Cigna Group (NYSE:CI) Price Target Lowered to $340.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Cigna Group to $340.00, indicating a potential upside of 17.83% from the stock's previous close.
• Despite the downgrade, Cigna Group has a consensus rating of "Moderate Buy" with an average price target of $378.22, supported by 16 buy ratings among analysts.
• The company reported $7.20 EPS for the last quarter, surpassing expectations, with a revenue of $67.13 billion, reflecting an 11% increase year-over-year.

Cigna Group (NYSE:CI - Get Free Report) had its target price cut by equities research analysts at Wells Fargo & Company from $341.00 to $340.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the health services provider's stock. Wells Fargo & Company's target price indicates a potential upside of 17.83% from the stock's previous close.

Several other brokerages have also issued reports on CI. Cowen restated a "buy" rating on shares of Cigna Group in a report on Monday, May 5th. Guggenheim reaffirmed a "buy" rating and issued a $350.00 target price (down from $388.00) on shares of Cigna Group in a research report on Monday, August 4th. Wall Street Zen downgraded Cigna Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler lifted their target price on Cigna Group from $348.00 to $374.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Finally, Barclays dropped their target price on Cigna Group from $385.00 to $354.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $378.22.

Cigna Group Price Performance

CI stock traded up $1.45 during midday trading on Thursday, reaching $288.55. The stock had a trading volume of 244,895 shares, compared to its average volume of 1,842,289. Cigna Group has a 52-week low of $256.89 and a 52-week high of $370.83. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.65. The company's fifty day simple moving average is $302.73 and its 200 day simple moving average is $311.22. The company has a market cap of $77.02 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 0.82 and a beta of 0.47.

Cigna Group (NYSE:CI - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The health services provider reported $7.20 EPS for the quarter, topping the consensus estimate of $7.15 by $0.05. Cigna Group had a return on equity of 18.80% and a net margin of 1.92%. The business had revenue of $67.13 billion for the quarter, compared to analyst estimates of $62.61 billion. During the same quarter in the previous year, the firm earned $6.72 EPS. The company's quarterly revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cigna Group will post 29.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cigna Group

Several large investors have recently modified their holdings of CI. Family Legacy Inc. raised its stake in shares of Cigna Group by 0.5% during the first quarter. Family Legacy Inc. now owns 6,497 shares of the health services provider's stock valued at $2,138,000 after acquiring an additional 31 shares during the last quarter. Impact Investors Inc lifted its position in Cigna Group by 1.6% during the first quarter. Impact Investors Inc now owns 1,975 shares of the health services provider's stock valued at $650,000 after purchasing an additional 31 shares during the period. Mission Wealth Management LP lifted its position in Cigna Group by 1.5% during the first quarter. Mission Wealth Management LP now owns 2,101 shares of the health services provider's stock valued at $691,000 after purchasing an additional 32 shares during the period. Westend Capital Management LLC raised its position in Cigna Group by 8.1% in the first quarter. Westend Capital Management LLC now owns 427 shares of the health services provider's stock worth $140,000 after acquiring an additional 32 shares during the period. Finally, Moody National Bank Trust Division increased its stake in shares of Cigna Group by 0.7% in the first quarter. Moody National Bank Trust Division now owns 4,587 shares of the health services provider's stock worth $1,509,000 after purchasing an additional 34 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, 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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