The Cigna Group (NYSE:CI) Releases FY24 Earnings Guidance

The Cigna Group (NYSE:CI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of at least $28.40 for the period, compared to the consensus estimate of $28.50. The Cigna Group also updated its FY 2024 guidance to 28.400- EPS.

The Cigna Group Stock Down 4.5 %

Shares of CI stock traded down $15.62 during trading hours on Thursday, reaching $333.05. 800,909 shares of the company’s stock were exchanged, compared to its average volume of 1,549,149. The stock’s 50 day moving average is $335.81 and its 200-day moving average is $338.55. The company has a market cap of $94.61 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 1.08 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.75. The Cigna Group has a fifty-two week low of $253.95 and a fifty-two week high of $365.71.

The Cigna Group (NYSE:CI) last issued its quarterly earnings results on Thursday, May 2nd. The health services provider reported $6.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30. The business had revenue of $57.25 billion for the quarter, compared to the consensus estimate of $56.59 billion. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the firm posted $5.41 earnings per share. Analysts predict that The Cigna Group will post 28.47 earnings per share for the current fiscal year.

The Cigna Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, September 4th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Wednesday, September 4th. The Cigna Group’s payout ratio is 45.98%.

Wall Street Analysts Forecast Growth

CI has been the topic of several analyst reports. Oppenheimer increased their price target on The Cigna Group from $370.00 to $400.00 and gave the stock an outperform rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. increased their price target on The Cigna Group from $432.00 to $435.00 and gave the stock an overweight rating in a research report on Thursday, May 30th. Baird R W raised The Cigna Group to a strong-buy rating in a research report on Thursday, May 30th. Piper Sandler assumed coverage on The Cigna Group in a research report on Wednesday, June 26th. They set an overweight rating and a $400.00 price target on the stock. Finally, Cantor Fitzgerald reissued an overweight rating and set a $400.00 target price on shares of The Cigna Group in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $376.20.

Insider Buying and Selling at The Cigna Group

In other The Cigna Group news, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $348.71, for a total value of $2,073,429.66. Following the completion of the transaction, the senior vice president now owns 2,595 shares of the company’s stock, valued at approximately $904,902.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Elder Granger sold 547 shares of The Cigna Group stock in a transaction on Monday, June 17th. The shares were sold at an average price of $331.38, for a total transaction of $181,264.86. Following the completion of the sale, the director now directly owns 5,471 shares of the company’s stock, valued at approximately $1,812,979.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Hoeltzel Mary T. Agoglia sold 5,946 shares of The Cigna Group stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $348.71, for a total transaction of $2,073,429.66. Following the sale, the senior vice president now directly owns 2,595 shares of the company’s stock, valued at $904,902.45. The disclosure for this sale can be found here. Insiders sold 22,988 shares of company stock valued at $7,975,726 in the last 90 days. Company insiders own 0.60% 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.