The Cigna Group (NYSE:CI) Shares Gap Down on Disappointing Earnings

Shares of The Cigna Group (NYSE:CI) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $303.31, but opened at $275.00. The Cigna Group shares last traded at $275.16, with a volume of 951,363 shares changing hands.

The health services provider reported $6.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. During the same quarter last year, the business posted $6.79 earnings per share.

The Cigna Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $1.51 per share. This is an increase from The Cigna Group’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $6.04 annualized dividend and a dividend yield of 2.05%. The Cigna Group’s payout ratio is 52.83%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stephens lowered their price target on The Cigna Group from $410.00 to $380.00 and set an “overweight” rating on the stock in a report on Friday. Oppenheimer lowered their target price on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of The Cigna Group from $398.00 to $394.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Raymond James reiterated a “strong-buy” rating and set a $360.00 price objective (down previously from $415.00) on shares of The Cigna Group in a research note on Friday. Finally, Morgan Stanley cut their target price on The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a research report on Friday. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $380.27.

Institutional Investors Weigh In On The Cigna Group

A number of large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its position in shares of The Cigna Group by 49,287.7% in the 3rd quarter. International Assets Investment Management LLC now owns 400,040 shares of the health services provider’s stock worth $138,590,000 after acquiring an additional 399,230 shares during the period. Swedbank AB boosted its position in The Cigna Group by 55.1% in the fourth quarter. Swedbank AB now owns 884,406 shares of the health services provider’s stock valued at $244,220,000 after buying an additional 314,123 shares in the last quarter. FMR LLC grew its position in The Cigna Group by 2.0% during the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock worth $4,929,978,000 after acquiring an additional 279,880 shares during the last quarter. Raymond James & Associates increased its stake in shares of The Cigna Group by 42.8% in the third quarter. Raymond James & Associates now owns 860,050 shares of the health services provider’s stock valued at $297,956,000 after buying an additional 257,711 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in The Cigna Group by 68.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 497,875 shares of the health services provider’s stock valued at $137,483,000 after acquiring an additional 202,161 shares in the last quarter. Institutional investors own 86.99% of the company’s stock.

The Cigna Group Stock Up 3.9 %

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 stock has a market cap of $81.77 billion, a P/E ratio of 27.73, a PEG ratio of 0.82 and a beta of 0.54. The firm’s 50-day moving average is $295.09 and its two-hundred day moving average is $324.69.

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.