The Cigna Group (NYSE:CI) to Issue Quarterly Dividend of $1.40

The Cigna Group (NYSE:CI) announced a quarterly dividend on Wednesday, October 23rd,RTT News reports. Investors of record on Wednesday, December 4th will be paid a dividend of 1.40 per share by the health services provider on Thursday, December 19th. This represents a $5.60 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Wednesday, December 4th.

The Cigna Group has raised its dividend by an average of 397.3% annually over the last three years. The Cigna Group has a dividend payout ratio of 17.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect The Cigna Group to earn $31.45 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 17.8%.

The Cigna Group Price Performance

Shares of CI opened at $337.80 on Monday. The Cigna Group has a twelve month low of $253.95 and a twelve month high of $370.83. The company has a 50 day moving average of $333.16 and a 200-day moving average of $338.34. The stock has a market capitalization of $93.96 billion, a P/E ratio of 31.87, a P/E/G ratio of 1.02 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 Cigna Group (NYSE:CI) last issued its quarterly earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, topping the consensus estimate of $7.22 by $0.29. The firm had revenue of $63.70 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm posted $6.77 EPS. As a group, equities research analysts forecast that The Cigna Group will post 28.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on CI. Stephens reaffirmed an “overweight” rating and set a $410.00 price target on shares of The Cigna Group in a research report on Friday, November 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 price target on shares of The Cigna Group in a research report on Wednesday, October 23rd. Jefferies Financial Group lifted their price objective on shares of The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Barclays upped their target price on shares of The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $394.00 price objective (up from $392.00) on shares of The Cigna Group in a research report on Tuesday, November 5th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $394.64.

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.