Cigna Group (NYSE:CI) Stock Price Target Cut by Piper Sandler

Key Points

• Piper Sandler lowered its Cigna price target to $360 from $370 but maintained an “overweight” rating, implying about 19.5% upside from the previous close.
• Analyst sentiment remains broadly positive: 14 analysts rate the stock Buy and eight Hold, with a consensus “Moderate Buy” rating and a $340.30 price target.
• Cigna beat quarterly expectations, reporting adjusted earnings of $7.98 per share versus $7.52 expected and revenue of $73.79 billion versus $72.64 billion expected; revenue rose 5.6% year over year.

Cigna Group (NYSE:CI - Get Free Report) had its price objective decreased by investment analysts at Piper Sandler from $370.00 to $360.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the health services provider's stock. Piper Sandler's price target would suggest a potential upside of 19.50% from the company's previous close.

CI has been the topic of a number of other research reports. Guggenheim lowered their price objective on Cigna Group from $361.00 to $347.00 and set a "buy" rating on the stock in a research note on Friday, November 6th. Sanford C. Bernstein boosted their price target on shares of Cigna Group from $387.00 to $390.00 and gave the company an "outperform" rating in a research report on Wednesday. Barclays upped their price objective on shares of Cigna Group from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday. Wells Fargo & Company set a $390.00 price objective on shares of Cigna Group in a research report on Wednesday. Finally, Robert W. Baird set a $362.00 target price on shares of Cigna Group in a report on Friday, July 31st. Fourteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Cigna Group has a consensus rating of "Moderate Buy" and a consensus price target of $340.30.

Cigna Group Stock Down 0.6%

CI stock opened at $301.25 on Thursday. The company has a market cap of $79.38 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 1.13 and a beta of 0.25. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.66. Cigna Group has a 12 month low of $257.85 and a 12 month high of $318.05. The firm has a 50-day moving average of $287.03 and a two-hundred day moving average of $282.49.

Cigna Group (NYSE:CI - Get Free Report) last issued its earnings results on Thursday, November 5th. The health services provider reported $7.98 earnings per share for the quarter, topping the consensus estimate of $7.52 by $0.46. The business had revenue of $73.79 billion for the quarter, compared to analysts' expectations of $72.64 billion. Cigna Group had a return on equity of 19.57% and a net margin of 2.09%. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $7.83 EPS. As a group, analysts forecast that Cigna Group will post 30.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Cigna Group

In related news, insider Everett Neville sold 617 shares of the firm's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $284.05, for a total transaction of $175,258.85. Following the completion of the sale, the insider directly owned 5,053 shares of the company's stock, valued at approximately $1,435,304.65. This trade represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicole S. Jones sold 2,677 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $279.61, for a total transaction of $748,515.97. Following the completion of the sale, the insider owned 25,880 shares in the company, valued at approximately $7,236,306.80. This trade represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CI. Ilmarinen Mutual Pension Insurance Co lifted its stake in Cigna Group by 38.2% during the third quarter. Ilmarinen Mutual Pension Insurance Co now owns 44,900 shares of the health services provider's stock worth $12,205,000 after purchasing an additional 12,400 shares in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of Cigna Group by 1.3% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 82,427 shares of the health services provider's stock valued at $22,467,000 after buying an additional 1,034 shares during the period. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Cigna Group by 157.1% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 216 shares of the health services provider's stock valued at $59,000 after buying an additional 132 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of Cigna Group in the 3rd quarter valued at $12,888,000. Finally, Edmond DE Rothschild Holding S.A. lifted its stake in Cigna Group by 33.7% during the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 2,524 shares of the health services provider's stock worth $686,000 after acquiring an additional 636 shares in the last quarter. Hedge funds and other institutional investors own 86.99% of the company's stock.

Cigna Group Company Profile

The Cigna Group is a global health services company that provides health insurance and related services through its Cigna Healthcare and Evernorth Health Services businesses. Cigna Healthcare offers medical, dental, behavioral health and other coverage and services to employers, individuals and government-program members. Evernorth provides pharmacy benefit management, specialty pharmacy, care delivery and other health services. Its offerings include prescription drug benefits and services for people with complex or chronic conditions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.