The Cigna Group (NYSE:CI) Trading Down 4.6% – Here’s What Happened

The Cigna Group (NYSE:CI) fell 4.6% on Wednesday . The company traded as low as $295.83 and last traded at $296.99. 906,280 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,546,894 shares. The stock had previously closed at $311.37.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Stephens restated an “overweight” rating and set a $410.00 price target on shares of The Cigna Group in a research note on Friday, November 1st. Jefferies Financial Group boosted their price target on The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on The Cigna Group from $398.00 to $394.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Royal Bank of Canada reduced their target price 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. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $400.00 target price on shares of The Cigna Group in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $394.64.

The Cigna Group Price Performance

The company has a market capitalization of $79.40 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 0.88 and a beta of 0.50. 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 company has a 50 day moving average price of $327.65 and a 200 day moving average price of $337.08.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share 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 firm had revenue of $63.70 billion during the quarter, compared to analysts’ expectations of $59.58 billion. During the same period in the previous year, the business posted $6.77 EPS. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. As a group, equities research analysts forecast that The Cigna Group will post 28.5 earnings per share for the current year.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Wednesday, December 4th. The Cigna Group’s payout ratio is 52.83%.

Hedge Funds Weigh In On The Cigna Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in shares of The Cigna Group by 4.4% in the 2nd quarter. Van ECK Associates Corp now owns 14,872 shares of the health services provider’s stock valued at $4,916,000 after acquiring an additional 625 shares during the period. Marks Group Wealth Management Inc raised its holdings in The Cigna Group by 3,669.7% in the third quarter. Marks Group Wealth Management Inc now owns 24,013 shares of the health services provider’s stock worth $8,319,000 after purchasing an additional 23,376 shares during the period. Raymond James & Associates boosted its position in shares of The Cigna Group by 3.2% during the second quarter. Raymond James & Associates now owns 602,339 shares of the health services provider’s stock worth $199,115,000 after purchasing an additional 18,733 shares in the last quarter. Trinity Street Asset Management LLP increased its position in shares of The Cigna Group by 7.1% in the 3rd quarter. Trinity Street Asset Management LLP now owns 81,411 shares of the health services provider’s stock valued at $28,204,000 after buying an additional 5,397 shares in the last quarter. Finally, OFI Invest Asset Management raised its stake in The Cigna Group by 3,886.9% during the 2nd quarter. OFI Invest Asset Management now owns 3,947 shares of the health services provider’s stock worth $1,217,000 after buying an additional 3,848 shares during the period. Institutional investors 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.