5 Stocks To Buy According to Michael Burry

4. The Cigna Group (NYSE:CI)

Percentage of Scion Asset Management’s portfolio as of Q2 2023: 0.44%

In Q2, 2023, 74 hedge funds had a stake worth $4.065 billion in The Cigna Group (NYSE:CI), compared to 79 hedge funds in Q1. In the second quarter, Scion Asset Management increased its stake in the company by 10% to 27,500 shares worth over $7.7 million.

On August 4, BofA analyst Kevin Fischbeck reaffirmed a Buy rating on The Cigna Group (NYSE:CI)’s shares and raised the company’s price target to $350 from $320.

ClearBridge Investments mentioned The Cigna Group (NYSE:CI) in its investor letter for the first quarter of 2023. Here is what the firm said:

“At the same time, we exited health insurance company The Cigna Group (NYSE:CI), whose strong outperformance over the last year has resulted in shares trading at a significant premium relative to competitor CVS Health. Additionally, we view CVS Health’s underperformance as driven by temporary issues and believe it has a good likelihood of succeeding in its improvement initiatives following upgrades to the management team and its acquisition of Oak Street Health. As a result, we elected to swap our position in Cigna into CVS Health to capitalize on the valuation gap while maintaining similar exposure within the sector.”