Morgan Stanley Cuts The Cigna Group (NYSE:CI) Price Target to $379.00

The Cigna Group (NYSE:CI) had its price target reduced by Morgan Stanley from $403.00 to $379.00 in a research report released on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the health services provider’s stock.

Several other analysts have also weighed in on CI. Royal Bank of Canada lowered their target price on shares of The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Piper Sandler reissued an “overweight” rating and set a $394.00 price target (up previously from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. StockNews.com downgraded shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a report on Monday, November 4th. Truist Financial reduced their price target on shares of The Cigna Group from $420.00 to $390.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a report on Wednesday, October 23rd. Two equities research 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 stock. According to MarketBeat, The Cigna Group has a consensus rating of “Buy” and a consensus price target of $380.27.

The Cigna Group Stock Up 3.9 %

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 company 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 PE ratio of 27.73, a price-to-earnings-growth ratio of 0.82 and a beta of 0.54. The Cigna Group has a 12-month low of $262.03 and a 12-month high of $370.83.

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 analysts’ consensus estimates of $7.84 by ($1.20). The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. During the same quarter in the prior year, the business posted $6.79 earnings per share. On average, equities research analysts anticipate that The Cigna Group will post 28.5 EPS for the current fiscal year.

The Cigna Group Increases Dividend

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

Hedge Funds Weigh In On The Cigna Group

A number of large investors have recently made changes to their positions in CI. Collier Financial acquired a new position in shares of The Cigna Group in the 4th quarter valued at about $32,000. ORG Wealth Partners LLC acquired a new position in shares of The Cigna Group in the 4th quarter valued at about $34,000. Ulland Investment Advisors LLC grew its stake in shares of The Cigna Group by 2,500.0% in the 3rd quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock valued at $36,000 after buying an additional 100 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of The Cigna Group in the 3rd quarter valued at approximately $37,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of The Cigna Group in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 86.99% 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.