The Cigna Group (NYSE:CI) Issues Earnings Results, Beats Estimates By $0.30 EPS

The Cigna Group (NYSE:CI - Get Free Report) announced its quarterly earnings data on Thursday. The health services provider reported $6.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.17 by $0.30, Briefing.com reports. The business had revenue of $57.25 billion during the quarter, compared to analysts' expectations of $56.59 billion. The Cigna Group had a return on equity of 13.59% and a net margin of 2.64%. The firm's quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.41 earnings per share. The Cigna Group updated its FY24 guidance to at least $28.40 EPS.

The Cigna Group Stock Performance

CI traded down $3.05 during trading on Friday, hitting $341.45. The company's stock had a trading volume of 2,413,542 shares, compared to its average volume of 1,593,263. The Cigna Group has a one year low of $240.50 and a one year high of $365.71. The business's 50 day simple moving average is $350.82 and its 200-day simple moving average is $319.39. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $99.82 billion, a PE ratio of 19.63, a P/E/G ratio of 1.09 and a beta of 0.57.

The Cigna Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.64%. The Cigna Group's dividend payout ratio is currently 32.20%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CI shares. Deutsche Bank Aktiengesellschaft raised shares of The Cigna Group from a "hold" rating to a "buy" rating and lifted their target price for the stock from $355.00 to $370.00 in a report on Thursday, February 1st. Mizuho increased their target price on The Cigna Group from $360.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, February 5th. StockNews.com upgraded The Cigna Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, March 14th. Royal Bank of Canada raised The Cigna Group from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $327.00 to $354.00 in a research report on Monday, February 5th. Finally, Cantor Fitzgerald lifted their price objective on The Cigna Group from $384.00 to $400.00 and gave the stock an "overweight" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, The Cigna Group presently has a consensus rating of "Buy" and an average target price of $366.14.

Insider Transactions at The Cigna Group

In related news, CEO David Cordani sold 38,065 shares of The Cigna Group stock in a transaction on Friday, February 9th. The stock was sold at an average price of $335.22, for a total transaction of $12,760,149.30. Following the transaction, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Hoeltzel Mary T. Agoglia sold 4,867 shares of the firm's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $330.48, for a total transaction of $1,608,446.16. Following the sale, the senior vice president now directly owns 2,102 shares in the company, valued at approximately $694,668.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Cordani sold 38,065 shares of the firm's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $335.22, for a total value of $12,760,149.30. Following the sale, the chief executive officer now directly owns 329,321 shares in the company, valued at $110,394,985.62. The disclosure for this sale can be found here. Insiders sold 114,144 shares of company stock worth $39,296,330 in the last three months. Corporate insiders own 0.60% of the company's stock.

The 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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