The Cigna Group (NYSE:CI) Releases Earnings Results, Beats Expectations By $0.29 EPS

The Cigna Group (NYSE:CI) announced its quarterly earnings results on Thursday. The health services provider reported $7.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29, Briefing.com reports. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The firm had revenue of $63.70 billion for the quarter, compared to the consensus estimate of $59.58 billion. During the same period in the prior year, the firm posted $6.77 earnings per share. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Price Performance

NYSE CI traded up $0.68 during trading hours on Friday, reaching $315.49. The company’s stock had a trading volume of 1,509,505 shares, compared to its average volume of 1,520,565. The firm’s 50-day moving average price is $346.52 and its 200-day moving average price is $341.77. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.73. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $370.83. The company has a market capitalization of $88.20 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.95 and a beta of 0.50.

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, December 4th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.78%. The Cigna Group’s dividend payout ratio is presently 44.06%.

Insider Buying and Selling

In other news, Director William J. Delaney III sold 2,691 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $342.68, for a total transaction of $922,151.88. Following the sale, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is owned by insiders.

Analysts Set New Price Targets

CI has been the topic of a number of recent research reports. Stephens reiterated an “overweight” rating and set a $410.00 price target on shares of The Cigna Group in a research report on Friday, August 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $384.00 target price on shares of The Cigna Group in a report on Monday, September 9th. JPMorgan Chase & Co. raised their target price on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Barclays raised their price target on The Cigna Group from $393.00 to $405.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com raised The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, The Cigna Group currently has an average rating of “Buy” and an average target price of $392.79.

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.