The Cigna Group (NYSE:CI) Raises Dividend to $1.51 Per Share

The Cigna Group (NYSE:CI) declared a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Investors of record on Wednesday, March 5th will be paid a dividend of 1.51 per share by the health services provider on Thursday, March 20th. This represents a $6.04 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40.

The Cigna Group has increased its dividend by an average of 11.9% per year over the last three years. The Cigna Group has a dividend payout ratio of 15.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect The Cigna Group to earn $31.60 per share next year, which means the company should continue to be able to cover its $5.60 annual dividend with an expected future payout ratio of 17.7%.

The Cigna Group Stock Up 3.9 %

CI traded up $11.01 during trading hours on Friday, hitting $293.99. 3,531,802 shares of the company’s stock were exchanged, compared to its average volume of 1,872,095. The Cigna Group has a 1-year low of $262.03 and a 1-year high of $370.83. The stock’s 50-day moving average is $295.09 and its two-hundred day moving average is $324.69. The stock has a market cap of $81.77 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 0.82 and a beta of 0.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71.

The Cigna Group (NYSE:CI) last announced its earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. During the same quarter last year, the firm posted $6.79 EPS. Sell-side analysts predict that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on CI shares. StockNews.com cut shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 4th. Cantor Fitzgerald cut their price target on shares of The Cigna Group from $400.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial cut their price target on shares of The Cigna Group from $420.00 to $390.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Raymond James restated a “strong-buy” rating and set a $360.00 target price (down previously from $415.00) on shares of The Cigna Group in a research note on Friday. Finally, Barclays cut their target price on shares of The Cigna Group from $420.00 to $339.00 and set an “overweight” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $380.27.

The Cigna Group Company Profile

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.