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

The Cigna Group (NYSE:CI) announced its earnings results on Thursday. The health services provider reported $6.72 EPS for the quarter, topping the consensus estimate of $6.42 by $0.30, Briefing.com reports. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The company had revenue of $60.52 billion during the quarter, compared to analysts’ expectations of $58.30 billion. During the same period last year, the company posted $6.13 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. The Cigna Group updated its FY 2024 guidance to 28.400- EPS and its FY24 guidance to at least $28.40 EPS.

The Cigna Group Stock Performance

CI stock traded up $4.73 on Friday, reaching $337.33. 3,193,740 shares of the company were exchanged, compared to its average volume of 1,247,865. The Cigna Group has a 12 month low of $253.95 and a 12 month high of $365.71. The stock’s fifty day moving average price is $335.80 and its 200 day moving average price is $338.73. The firm has a market capitalization of $95.83 billion, a PE ratio of 27.70, a PEG ratio of 1.02 and a beta of 0.52. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.71 and a quick ratio of 0.71.

The Cigna Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Wednesday, September 4th. The Cigna Group’s dividend payout ratio (DPR) is currently 45.98%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CI. Piper Sandler began coverage on shares of The Cigna Group in a report on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 target price for the company. Oppenheimer raised their price target on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Stephens restated an “overweight” rating and set a $410.00 price target on shares of The Cigna Group in a report on Friday. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Friday. Finally, Baird R W upgraded shares of The Cigna Group to a “strong-buy” rating in a report on Thursday, May 30th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, The Cigna Group has a consensus rating of “Buy” and an average target price of $379.06.

Insider Buying and Selling

In other The Cigna Group news, Director Elder Granger sold 547 shares of The Cigna Group stock in a transaction on Monday, June 17th. The shares were sold at an average price of $331.38, for a total transaction of $181,264.86. Following the sale, the director now owns 5,471 shares in the company, valued at $1,812,979.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Elder Granger sold 547 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $331.38, for a total value of $181,264.86. Following the sale, the director now owns 5,471 shares in the company, valued at approximately $1,812,979.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian C. Evanko sold 4,795 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the completion of the sale, the insider now owns 39,923 shares in the company, valued at approximately $13,773,834.23. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,988 shares of company stock valued at $7,975,726. 0.60% of the stock is owned by company insiders.

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.