The Cigna Group (NYSE:CI) Updates FY24 Earnings Guidance

The Cigna Group (NYSE:CI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of at least $28.40 for the period, compared to the consensus earnings per share estimate of $28.42. The company issued revenue guidance of at least $235 billion, compared to the consensus revenue estimate of $235.04 billion.

The Cigna Group Price Performance

Shares of CI stock traded down $3.00 during trading hours on Friday, hitting $341.50. The stock had a trading volume of 2,413,548 shares, compared to its average volume of 1,380,653. The Cigna Group has a one year low of $240.50 and a one year high of $365.71. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.71 and a quick ratio of 0.67. The stock’s 50-day moving average price is $350.77 and its two-hundred day moving average price is $319.59. The stock has a market capitalization of $99.84 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 1.05 and a beta of 0.57.

The Cigna Group (NYSE:CI) last issued its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 earnings per share for the quarter, topping the consensus estimate of $6.17 by $0.30. The Cigna Group had a return on equity of 17.24% and a net margin of 1.76%. The company had revenue of $57.25 billion for the quarter, compared to analysts’ expectations of $56.59 billion. During the same period in the previous year, the firm posted $5.41 earnings per share. The firm’s revenue for the quarter was up 23.2% on a year-over-year basis. Equities analysts forecast that The Cigna Group will post 28.45 EPS for the current year.

The Cigna Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $1.40 per share. The ex-dividend date is Tuesday, June 4th. This represents a $5.60 annualized dividend and a yield of 1.64%. The Cigna Group’s payout ratio is currently 45.98%.

Analyst Ratings Changes

CI has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised The Cigna Group from a hold rating to a buy rating and upped their target price for the company from $355.00 to $370.00 in a research note on Thursday, February 1st. Royal Bank of Canada upgraded The Cigna Group from a sector perform rating to an outperform rating and boosted their price target for the company from $327.00 to $354.00 in a report on Monday, February 5th. Wells Fargo & Company boosted their price target on The Cigna Group from $334.00 to $348.00 and gave the company an equal weight rating in a report on Tuesday, February 6th. StockNews.com upgraded The Cigna Group from a buy rating to a strong-buy rating in a report on Thursday, March 14th. Finally, Morgan Stanley reiterated an overweight rating and issued a $392.00 price target (up previously from $382.00) on shares of The Cigna Group in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $366.14.

Insiders Place Their Bets

In other The Cigna Group news, CEO David Cordani sold 38,065 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 329,321 shares of the company’s stock, valued at approximately $110,394,985.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Eric P. Palmer sold 1,017 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $335.26, for a total transaction of $340,959.42. Following the sale, the insider now directly owns 45,564 shares of the company’s stock, valued at approximately $15,275,786.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David Cordani sold 38,065 shares of the stock in a transaction dated 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 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. In the last three months, insiders have sold 114,144 shares of company stock valued at $39,296,330. Company insiders own 0.60% of the company’s stock.

About The 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.