The Cigna Group (NYSE:CI) Shares Gap Down – Here’s What Happened

The Cigna Group (NYSE:CI) gapped down prior to trading on Tuesday . The stock had previously closed at $273.26, but opened at $263.67. The Cigna Group shares last traded at $268.38, with a volume of 472,012 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on CI shares. Barclays increased their price objective on shares of The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price target on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a research note on Wednesday, October 23rd. StockNews.com downgraded The Cigna Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Piper Sandler restated an “overweight” rating and issued a $394.00 price target (up previously from $392.00) on shares of The Cigna Group in a research report on Tuesday, November 5th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $394.64.

The Cigna Group Trading Up 6.3 %

The stock has a fifty day moving average of $322.26 and a 200-day moving average of $335.44. The company has a market cap of $78.55 billion, a PE ratio of 26.64, a PEG ratio of 0.88 and a beta of 0.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.72 and a current ratio of 0.72.

The Cigna Group (NYSE:CI) last issued its earnings results on Thursday, October 31st. The health services provider reported $7.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The firm had revenue of $63.70 billion during the quarter, compared to analyst estimates of $59.58 billion. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The business’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $6.77 earnings per share. Sell-side analysts anticipate 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 will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Wednesday, December 4th. The Cigna Group’s dividend payout ratio (DPR) is presently 52.83%.

Institutional Investors Weigh In On The Cigna Group

Hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in shares of The Cigna Group by 4.4% during the second quarter. Van ECK Associates Corp now owns 14,872 shares of the health services provider’s stock valued at $4,916,000 after purchasing an additional 625 shares in the last quarter. Marks Group Wealth Management Inc boosted its position in The Cigna Group by 3,669.7% during the 3rd quarter. Marks Group Wealth Management Inc now owns 24,013 shares of the health services provider’s stock valued at $8,319,000 after acquiring an additional 23,376 shares in the last quarter. Trinity Street Asset Management LLP increased its holdings 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 acquiring an additional 5,397 shares during the period. Pine Valley Investments Ltd Liability Co raised its position in shares of The Cigna Group by 28.3% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 15,713 shares of the health services provider’s stock worth $5,444,000 after acquiring an additional 3,466 shares in the last quarter. Finally, Brandes Investment Partners LP lifted its stake in shares of The Cigna Group by 9.0% during the 2nd quarter. Brandes Investment Partners LP now owns 510,970 shares of the health services provider’s stock worth $169,037,000 after purchasing an additional 41,979 shares during the last quarter. 86.99% of the stock is currently owned by hedge funds and other 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.