The Cigna Group (NYSE:CI) Shares Gap Up on Strong Earnings

Shares of The Cigna Group (NYSE:CI) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $312.89, but opened at $333.38. The Cigna Group shares last traded at $328.30, with a volume of 329,883 shares traded.

The health services provider reported $7.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion for the quarter, compared to analysts’ expectations of $59.58 billion. The Cigna Group had a return on equity of 17.83% and a net margin of 1.70%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.77 EPS.

The Cigna Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, December 4th will be paid a dividend of $1.40 per share. The ex-dividend date is Wednesday, December 4th. This represents a $5.60 annualized dividend and a yield of 1.77%. The Cigna Group’s dividend payout ratio is currently 44.06%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 target price on shares of The Cigna Group in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com raised The Cigna Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Jefferies Financial Group upped their target price on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Finally, Stephens reiterated an “overweight” rating and set a $410.00 price target on shares of The Cigna Group in a research report on Friday. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $392.29.

Insiders Place Their Bets

In other news, Director William J. Delaney III sold 2,691 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the completion of the sale, the director now owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On The Cigna Group

Institutional investors have recently bought and sold shares of the stock. Kovack Advisors Inc. bought a new position in shares of The Cigna Group in the first quarter worth approximately $214,000. Ashton Thomas Private Wealth LLC grew its holdings in The Cigna Group by 4.1% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 3,012 shares of the health services provider’s stock worth $1,094,000 after acquiring an additional 119 shares during the last quarter. Norden Group LLC increased its position in shares of The Cigna Group by 22.3% in the first quarter. Norden Group LLC now owns 2,355 shares of the health services provider’s stock valued at $855,000 after acquiring an additional 429 shares during the period. Mission Wealth Management LP raised its stake in shares of The Cigna Group by 9.9% during the first quarter. Mission Wealth Management LP now owns 1,010 shares of the health services provider’s stock valued at $367,000 after acquiring an additional 91 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of The Cigna Group by 21.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,453 shares of the health services provider’s stock worth $34,304,000 after purchasing an additional 16,846 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Trading Up 0.6 %

The company has a market capitalization of $88.53 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 0.95 and a beta of 0.50. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average price is $345.77 and its two-hundred day moving average price is $341.55.

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.