The Cigna Group (NYSE:CI) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

The Cigna Group (NYSE:CI) announced its earnings results on Thursday. The health services provider reported $6.47 EPS for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30, Briefing.com reports. The company had revenue of $57.25 billion for the quarter, compared to analysts’ expectations of $56.59 billion. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The Cigna Group’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period last year, the firm earned $5.41 EPS. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Stock Down 0.9 %

NYSE:CI traded down $3.00 during midday trading on Friday, reaching $341.50. 2,413,548 shares of the stock traded hands, compared to its average volume of 1,380,653. The stock has a market capitalization of $99.84 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 1.05 and a beta of 0.57. The Cigna Group has a 12-month low of $240.50 and a 12-month high of $365.71. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 0.71. The business has a 50-day moving average of $350.77 and a two-hundred day moving average of $319.59.

The Cigna Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Tuesday, June 4th. The Cigna Group’s payout ratio is 45.98%.

Insider Activity

In related news, insider Eric P. Palmer sold 1,017 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $335.26, for a total value of $340,959.42. Following the completion of the transaction, the insider now directly owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of The Cigna Group stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the completion of the sale, the senior vice president now owns 2,102 shares of the company’s stock, valued at $694,668.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric P. Palmer sold 1,017 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $335.26, for a total transaction of $340,959.42. Following the transaction, the insider now directly owns 45,564 shares of the company’s stock, valued at $15,275,786.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,144 shares of company stock worth $39,296,330. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their price target on The Cigna Group from $334.00 to $348.00 and gave the company an “equal weight” rating in a report on Tuesday, February 6th. Mizuho increased their price objective on shares of The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 5th. Morgan Stanley restated an “overweight” rating and set a $392.00 target price (up previously from $382.00) on shares of The Cigna Group in a research report on Monday, March 4th. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 14th. Finally, Oppenheimer boosted their price target on shares of The Cigna Group from $370.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, The Cigna Group presently has a consensus rating of “Buy” and a consensus price target of $366.14.

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.