGAN STANLEY 0.16% of their portfolio | 12.5m $3.7bn | Added +7.5m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 1.10% of their portfolio | 11.4m $3.4bn | Reduced -469.6k |
| JPMORGAN CHASE & CO 0.13% of their portfolio | 8.7m $2.6bn | Added +3.6m |
| Sanders Capital, LLC 4.28% of their portfolio | 7.7m $2.3bn | Added +97.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.18% of their portfolio | 5.6m $1.7bn | Added +78.4k |
| NORGES BANK 0.18% of their portfolio | 3.4m $1.0bn | Added +231.1k |
| NORTHERN TRUST CORP 0.17% of their portfolio | 3.1m $928.7m | Reduced -142.9k |
| BANK OF AMERICA CORP /DE/ 0.10% of their portfolio | 2.9m $854.7m | Reduced -367.5k |
| Amundi 0.39% of their portfolio | 2.8m $855.6m | Added +225.9k |
| Bank of New York Mellon Corp 0.16% of their portfolio | 2.7m $806.7m | Added +123.0k |
| Nuveen Asset Management, LLC 0.26% of their portfolio | 2.7m $806.5m | Reduced -195.8k |
| PARNASSUS INVESTMENTS, LLC 1.78% of their portfolio | 2.7m $803.1m | Added +126.6k |
| DIMENSIONAL FUND ADVISORS LP 0.22% of their portfolio | 2.5m $752.2m | Reduced -144.4k |
| NORDEA INVESTMENT MANAGEMENT AB 0.92% of their portfolio | 2.4m $724.5m | Reduced -35.7k |
| PUTNAM INVESTMENTS LLC 0.89% of their portfolio | 2.3m $674.1m | Reduced -28.0k |
| Legal & General Group Plc 0.21% of their portfolio | 2.2m $663.2m | Added +11.6k |
| AMERIPRISE FINANCIAL INC 0.20% of their portfolio | 2.2m $661.0m | Reduced -1.5m |
| GLENVIEW CAPITAL MANAGEMENT, LLC 14.95% of their portfolio | 2.1m $641.6m | Added +593.7k |
| Invesco Ltd. 0.15% of their portfolio | 2.1m $631.3m | Reduced -392.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.15% of their portfolio | 2.0m $592.5m | Added +53.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.20% of their portfolio | 1.7m $495.9m | Reduced -370.9k |
| Davis Selected Advisers 2.80% of their portfolio | 1.7m $495.1m | Reduced -47.2k |
| Boston Partners 0.65% of their portfolio | 1.6m $491.9m | Reduced -357.0k |
| CITADEL ADVISORS LLC 0.47% of their portfolio | 1.5m $462.7m | Added +1.3m |
| MACQUARIE GROUP LTD 0.53% of their portfolio | 1.5m $460.2m | Reduced -357.8k |
| DEUTSCHE BANK AG\ 0.21% of their portfolio | 1.4m $416.2m | Added +270.2k |
| MILLENNIUM MANAGEMENT LLC 0.38% of their portfolio | 1.3m $403.6m | Added +1.2m |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 1.3m $380.1m | Reduced -49.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.40% of their portfolio | 1.3m $377.0m | Reduced -264.4k |
| Capital World Investors 0.06% of their portfolio | 1.2m $353.5m | Reduced -1.6m |
| AQR CAPITAL MANAGEMENT LLC 0.66% of their portfolio | 1.2m $352.6m | Reduced -45.9k |
| BARCLAYS PLC 0.17% of their portfolio | 1.1m $320.9m | Reduced -19.6k |
| ALLIANCEBERNSTEIN L.P. 0.12% of their portfolio | 1.0m $303.6m | Added +391.4k |
| Swedbank AB 0.47% of their portfolio | 976.7k $292.5m | Added +304.4k |
| California Public Employees Retirement System 0.22% of their portfolio | 967.5k $289.7m | Added +69.1k |
| Swiss National Bank 0.20% of their portfolio | 925.5k $277.1m | Reduced -26.6k |
| Maj Invest Holding A/S 7.73% of their portfolio | 885.8k $265.2m | Reduced -138.5k |
| FIL Ltd 0.27% of their portfolio | 874.0k $261.7m | Added +4.7k |
| LYRICAL ASSET MANAGEMENT LP 4.12% of their portfolio | 843.5k $252.6m | Added +3.4k |
| ROYAL BANK OF CANADA 0.06% of their portfolio | 838.9k $251.2m | Added +277.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.18% of their portfolio | 810.1k $242.6m | Reduced -62.4k |
| HSBC HOLDINGS PLC 0.22% of their portfolio | 788.6k $236.1m | Added +165.6k |
| BANK OF MONTREAL /CAN/ 0.07% of their portfolio | 735.4k $220.5m | Added +263.9k |
| GQG Partners LLC 0.46% of their portfolio | 726.3k $217.5m | New |
| Russell Investments Group, Ltd. 0.38% of their portfolio | 711.4k $213.0m | Reduced -46.1k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.94% of their portfolio | 710.8k $212.8m | Added +24.7k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.73% of their portfolio | 686.9k $205.7m | Reduced -18.5k |
| Man Group plc 0.59% of their portfolio | 682.5k $204.4m | New |
| NEUBERGER BERMAN GROUP LLC 0.17% of their portfolio | 666.2k $199.5m | Reduced -57.9k |
| LSV ASSET MANAGEMENT 0.43% of their portfolio | 653.2k $195.6m | Reduced -39.8k |
| RHUMBLINE ADVISERS 0.20% of their portfolio | 629.4k $188.5m | Reduced -21.1k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.64% of their portfolio | 608.1k $182.1m | Reduced -467.8k |
| Focused Investors LLC 5.82% of their portfolio | 600.6k $179.9m | Added +81.3k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.23% of their portfolio | 598.7k $179.3m | Added +150.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.24% of their portfolio | 591.1k $177.0m | Reduced -35.7k |
| WELLS FARGO & COMPANY/MN 0.05% of their portfolio | 590.5k $176.8m | Reduced -16.3k |
| Cerity Partners LLC 0.07% of their portfolio | 590.1k $19.5m | Added +538.3k |
| PRUDENTIAL FINANCIAL INC 0.26% of their portfolio | 585.4k $173.3m | Added +242.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.68% of their portfolio | 574.6k $172.1m | New |
| JENNISON ASSOCIATES LLC 0.13% of their portfolio | 566.2k $169.6m | Added +317.1k |
| RAYMOND JAMES & ASSOCIATES 0.13% of their portfolio | 558.9k $167.4m | Reduced -6.2k |
| PZENA INVESTMENT MANAGEMENT LLC 0.61% of their portfolio | 544.3k $163.0m | Reduced -15.9k |
| National Pension Service 0.22% of their portfolio | 538.4k $161.2m | Added +10.9k |
| CREDIT SUISSE AG/ 0.16% of their portfolio | 538.1k $161.1m | Added +13.9k |
| Balyasny Asset Management L.P. 0.41% of their portfolio | 499.1k $149.5m | Added +104.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.20% of their portfolio | 479.5k $143.6m | Added +6.8k |
| AMERICAN CENTURY COMPANIES INC 0.09% of their portfolio | 447.6k $134.0m | Reduced -511.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.14% of their portfolio | 433.4k $129.8m | Added +1.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 427.1k $127.9m | Reduced -496.5k |
| BRANDES INVESTMENT PARTNERS, LP 1.94% of their portfolio | 427.1k $127.9m | Added +46.5k |
| Robeco Institutional Asset Management B.V. 0.31% of their portfolio | 425.2k $127.3m | Reduced -50.3k |
| Qube Research & Technologies Ltd 0.29% of their portfolio | 423.8k $126.9m | Added +421.7k |
| Mitsubishi UFJ Trust & Banking Corp 0.28% of their portfolio | 403.7k $120.9m | Reduced -29.0k |
| Artisan Partners Limited Partnership 0.19% of their portfolio | 401.4k $120.2m | Added +10.2k |
| NATIXIS ADVISORS, LLC 0.31% of their portfolio | 396.0k $118.6m | Added +3.4k |
| PNC Financial Services Group, Inc. 0.09% of their portfolio | 394.3k $118.1m | Reduced -32.0k |
| CANADA LIFE ASSURANCE Co 0.26% of their portfolio | 389.3k $116.1m | Reduced -47.3k |
| Assenagon Asset Management S.A. 0.35% of their portfolio | 386.2k $115.7m | Added +233.9k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.24% of their portfolio | 384.4k $115.1m | Added +137.2k |
| Ruffer LLP 4.23% of their portfolio | 380.6k $114.0m | Added +16.1k |
| Bridgewater Associates, LP 0.63% of their portfolio | 373.7k $111.9m | Added +152.4k |
| APG Asset Management N.V. 0.19% of their portfolio | 368.0k $99.8m | Added +21.9k |
| Aberdeen Group plc 0.24% of their portfolio | 365.4k $109.4m | Added +81.1k |
| UBS Group AG 0.04% of their portfolio | 361.8k $108.3m | Reduced -187.2k |
| SEI INVESTMENTS CO 0.17% of their portfolio | 358.2k $107.3m | Reduced -31.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.06% of their portfolio | 326.1k $97.7m | Reduced -4.8k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 1.34% of their portfolio | 320.3k $95.9m | Added +318.5k |
| AXA S.A. 0.15% of their portfolio | 317.0k $94.9m | Added +232.8k |
| LAKEWOOD CAPITAL MANAGEMENT, LP 8.41% of their portfolio | 308.9k $92.5m | Reduced -6.5k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.19% of their portfolio | 306.2k $91.7m | Added +6.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 302.8k $90.7m | Added +685 |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 298.5k $89.4m | Reduced -11.0k |
| Allspring Global Investments Holdings, LLC 0.15% of their portfolio | 293.4k $87.9m | Added +66.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.16% of their portfolio | 291.0k $88.4m | Added +17.4k |