The Cigna Group (NYSE:CI) Shares Gap Up Following Earnings Beat

The Cigna Group (NYSE:CI)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $312.89, but opened at $333.38. The Cigna Group shares last traded at $328.30, with a volume of 329,883 shares trading hands.

The health services provider reported $7.51 EPS for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion for the quarter, compared to the consensus estimate of $59.58 billion. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $6.77 EPS.

The Cigna Group Announces Dividend

The business also recently announced 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. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Wednesday, December 4th. The Cigna Group’s payout ratio is 44.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CI shares. Barclays upped their target price on The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 price objective on shares of The Cigna Group in a research note on Wednesday, October 23rd. Stephens reissued an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada decreased their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, The Cigna Group currently has an average rating of “Buy” and a consensus target price of $392.29.

Insider Buying and Selling at The Cigna Group

In other news, Director William J. Delaney III sold 2,691 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $342.68, for a total transaction of $922,151.88. Following the completion of the sale, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Kovack Advisors Inc. acquired a new stake in shares of The Cigna Group in the first quarter worth about $214,000. Ashton Thomas Private Wealth LLC boosted its position in The Cigna Group by 4.1% during the first quarter. Ashton Thomas Private Wealth LLC now owns 3,012 shares of the health services provider’s stock worth $1,094,000 after purchasing an additional 119 shares during the period. Norden Group LLC grew its holdings in The Cigna Group by 22.3% during the first quarter. Norden Group LLC now owns 2,355 shares of the health services provider’s stock valued at $855,000 after purchasing an additional 429 shares during the last quarter. Mission Wealth Management LP raised its position in shares of The Cigna Group by 9.9% in the first quarter. Mission Wealth Management LP now owns 1,010 shares of the health services provider’s stock valued at $367,000 after purchasing an additional 91 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of The Cigna Group by 21.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,453 shares of the health services provider’s stock worth $34,304,000 after buying an additional 16,846 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

The Cigna Group Trading Up 0.6 %

The company’s fifty day moving average is $345.77 and its 200-day moving average is $341.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $88.53 billion, a P/E ratio of 24.92, a P/E/G ratio of 0.95 and a beta of 0.50.

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.