The Cigna Group (NYSE:CI) Issues Earnings Results

The Cigna Group (NYSE:CI) issued its quarterly earnings data on Thursday. The health services provider reported $6.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.17 by $0.30, Briefing.com reports. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The business had revenue of $57.25 billion for the quarter, compared to the consensus estimate of $56.59 billion. During the same period in the prior year, the business posted $5.41 earnings per share. The company’s quarterly revenue was up 23.2% compared to the same quarter last year. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Stock Down 0.9 %

Shares of The Cigna Group stock opened at $341.50 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 0.75. The company has a market cap of $99.84 billion, a P/E ratio of 28.04, a PEG ratio of 1.05 and a beta of 0.57. The firm’s 50 day moving average price is $350.77 and its 200-day moving average price is $319.59. The Cigna Group has a 52-week low of $240.50 and a 52-week high of $365.71.

The Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, June 4th. The Cigna Group’s payout ratio is 45.98%.

Insider Activity at The Cigna Group

In other The Cigna Group news, CEO David Cordani sold 31,209 shares of The Cigna Group stock in a transaction on Monday, March 25th. The shares were sold at an average price of $355.17, for a total value of $11,084,500.53. Following the transaction, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the sale, the chief executive officer now owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Eric P. Palmer sold 6,083 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $340.00, for a total transaction of $2,068,220.00. Following the transaction, the insider now owns 44,649 shares in the company, valued at approximately $15,180,660. The disclosure for this sale can be found here. Insiders sold 114,144 shares of company stock valued at $39,296,330 over the last 90 days. Insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CI. Mizuho increased their price target on The Cigna Group from $360.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, February 5th. Morgan Stanley reiterated an “overweight” rating and issued a $392.00 price target (up from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Wells Fargo & Company increased their price target on The Cigna Group from $334.00 to $348.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 6th. Barclays began coverage on The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 price target on the stock. Finally, StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, The Cigna Group currently has a consensus rating of “Buy” and a consensus target price of $366.14.

About The Cigna Group

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.