Piper Sandler Increases The Cigna Group (NYSE:CI) Price Target to $374.00

The Cigna Group (NYSE:CI) had its price objective boosted by Piper Sandler from $348.00 to $374.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the health services provider’s stock.

CI has been the topic of several other reports. Guggenheim reaffirmed a “buy” rating on shares of The Cigna Group in a research note on Monday. Oppenheimer decreased their price target on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating on the stock in a report on Friday, January 31st. Wells Fargo & Company dropped their price objective on shares of The Cigna Group from $370.00 to $341.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. UBS Group decreased their target price on shares of The Cigna Group from $410.00 to $390.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Finally, Cantor Fitzgerald upped their price target on shares of The Cigna Group from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, The Cigna Group currently has a consensus rating of “Buy” and a consensus price target of $378.00.

The Cigna Group Price Performance

CI stock opened at $332.99 on Monday. The company’s 50-day moving average price is $323.77 and its two-hundred day moving average price is $309.57. The firm has a market cap of $91.13 billion, a P/E ratio of 27.21, a P/E/G ratio of 0.98 and a beta of 0.47. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Friday, May 2nd. The health services provider reported $6.74 EPS for the quarter, beating the consensus estimate of $6.35 by $0.39. The business had revenue of $65.45 billion during the quarter, compared to the consensus estimate of $60.39 billion. The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. The company’s revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the business earned $6.47 earnings per share. On average, analysts anticipate that The Cigna Group will post 29.77 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be issued a dividend of $1.51 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $6.04 annualized dividend and a yield of 1.81%. The Cigna Group’s payout ratio is 49.35%.

Insider Activity

In related news, Director Elder Granger sold 2,376 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $310.35, for a total transaction of $737,391.60. Following the transaction, the director now owns 5,471 shares in the company, valued at $1,697,924.85. The trade was a 30.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Cordani sold 26,527 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $308.12, for a total transaction of $8,173,499.24. Following the transaction, the chief executive officer now directly owns 127,767 shares in the company, valued at approximately $39,367,568.04. This represents a 17.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,751 shares of company stock valued at $13,603,991. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On The Cigna Group

Institutional investors have recently made changes to their positions in the stock. TCTC Holdings LLC bought a new stake in The Cigna Group in the 4th quarter valued at about $25,000. Collier Financial acquired a new stake in The Cigna Group in the fourth quarter valued at approximately $32,000. Wayfinding Financial LLC bought a new stake in shares of The Cigna Group during the first quarter valued at approximately $40,000. ORG Wealth Partners LLC acquired a new position in shares of The Cigna Group during the fourth quarter worth approximately $34,000. Finally, Putney Financial Group LLC bought a new position in shares of The Cigna Group in the 4th quarter worth $36,000. 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.