The Cigna Group (NYSE:CI) Issues Quarterly Earnings Results

The Cigna Group (NYSE:CI) released its earnings results 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 company had revenue of $57.25 billion during the quarter, compared to analyst estimates of $56.59 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. During the same quarter in the prior year, the company earned $5.41 earnings per share. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Price Performance

The Cigna Group stock traded down $3.05 during mid-day trading on Friday, hitting $341.45. 2,413,542 shares of the company were exchanged, compared to its average volume of 1,593,263. The Cigna Group has a 1-year low of $240.50 and a 1-year high of $365.71. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $350.82 and a 200 day moving average of $319.39. The company has a market capitalization of $99.82 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 1.09 and a beta of 0.57.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Tuesday, June 4th. The Cigna Group’s payout ratio is 32.20%.

Insider Transactions at The Cigna Group

In related news, CEO David Cordani sold 31,209 shares of The Cigna Group 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other The Cigna Group news, CEO David Cordani sold 31,209 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 348,054 shares in the company, valued at approximately $123,618,339.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric P. Palmer sold 1,017 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $335.26, for a total value of $340,959.42. Following the sale, the insider now owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,144 shares of company stock valued at $39,296,330. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CI shares. Morgan Stanley reiterated an “overweight” rating and issued a $392.00 target price (up previously from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. Barclays started 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 for the company. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 14th. Sanford C. Bernstein raised shares of The Cigna Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $330.00 to $372.00 in a research note on Thursday, January 4th. Finally, Cantor Fitzgerald raised their target price on The Cigna Group from $384.00 to $400.00 and gave the company an “overweight” rating in a report on Friday. Two research 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. According to data from MarketBeat.com, The Cigna Group presently has a consensus rating of “Buy” and a consensus price target 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.