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 earnings per share for the quarter, topping analysts’ consensus estimates of $6.17 by $0.30, Briefing.com reports. The business had revenue of $57.25 billion during the quarter, compared to the consensus estimate of $56.59 billion. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The Cigna Group’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter last year, the firm earned $5.41 earnings per share. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Stock Down 0.9 %

Shares of CI stock traded down $3.00 on Friday, hitting $341.50. The stock had a trading volume of 2,413,548 shares, compared to its average volume of 1,380,653. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.71 and a quick ratio of 0.67. The business has a 50 day moving average of $350.77 and a 200 day moving average of $319.59. The Cigna Group has a 12-month low of $240.50 and a 12-month high of $365.71. The stock has a market cap of $99.84 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 1.05 and a beta of 0.57.

The Cigna Group Announces Dividend

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

Insider Buying and Selling

In other news, CEO David Cordani sold 31,209 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $355.17, for a total value of $11,084,500.53. Following the completion of the transaction, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at $123,618,339.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO David Cordani sold 31,209 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $355.17, for a total value of $11,084,500.53. Following the transaction, the chief executive officer now directly owns 348,054 shares of the company’s stock, valued at approximately $123,618,339.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric P. Palmer sold 1,017 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $335.26, for a total transaction of $340,959.42. Following the sale, the insider now owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,144 shares of company stock worth $39,296,330. 0.60% of the stock is owned by insiders.

Analyst Ratings Changes

CI has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded The Cigna Group from a “hold” rating to a “buy” rating and upped their target price for the company from $355.00 to $370.00 in a research report on Thursday, February 1st. Cantor Fitzgerald lifted their price objective on shares of The Cigna Group from $384.00 to $400.00 and gave the company an “overweight” rating in a research note on Friday. Oppenheimer increased their target price 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. Mizuho lifted their price target on shares of The Cigna Group from $360.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Finally, Royal Bank of Canada raised shares of The Cigna Group from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $327.00 to $354.00 in a research report on Monday, February 5th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently 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.