Royal Bank of Canada Lowers The Cigna Group (NYSE:CI) Price Target to $377.00

The Cigna Group (NYSE:CI) had its price target reduced by Royal Bank of Canada from $384.00 to $377.00 in a research note published on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the health services provider’s stock.

A number of other research firms also recently weighed in on CI. Stephens reissued an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a report on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a report on Wednesday, October 23rd. StockNews.com upgraded shares of The Cigna Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on shares of The Cigna Group from $435.00 to $438.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Jefferies Financial Group upped their price objective on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, The Cigna Group currently has an average rating of “Buy” and an average target price of $392.29.

The Cigna Group Stock Performance

Shares of NYSE CI traded up $1.68 during trading on Friday, reaching $316.49. 2,810,769 shares of the company traded hands, compared to its average volume of 1,526,703. The firm has a 50 day simple moving average of $345.77 and a 200-day simple moving average of $341.55. The Cigna Group has a 52-week low of $253.95 and a 52-week high of $370.83. The stock has a market capitalization of $88.47 billion, a PE ratio of 24.92, a P/E/G ratio of 0.95 and a beta of 0.50. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.73.

The Cigna Group (NYSE:CI) last posted its earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, topping analysts’ consensus estimates of $7.22 by $0.29. The business had revenue of $63.70 billion during the quarter, compared to the consensus estimate of $59.58 billion. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.77 EPS. Equities research analysts anticipate that The Cigna Group will post 28.48 earnings per share for the current year.

The Cigna Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Wednesday, December 4th. The Cigna Group’s dividend payout ratio is 44.06%.

Insider Activity at The Cigna Group

In related news, Director William J. Delaney III sold 2,691 shares of The Cigna Group stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $342.68, for a total transaction of $922,151.88. Following the completion of the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of The Cigna Group by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 26,793,138 shares of the health services provider’s stock valued at $9,731,000,000 after purchasing an additional 2,017,333 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in The Cigna Group by 6.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,341,233 shares of the health services provider’s stock worth $5,208,593,000 after buying an additional 867,180 shares during the period. AQR Capital Management LLC boosted its position in The Cigna Group by 63.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,547,245 shares of the health services provider’s stock valued at $510,467,000 after acquiring an additional 600,215 shares in the last quarter. Swedbank AB purchased a new position in shares of The Cigna Group in the 1st quarter worth approximately $161,300,000. Finally, Ameriprise Financial Inc. increased its position in shares of The Cigna Group by 23.4% during the second quarter. Ameriprise Financial Inc. now owns 2,138,193 shares of the health services provider’s stock worth $706,822,000 after purchasing an additional 405,694 shares in the last quarter. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

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.