Cigna (NYSE:CI) Releases FY 2022 Earnings Guidance

Cigna (NYSE:CIGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $22.90- for the period, compared to the consensus earnings per share estimate of $22.72. The company issued revenue guidance of $178.00B-, compared to the consensus revenue estimate of $178.59 billion.

Cigna Trading Up 0.6 %

Shares of CI stock traded up $1.67 on Friday, hitting $281.77. The stock had a trading volume of 2,039,836 shares, compared to its average volume of 1,937,033. Cigna has a 1 year low of $191.74 and a 1 year high of $284.46. The firm has a market capitalization of $89.40 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.72 and a quick ratio of 0.70. The company’s 50 day moving average price is $265.57 and its 200-day moving average price is $251.60.

Cigna (NYSE:CIGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The health services provider reported $6.22 EPS for the quarter, topping analysts’ consensus estimates of $5.62 by $0.60. The company had revenue of $45.48 billion for the quarter, compared to analysts’ expectations of $44.34 billion. Cigna had a return on equity of 15.91% and a net margin of 3.05%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.24 earnings per share. Analysts anticipate that Cigna will post 22.9 earnings per share for the current year.

Cigna Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Wednesday, September 7th will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Tuesday, September 6th. This represents a $4.48 annualized dividend and a dividend yield of 1.59%. Cigna’s dividend payout ratio is presently 26.71%.

Analysts Set New Price Targets

CI has been the topic of several research reports. Raymond James lifted their price target on shares of Cigna from $275.00 to $300.00 in a research note on Tuesday, May 10th. Morgan Stanley raised Cigna from an equal weight rating to an overweight rating and lifted their target price for the stock from $283.00 to $296.00 in a report on Wednesday, June 22nd. Mizuho boosted their price objective on Cigna from $291.00 to $330.00 and gave the stock a buy rating in a research note on Friday. Barclays upped their target price on Cigna from $275.00 to $310.00 and gave the company an overweight rating in a research report on Monday, May 23rd. Finally, Wells Fargo & Company raised their price target on Cigna from $278.00 to $306.00 in a research report on Monday, May 9th. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $292.72.

Insiders Place Their Bets

In related news, EVP Everett Neville sold 902 shares of Cigna stock in a transaction on Monday, August 1st. The shares were sold at an average price of $273.98, for a total transaction of $247,129.96. Following the transaction, the executive vice president now owns 6,764 shares in the company, valued at approximately $1,853,200.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Everett Neville sold 902 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $273.98, for a total transaction of $247,129.96. Following the transaction, the executive vice president now directly owns 6,764 shares in the company, valued at approximately $1,853,200.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason D. Sadler sold 9,505 shares of the company’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $280.00, for a total transaction of $2,661,400.00. Following the transaction, the insider now owns 32,853 shares in the company, valued at $9,198,840. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,642 shares of company stock valued at $20,869,065. Company insiders own 0.80% of the company’s stock.

Institutional Trading of Cigna

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Clearbridge Investments LLC acquired a new stake in Cigna during the first quarter valued at $44,063,000. The Manufacturers Life Insurance Company grew its position in Cigna by 33.6% during the first quarter. The Manufacturers Life Insurance Company now owns 339,852 shares of the health services provider’s stock valued at $81,998,000 after buying an additional 85,507 shares during the period. Worldquant Millennium Advisors LLC lifted its holdings in Cigna by 540.6% during the first quarter. Worldquant Millennium Advisors LLC now owns 92,704 shares of the health services provider’s stock valued at $22,213,000 after purchasing an additional 78,232 shares in the last quarter. Bridgewater Associates LP lifted its holdings in Cigna by 275.7% during the first quarter. Bridgewater Associates LP now owns 101,181 shares of the health services provider’s stock valued at $24,244,000 after purchasing an additional 74,247 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in Cigna by 27.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 179,292 shares of the health services provider’s stock valued at $42,960,000 after purchasing an additional 38,800 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

About Cigna

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Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers.

Further Reading

Earnings History and Estimates for Cigna (NYSE:CI)

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