Truist Financial Has Lowered Expectations for The Cigna Group (NYSE:CI) Stock Price

The Cigna Group (NYSE:CI) had its target price cut by Truist Financial from $420.00 to $390.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the health services provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $394.00 price objective (up previously from $392.00) on shares of The Cigna Group in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price target on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Barclays increased their price objective on The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their target price on The Cigna Group from $398.00 to $394.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, Jefferies Financial Group raised their price target on The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $395.93.

The Cigna Group Stock Performance

NYSE:CI opened at $279.11 on Monday. The stock has a market capitalization of $77.64 billion, a P/E ratio of 26.33, a price-to-earnings-growth ratio of 0.88 and a beta of 0.54. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.71. The Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83. The firm has a 50 day moving average of $306.25 and a 200-day moving average of $329.32.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.22 by $0.29. The firm had revenue of $63.70 billion during the quarter, compared to the consensus estimate of $59.58 billion. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.77 EPS. As a group, sell-side analysts anticipate that The Cigna Group will post 28.5 EPS for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Wednesday, December 4th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Wednesday, December 4th. The Cigna Group’s dividend payout ratio is currently 52.83%.

Hedge Funds Weigh In On The Cigna Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CI. AQR Capital Management LLC raised its stake in The Cigna Group by 63.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,547,245 shares of the health services provider’s stock worth $510,467,000 after buying an additional 600,215 shares during the period. Ameriprise Financial Inc. raised its position in shares of The Cigna Group by 23.4% during the second quarter. Ameriprise Financial Inc. now owns 2,138,193 shares of the health services provider’s stock worth $706,822,000 after purchasing an additional 405,694 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of The Cigna Group by 145.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 683,361 shares of the health services provider’s stock valued at $225,899,000 after purchasing an additional 404,791 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of The Cigna Group by 49,287.7% in the 3rd quarter. International Assets Investment Management LLC now owns 400,040 shares of the health services provider’s stock valued at $138,590,000 after purchasing an additional 399,230 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in The Cigna Group by 526.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 363,537 shares of the health services provider’s stock worth $120,174,000 after purchasing an additional 305,490 shares in the last quarter. 86.99% of the stock is owned by institutional investors.

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.