Cigna Group (NYSE:CI) Stock Price Target Raised at Wells Fargo & Company

Cigna Group (NYSE:CI) had its target price increased by equities researchers at Wells Fargo & Company from $307.00 to $325.00 in a report released on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the health services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 10.90% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $337.00 price objective on shares of Cigna Group in a research report on Thursday, October 1st. Piper Sandler dropped their target price on Cigna Group from $370.00 to $360.00 and set an “overweight” rating on the stock in a report on Thursday. UBS Group reissued a “buy” rating on shares of Cigna Group in a research note on Thursday, October 1st. Raymond James Financial downgraded Cigna Group from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $350.00 to $320.00 in a report on Monday, August 3rd. Finally, Sanford C. Bernstein lifted their price target on Cigna Group from $387.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $336.90.

Cigna Group Stock Down 1.1%

CI traded down $3.22 during midday trading on Friday, reaching $293.05. The company’s stock had a trading volume of 314,392 shares, compared to its average volume of 1,667,678. Cigna Group has a 1 year low of $257.85 and a 1 year high of $318.05. The stock’s 50-day moving average is $287.30 and its 200-day moving average is $282.56. The firm has a market capitalization of $77.22 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.13 and a beta of 0.25. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.66.

Cigna Group (NYSE:CI) last released its earnings results on Thursday, November 5th. The health services provider reported $7.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.52 by $0.46. Cigna Group had a net margin of 2.09% and a return on equity of 19.57%. The firm had revenue of $73.79 billion during the quarter, compared to analyst estimates of $72.64 billion. During the same period last year, the business earned $7.83 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts expect that Cigna Group will post 30.72 EPS for the current year.

Insider Buying and Selling at Cigna Group

In related news, insider Nicole Jones sold 2,677 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $279.61, for a total transaction of $748,515.97. Following the sale, the insider directly owned 25,880 shares of the company’s stock, valued at $7,236,306.80. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Everett Neville sold 617 shares of Cigna Group stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $284.05, for a total value of $175,258.85. Following the completion of the sale, the insider owned 5,053 shares of the company’s stock, valued at $1,435,304.65. The trade was a 10.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Te Ahumairangi Investment Management Ltd increased its stake in shares of Cigna Group by 21.1% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 23,287 shares of the health services provider’s stock valued at $6,330,000 after buying an additional 4,064 shares during the period. Xcelsior Advisor Partners LLC purchased a new stake in Cigna Group in the third quarter worth about $768,000. Bleakley Financial Group LLC lifted its stake in Cigna Group by 13.3% in the third quarter. Bleakley Financial Group LLC now owns 21,536 shares of the health services provider’s stock worth $5,854,000 after acquiring an additional 2,527 shares during the period. AlphaGrep UK Ltd grew its holdings in Cigna Group by 147.0% during the 3rd quarter. AlphaGrep UK Ltd now owns 3,653 shares of the health services provider’s stock worth $993,000 after acquiring an additional 2,174 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Cigna Group by 11.0% during the 3rd quarter. First Trust Advisors LP now owns 230,177 shares of the health services provider’s stock worth $62,569,000 after acquiring an additional 22,737 shares in the last quarter. 86.99% of the stock is owned by hedge funds and other institutional investors.

More Cigna Group News

Investors following CI have been watching these news items:

• Positive Sentiment: Wells Fargo raised its price target to $335 from $307, signaling increased confidence in Cigna’s potential. Wells Fargo raises Cigna price target
• Positive Sentiment: Recent coverage points to a higher earnings outlook after a strong third quarter. Cigna beat analysts’ quarterly EPS and revenue estimates, with revenue up 5.6% year over year; a higher forecast may bolster the longer-term growth case. Cigna bull case and higher EPS outlook
• Negative Sentiment: Piper Sandler cut its target to $360 from $370, though it maintained an “overweight” rating. CIBC’s inclusion of Cigna in a defensive stock basket also cited the possibility of a tougher regulatory environment, a risk for the sector. Piper Sandler cuts Cigna target Cigna in CIBC defensive stock basket

About Cigna Group

The Cigna Group is a global health services company that provides health insurance and related services through its Cigna Healthcare and Evernorth Health Services businesses. Cigna Healthcare offers medical, dental, behavioral health and other coverage and services to employers, individuals and government-program members. Evernorth provides pharmacy benefit management, specialty pharmacy, care delivery and other health services. Its offerings include prescription drug benefits and services for people with complex or chronic conditions.