Cigna (NYSE:CI) Given New $283.00 Price Target at Morgan Stanley

Cigna (NYSE:CIGet Rating) had its price objective boosted by Morgan Stanley from $235.00 to $283.00 in a research note issued to investors on Friday, The Fly reports. Morgan Stanley currently has an equal weight rating on the health services provider’s stock.

Other equities analysts have also issued reports about the stock. Mizuho raised their target price on shares of Cigna from $266.00 to $291.00 in a report on Monday, May 9th. Bank of America raised shares of Cigna from an underperform rating to a neutral rating and raised their target price for the company from $265.00 to $300.00 in a report on Thursday. Truist Financial lifted their price target on shares of Cigna from $290.00 to $310.00 in a report on Monday, May 9th. Sanford C. Bernstein started coverage on shares of Cigna in a report on Thursday. They set a market perform rating and a $301.00 price target on the stock. Finally, SVB Leerink lifted their price target on shares of Cigna from $224.00 to $245.00 and gave the company a market perform rating in a report on Tuesday, February 22nd. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $286.84.

Shares of CI opened at $272.40 on Friday. The firm has a 50-day moving average of $255.00 and a 200-day moving average of $235.81. Cigna has a one year low of $191.74 and a one year high of $272.97. The company has a market cap of $86.43 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.02 and a beta of 0.78. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70.

Cigna (NYSE:CIGet Rating) last posted its earnings results on Friday, May 6th. The health services provider reported $6.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.13 by $0.88. Cigna had a net margin of 3.04% and a return on equity of 15.31%. The company had revenue of $44.01 billion during the quarter, compared to analysts’ expectations of $43.48 billion. During the same quarter last year, the company posted $4.73 EPS. Cigna’s quarterly revenue was up 7.4% compared to the same quarter last year. Analysts expect that Cigna will post 22.66 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Stockholders of record on Wednesday, June 8th will be paid a $1.12 dividend. The ex-dividend date is Tuesday, June 7th. This represents a $4.48 annualized dividend and a dividend yield of 1.64%. Cigna’s payout ratio is 27.79%.

In related news, EVP Nicole S. Jones sold 5,901 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $270.00, for a total transaction of $1,593,270.00. Following the completion of the transaction, the executive vice president now owns 36,908 shares in the company, valued at $9,965,160. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO David Cordani sold 10,069 shares of the stock in a transaction dated Monday, February 28th. The shares were sold at an average price of $228.70, for a total transaction of $2,302,780.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,998 shares of company stock valued at $37,628,011. Company insiders own 0.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its position in Cigna by 1.1% during the fourth quarter. State Street Corp now owns 14,982,346 shares of the health services provider’s stock worth $3,440,396,000 after purchasing an additional 162,686 shares during the period. Sanders Capital LLC raised its stake in Cigna by 0.3% in the first quarter. Sanders Capital LLC now owns 7,479,977 shares of the health services provider’s stock valued at $1,963,220,000 after purchasing an additional 21,880 shares in the last quarter. Geode Capital Management LLC raised its stake in Cigna by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,428,675 shares of the health services provider’s stock valued at $1,242,969,000 after purchasing an additional 41,696 shares in the last quarter. Norges Bank purchased a new stake in Cigna in the fourth quarter valued at approximately $747,950,000. Finally, Invesco Ltd. grew its position in Cigna by 25.1% during the first quarter. Invesco Ltd. now owns 3,191,358 shares of the health services provider’s stock valued at $764,682,000 after acquiring an additional 639,645 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

About Cigna (Get Rating)

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.

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