Barclays Cuts The Cigna Group (NYSE:CI) Price Target to $339.00

The Cigna Group (NYSE:CI) had its price target reduced by Barclays from $420.00 to $339.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the health services provider’s stock.

Other analysts also recently issued reports about the company. StockNews.com downgraded The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 4th. Truist Financial cut their target price on The Cigna Group from $420.00 to $390.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Royal Bank of Canada cut their target price on The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. 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. Finally, Piper Sandler reissued an “overweight” rating and set a $394.00 price target (up from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. Two investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $380.27.

The Cigna Group Price Performance

The Cigna Group stock opened at $293.99 on Friday. The business has a 50-day simple moving average of $294.40 and a 200 day simple moving average of $324.33. The Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.71. The stock has a market cap of $81.77 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 0.82 and a beta of 0.54.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, January 30th. The health services provider reported $6.64 EPS for the quarter, missing analysts’ consensus estimates 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 in the prior year, the business posted $6.79 EPS. On average, research analysts forecast that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

The Cigna Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be issued a $1.51 dividend. This is a positive change 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 ex-dividend date is Wednesday, March 5th. The Cigna Group’s payout ratio is currently 49.35%.

Institutional Investors Weigh In On The Cigna Group

Large investors have recently made changes to their positions in the stock. Algert Global LLC purchased a new stake in The Cigna Group in the second quarter valued at $523,000. Cetera Investment Advisers raised its position in shares of The Cigna Group by 1.4% in the second quarter. Cetera Investment Advisers now owns 63,156 shares of the health services provider’s stock worth $20,878,000 after acquiring an additional 895 shares during the period. Clearbridge Investments LLC raised its position in shares of The Cigna Group by 154.9% during the 2nd quarter. Clearbridge Investments LLC now owns 3,525 shares of the health services provider’s stock worth $1,165,000 after purchasing an additional 2,142 shares during the last quarter. Anchor Investment Management LLC raised its position in shares of The Cigna Group by 4.7% during the 2nd quarter. Anchor Investment Management LLC now owns 4,768 shares of the health services provider’s stock worth $1,576,000 after purchasing an additional 214 shares during the last quarter. Finally, AMF Tjanstepension AB raised its position in shares of The Cigna Group by 18.6% during the 3rd quarter. AMF Tjanstepension AB now owns 73,600 shares of the health services provider’s stock worth $25,511,000 after purchasing an additional 11,550 shares during the last quarter. 86.99% of the stock is owned by hedge funds and other 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.