Piper Sandler Reiterates Overweight Rating for The Cigna Group (NYSE:CI)

The Cigna Group (NYSE:CI)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $394.00 price objective on the health services provider’s stock, up from their previous price objective of $392.00. Piper Sandler’s price objective points to a potential upside of 25.49% from the company’s previous close.

Several other equities analysts have also recently commented on the company. StockNews.com cut The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Monday. Barclays increased their target price on The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on The Cigna Group from $435.00 to $438.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reduced their price objective on The Cigna Group from $384.00 to $377.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Stephens restated an “overweight” rating and set a $410.00 price objective on shares of The Cigna Group in a research note on Friday. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, The Cigna Group currently has a consensus rating of “Buy” and an average price target of $394.64.

The Cigna Group Price Performance

Shares of The Cigna Group stock traded up $1.66 on Tuesday, hitting $313.98. The company’s stock had a trading volume of 281,959 shares, compared to its average volume of 1,521,676. The company has a market capitalization of $87.33 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 0.96 and a beta of 0.51. 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 firm has a fifty day moving average price of $344.94 and a 200-day moving average price of $341.23. The Cigna Group has a 52-week low of $253.95 and a 52-week high of $370.83.

The Cigna Group (NYSE:CI) last announced its quarterly earnings data on Thursday, October 31st. The health services provider reported $7.51 earnings per share for the quarter, topping the consensus estimate of $7.22 by $0.29. The business had revenue of $63.70 billion for the quarter, compared to analyst estimates of $59.58 billion. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The company’s revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted $6.77 EPS. On average, equities research analysts expect that The Cigna Group will post 28.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William J. Delaney III sold 2,691 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $342.68, for a total value of $922,151.88. Following the sale, the director now directly owns 17,539 shares in the company, valued at $6,010,264.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On The Cigna Group

A number of large investors have recently made changes to their positions in CI. Vanguard Group Inc. raised its holdings in shares of The Cigna Group by 8.1% during the first quarter. Vanguard Group Inc. now owns 26,793,138 shares of the health services provider’s stock valued at $9,731,000,000 after acquiring an additional 2,017,333 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of The Cigna Group by 6.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,341,233 shares of the health services provider’s stock valued at $5,208,593,000 after acquiring an additional 867,180 shares during the period. AQR Capital Management LLC raised its holdings in shares of The Cigna Group by 63.4% during the second quarter. AQR Capital Management LLC now owns 1,547,245 shares of the health services provider’s stock valued at $510,467,000 after acquiring an additional 600,215 shares during the period. Swedbank AB acquired a new stake in shares of The Cigna Group during the first quarter valued at approximately $161,300,000. Finally, Ameriprise Financial Inc. raised its holdings in shares of The Cigna Group by 23.4% during the second quarter. Ameriprise Financial Inc. now owns 2,138,193 shares of the health services provider’s stock valued at $706,822,000 after acquiring an additional 405,694 shares during the period. 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.