Cigna Group Announces Quarterly Dividend of $1.51 (NYSE:CI)

Cigna Group (NYSE:CI - Get Free Report) declared a quarterly dividend on Tuesday, July 22nd, RTT News reports. Stockholders of record on Thursday, September 4th will be given a dividend of 1.51 per share by the health services provider on Thursday, September 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 2.01%.

Cigna Group has a payout ratio of 18.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cigna Group to earn $33.03 per share next year, which means the company should continue to be able to cover its $6.04 annual dividend with an expected future payout ratio of 18.3%.

Cigna Group Stock Performance

Cigna Group stock traded up $5.17 during trading on Tuesday, reaching $299.97. The company had a trading volume of 1,392,149 shares, compared to its average volume of 1,815,359. Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The firm's 50-day simple moving average is $313.74 and its 200 day simple moving average is $311.69. The firm has a market capitalization of $80.13 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.44. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65.

Cigna Group (NYSE:CI - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The health services provider reported $6.74 earnings per share for the quarter, beating analysts' consensus estimates of $6.35 by $0.39. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The firm had revenue of $65.45 billion during the quarter, compared to analyst estimates of $60.39 billion. During the same quarter last year, the business posted $6.47 earnings per share. The business's quarterly revenue was up 14.4% compared to the same quarter last year. Sell-side analysts forecast that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cigna Group

An institutional investor recently raised its position in Cigna Group stock. Brighton Jones LLC increased its position in shares of Cigna Group (NYSE:CI - Free Report) by 9.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,736 shares of the health services provider's stock after purchasing an additional 318 shares during the period. Brighton Jones LLC's holdings in Cigna Group were worth $1,032,000 at the end of the most recent quarter. Institutional investors own 86.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Robert W. Baird lowered their price objective on Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Piper Sandler raised their target price on Cigna Group from $348.00 to $374.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Cowen restated a "buy" rating on shares of Cigna Group in a research note on Monday, May 5th. Morgan Stanley raised their target price on Cigna Group from $379.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, TD Cowen upgraded Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $380.39.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.