The Cigna Group (NYSE:CI) Shares Gap Up – Here’s Why

The Cigna Group (NYSE:CI)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $265.59, but opened at $276.45. The Cigna Group shares last traded at $280.00, with a volume of 681,007 shares.

Analyst Ratings Changes

CI has been the topic of several research reports. Deutsche Bank Aktiengesellschaft cut their target price on The Cigna Group from $398.00 to $394.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 target price on shares of The Cigna Group in a report on Wednesday, October 23rd. Piper Sandler reiterated an “overweight” rating and issued a $394.00 price target (up previously from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. Stephens restated an “overweight” rating and set a $410.00 price objective on shares of The Cigna Group in a research note on Friday, November 1st. Finally, Royal Bank of Canada cut 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 equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $394.64.

The Cigna Group Price Performance

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $76.44 billion, a PE ratio of 25.92, a PEG ratio of 0.88 and a beta of 0.50. The stock has a 50-day moving average price of $320.74 and a 200 day moving average price of $335.02.

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

The Cigna Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Wednesday, December 4th. The Cigna Group’s dividend payout ratio is currently 52.83%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CI. Ulland Investment Advisors LLC increased its position in shares of The Cigna Group by 2,500.0% during the 3rd 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 during the last quarter. Prospera Private Wealth LLC acquired a new stake in The Cigna Group in the 3rd quarter valued at approximately $37,000. Harbor Capital Advisors Inc. purchased a new stake in The Cigna Group in the third quarter valued at approximately $45,000. Private Ocean LLC lifted its stake in The Cigna Group by 29.9% during the second quarter. Private Ocean LLC now owns 200 shares of the health services provider’s stock worth $66,000 after purchasing an additional 46 shares in the last quarter. Finally, Intact Investment Management Inc. acquired a new position in The Cigna Group during the 3rd quarter worth about $69,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

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.