The Cigna Group (NYSE:CI) Issues Earnings Results

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

The Cigna Group Stock Performance

CI stock traded down $3.00 during mid-day trading on Friday, reaching $341.50. The company had a trading volume of 2,413,548 shares, compared to its average volume of 1,380,653. The stock’s 50-day simple moving average is $350.77 and its two-hundred day simple moving average is $319.59. The stock has a market capitalization of $99.84 billion, a P/E ratio of 28.04, a P/E/G ratio of 1.05 and a beta of 0.57. 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 Cigna Group has a one year low of $240.50 and a one year high of $365.71.

The Cigna Group Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company upped their target price on The Cigna Group from $334.00 to $348.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 6th. StockNews.com raised shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Barclays began coverage on shares of The Cigna Group in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 target price on the stock. Deutsche Bank Aktiengesellschaft upgraded The Cigna Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $355.00 to $370.00 in a research note on Thursday, February 1st. Finally, Oppenheimer increased their target price on The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $366.14.

Insider Buying and Selling

In other The Cigna Group news, CEO David Cordani sold 38,065 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.22, for a total value of $12,760,149.30. Following the sale, the chief executive officer now owns 329,321 shares in the company, valued at $110,394,985.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Eric P. Palmer sold 6,083 shares of The Cigna Group 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 sale, the insider now directly owns 44,649 shares in the company, valued at $15,180,660. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David Cordani sold 38,065 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the completion of the transaction, the chief executive officer now owns 329,321 shares of the company’s stock, valued at approximately $110,394,985.62. The disclosure for this sale can be found here. Insiders have sold a total of 114,144 shares of company stock valued at $39,296,330 in the last quarter. Company insiders own 0.60% of the company’s stock.

The Cigna Group Company Profile

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.