The Cigna Group (NYSE:CI) Shares Gap Down – Here’s What Happened

The Cigna Group (NYSE:CI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $273.26, but opened at $263.67. The Cigna Group shares last traded at $268.38, with a volume of 472,012 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CI. JPMorgan Chase & Co. lifted their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $394.00 target price (up previously from $392.00) on shares of The Cigna Group in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price target on The Cigna Group from $398.00 to $394.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Cantor Fitzgerald restated an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada lowered their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The Cigna Group presently has an average rating of “Buy” and an average price target of $394.64.

The Cigna Group Price Performance

The stock’s fifty day simple moving average is $325.11 and its 200 day simple moving average is $336.37. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $73.89 billion, a P/E ratio of 25.77, a P/E/G ratio of 0.88 and a beta of 0.50.

The Cigna Group (NYSE:CI) last issued its earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The firm had revenue of $63.70 billion for the quarter, compared to analyst estimates of $59.58 billion. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The Cigna Group’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.77 earnings per share. On average, equities research analysts predict that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, December 4th. The Cigna Group’s payout ratio is 52.83%.

Hedge Funds Weigh In On The Cigna Group

Several institutional investors and hedge funds have recently bought and sold shares of CI. Ulland Investment Advisors LLC increased its position in shares of The Cigna Group by 2,500.0% during the third quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock worth $36,000 after purchasing an additional 100 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in The Cigna Group in the third quarter valued at about $37,000. Harbor Capital Advisors Inc. acquired a new position in shares of The Cigna Group during the 3rd quarter worth $45,000. Private Ocean LLC raised its position in shares of The Cigna Group by 29.9% during the 2nd quarter. Private Ocean LLC now owns 200 shares of the health services provider’s stock worth $66,000 after purchasing an additional 46 shares during the last quarter. Finally, Intact Investment Management Inc. acquired a new position in shares of The Cigna Group in the third quarter worth $69,000. 86.99% of the stock is currently owned by institutional investors and hedge funds.

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.