Cantor Fitzgerald Cuts The Cigna Group (NYSE:CI) Price Target to $350.00

The Cigna Group (NYSE:CI) had its price target lowered by Cantor Fitzgerald from $400.00 to $350.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the health services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Stephens restated an “overweight” rating and issued a $410.00 price objective on shares of The Cigna Group in a research report on Friday, November 1st. Truist Financial dropped their price objective on shares of The Cigna Group from $420.00 to $390.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Royal Bank of Canada dropped their price objective on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Piper Sandler reaffirmed an “overweight” rating and set a $394.00 target price (up previously from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. Finally, Morgan Stanley lowered their target price on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating for the company in a report on Friday. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, The Cigna Group presently has a consensus rating of “Buy” and a consensus price target of $380.27.

The Cigna Group Price Performance

Shares of NYSE:CI opened at $293.99 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.71. The Cigna Group has a 1 year low of $262.03 and a 1 year high of $370.83. The business has a fifty day simple moving average of $294.40 and a 200 day simple moving average of $324.33. The firm has a market cap of $81.77 billion, a price-to-earnings ratio of 27.73, a P/E/G ratio of 0.82 and a beta of 0.54.

The Cigna Group (NYSE:CI) last issued its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.84 by ($1.20). The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. During the same period last year, the company earned $6.79 earnings per share. As a group, sell-side analysts predict that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be given a dividend of $1.51 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from The Cigna Group’s previous quarterly dividend of $1.40. This represents a $6.04 annualized dividend and a yield of 2.05%. The Cigna Group’s payout ratio is 49.35%.

Institutional Investors Weigh In On The Cigna Group

A number of institutional investors and hedge funds have recently modified their holdings of CI. FMR LLC grew its stake in The Cigna Group by 2.0% in the 3rd quarter. FMR LLC now owns 14,230,397 shares of the health services provider’s stock valued at $4,929,978,000 after buying an additional 279,880 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of The Cigna Group by 1.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,054,958 shares of the health services provider’s stock worth $3,829,880,000 after purchasing an additional 130,048 shares in the last quarter. Geode Capital Management LLC grew its position in shares of The Cigna Group by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 5,855,443 shares of the health services provider’s stock worth $2,021,563,000 after purchasing an additional 22,408 shares in the last quarter. Parnassus Investments LLC grew its position in shares of The Cigna Group by 2.1% during the 3rd quarter. Parnassus Investments LLC now owns 2,922,121 shares of the health services provider’s stock worth $1,012,340,000 after purchasing an additional 59,011 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of The Cigna Group by 2.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,168,959 shares of the health services provider’s stock worth $751,414,000 after purchasing an additional 44,810 shares in the last quarter. 86.99% of the stock is owned by institutional investors.

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.