The Cigna Group (NYSE:CI) Raises Dividend to $1.51 Per Share

The Cigna Group (NYSE:CI) announced a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Shareholders of record on Wednesday, March 5th will be paid a dividend of 1.51 per share by the health services provider on Thursday, March 20th. This represents a $6.04 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Wednesday, March 5th. This is a positive change from The Cigna Group’s previous quarterly dividend of $1.40.

The Cigna Group has raised its dividend by an average of 11.9% annually over the last three years. The Cigna Group has a dividend payout ratio of 15.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect The Cigna Group to earn $31.60 per share next year, which means the company should continue to be able to cover its $5.60 annual dividend with an expected future payout ratio of 17.7%.

The Cigna Group Stock Up 3.9 %

CI stock traded up $11.01 during midday trading on Friday, reaching $293.99. 3,531,802 shares of the company’s stock traded hands, compared to its average volume of 1,872,095. The company 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 firm’s fifty day moving average price is $295.09 and its 200-day moving average price is $324.69. 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 Cigna Group has a 52 week low of $262.03 and a 52 week high of $370.83.

The Cigna Group (NYSE:CI) last posted its 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 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. As a group, sell-side analysts forecast that The Cigna Group will post 28.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Oppenheimer reduced their target price on shares of The Cigna Group from $400.00 to $375.00 and set an “outperform” rating for the company in a research note on Friday. Stephens reduced their target price on shares of The Cigna Group from $410.00 to $380.00 and set an “overweight” rating for the company in a research note on Friday. Piper Sandler reissued an “overweight” rating and issued a $394.00 price target (up from $392.00) on shares of The Cigna Group in a report on Tuesday, November 5th. Raymond James reissued a “strong-buy” rating and issued a $360.00 price target (down from $415.00) on shares of The Cigna Group in a report on Friday. Finally, Morgan Stanley cut their price target on shares of The Cigna Group from $403.00 to $379.00 and set an “overweight” rating on the stock in a report on Friday. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $380.27.

The Cigna Group Company Profile

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.