Cigna (NYSE:CI) Lifted to “Neutral” at Bank of America

Bank of America upgraded shares of Cigna (NYSE:CIGet Rating) from an underperform rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat reports. The firm currently has $300.00 target price on the health services provider’s stock, up from their previous target price of $265.00.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft lowered Cigna from a buy rating to a hold rating and cut their price target for the stock from $271.00 to $236.00 in a research note on Friday, February 4th. Raymond James increased their price target on Cigna from $275.00 to $300.00 in a research note on Tuesday, May 10th. Truist Financial increased their price target on Cigna from $290.00 to $310.00 in a research note on Monday, May 9th. Royal Bank of Canada increased their price target on Cigna from $235.00 to $272.00 in a research note on Monday, May 9th. Finally, SVB Leerink increased their price target on Cigna from $224.00 to $245.00 and gave the stock a market perform rating in a research note on Tuesday, February 22nd. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $286.84.

CI stock opened at $272.40 on Thursday. Cigna has a fifty-two week low of $191.74 and a fifty-two week high of $272.97. The business’s 50 day moving average price is $255.00 and its two-hundred day moving average price is $235.94. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $86.42 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 1.08 and a beta of 0.78.

Cigna (NYSE:CIGet Rating) last released its quarterly earnings results on Friday, May 6th. The health services provider reported $6.01 earnings per share for the quarter, beating the consensus estimate of $5.13 by $0.88. The firm had revenue of $44.01 billion for the quarter, compared to analysts’ expectations of $43.48 billion. Cigna had a return on equity of 15.31% and a net margin of 3.04%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.73 EPS. Sell-side analysts forecast that Cigna will post 22.66 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Stockholders of record on Wednesday, June 8th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, June 7th. Cigna’s dividend payout ratio (DPR) is presently 27.79%.

In other Cigna news, CEO David Cordani sold 10,069 shares of Cigna stock in a transaction on Monday, February 28th. The shares were sold at an average price of $228.70, for a total value of $2,302,780.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nicole S. Jones sold 5,901 shares of Cigna stock in a transaction on Tuesday, May 17th. The stock was 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 directly owns 36,908 shares in the company, valued at $9,965,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 142,998 shares of company stock worth $37,628,011. Corporate insiders own 0.80% of the company’s stock.

Large investors have recently bought and sold shares of the company. Country Trust Bank lifted its stake in shares of Cigna by 116.7% during the first quarter. Country Trust Bank now owns 104 shares of the health services provider’s stock worth $25,000 after buying an additional 56 shares during the period. Missouri Trust & Investment Co acquired a new position in Cigna during the fourth quarter valued at $28,000. Wagner Wealth Management LLC lifted its position in Cigna by 144.4% during the fourth quarter. Wagner Wealth Management LLC now owns 132 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 78 shares during the period. Exane Derivatives lifted its position in Cigna by 6,200.0% during the first quarter. Exane Derivatives now owns 126 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 124 shares during the period. Finally, Lloyd Advisory Services LLC. acquired a new position in Cigna during the first quarter valued at $30,000. Institutional investors and hedge funds 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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