The Cigna Group (NYSE:CI) Plans $1.51 Quarterly Dividend

The Cigna Group (NYSE:CI) announced a quarterly dividend on Wednesday, April 23rd, RTT News reports. Shareholders of record on Tuesday, June 3rd will be given a dividend of 1.51 per share by the health services provider on Wednesday, June 18th. This represents a $6.04 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, June 3rd.

The Cigna Group has raised its dividend by an average of 11.9% per year over the last three years. The Cigna Group has a dividend payout ratio of 18.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect The 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%.

The Cigna Group Stock Down 0.3 %

Shares of The Cigna Group stock opened at $335.53 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.66 and a debt-to-equity ratio of 0.70. The Cigna Group has a 12 month low of $262.03 and a 12 month high of $370.83. The stock has a market cap of $91.83 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 0.98 and a beta of 0.51. The business has a fifty day simple moving average of $319.00 and a 200 day simple moving average of $310.75.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share for the quarter, missing analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a net margin of 1.39% and a return on equity of 18.61%. During the same quarter last year, the company earned $6.79 earnings per share. Research analysts predict that The Cigna Group will post 29.77 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Cantor Fitzgerald boosted their price objective on The Cigna Group from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Thursday, March 20th. Sanford C. Bernstein lowered shares of The Cigna Group from an “outperform” rating to a “market perform” rating and set a $323.00 price objective on the stock. in a report on Thursday, February 6th. Oppenheimer reduced their target price on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating for the company in a research note on Friday, January 31st. Barclays cut their target price on The Cigna Group from $420.00 to $339.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Finally, Piper Sandler reissued an “overweight” rating and issued a $348.00 price objective (down previously from $394.00) on shares of The Cigna Group in a research report on Monday, February 3rd. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, The Cigna Group presently has an average rating of “Buy” and an average price target of $373.56.

Insiders Place Their Bets

In other The Cigna Group news, insider Nicole S. Jones sold 4,904 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $308.12, for a total value of $1,511,020.48. Following the transaction, the insider now directly owns 29,421 shares of the company’s stock, valued at $9,065,198.52. This trade represents a 14.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Noelle K. Eder sold 9,944 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $320.00, for a total transaction of $3,182,080.00. Following the sale, the insider now directly owns 13,406 shares of the company’s stock, valued at approximately $4,289,920. This trade represents a 42.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,751 shares of company stock worth $13,603,991 in the last quarter. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

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