Cigna Group (NYSE:CI) Hits New 52-Week Low Following Analyst Downgrade

Key Points

• Cigna Group's shares fell to a new 52-week low of $258.93 after Barclays reduced their target price from $385.00 to $354.00 while maintaining an overweight rating on the stock.
• Despite recent downgrades from some analysts, the consensus rating for Cigna Group remains "Buy" with an average price target of $378.67.
• The company declared a quarterly dividend of $1.51 per share, representing an annualized dividend of $6.04 and a yield of 2.3%, with a payout ratio of 33.44%.

Shares of Cigna Group (NYSE:CI - Get Free Report) hit a new 52-week low during trading on Friday after Barclays lowered their price target on the stock from $385.00 to $354.00. Barclays currently has an overweight rating on the stock. Cigna Group traded as low as $259.40 and last traded at $258.93, with a volume of 788087 shares changing hands. The stock had previously closed at $267.38.

Several other equities research analysts have also commented on the stock. Cowen reaffirmed a "buy" rating on shares of Cigna Group in a research report on Monday, May 5th. Robert W. Baird dropped their target price on shares of Cigna Group from $388.00 to $362.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Guggenheim reiterated a "buy" rating and set a $388.00 target price on shares of Cigna Group in a research report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and issued a $371.00 price target on shares of Cigna Group in a research report on Thursday, June 26th. Finally, TD Cowen upgraded Cigna Group to a "strong-buy" rating in a research note on Monday, June 23rd. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $378.67.

Hedge Funds Weigh In On Cigna Group

Several large investors have recently modified their holdings of the business. Two Sigma Investments LP increased its holdings in Cigna Group by 32.6% during the 4th quarter. Two Sigma Investments LP now owns 764,900 shares of the health services provider's stock worth $211,219,000 after purchasing an additional 188,235 shares during the period. Humankind Investments LLC increased its holdings in Cigna Group by 12.1% during the 4th quarter. Humankind Investments LLC now owns 5,294 shares of the health services provider's stock worth $1,462,000 after purchasing an additional 571 shares during the period. NBC Securities Inc. purchased a new stake in Cigna Group during the 1st quarter worth about $123,000. SBI Securities Co. Ltd. increased its holdings in Cigna Group by 18.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 398 shares of the health services provider's stock worth $131,000 after purchasing an additional 63 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Cigna Group by 79.0% in the 1st quarter. GAMMA Investing LLC now owns 5,394 shares of the health services provider's stock valued at $1,775,000 after acquiring an additional 2,381 shares during the last quarter. Institutional investors and hedge funds own 86.99% of the company's stock.

Cigna Group Trading Down 2.3%

The firm has a market cap of $69.76 billion, a PE ratio of 14.37, a P/E/G ratio of 0.90 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. The business has a fifty day moving average price of $309.98 and a 200 day moving average price of $312.08.

Cigna Group (NYSE:CI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, beating analysts' consensus estimates of $7.15 by $0.05. Cigna Group had a return on equity of 18.63% and a net margin of 1.97%. The business had revenue of $67.13 billion for the quarter, compared to the consensus estimate of $62.61 billion. During the same quarter in the prior year, the business posted $6.72 EPS. The business's revenue for the quarter was up 11.0% on a year-over-year basis. Analysts forecast that Cigna Group will post 29.77 EPS for the current year.

Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Thursday, September 4th. Cigna Group's dividend payout ratio (DPR) is currently 33.44%.

About 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.

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