Cigna Co. (NYSE:CI – Get Rating)’s share price reached a new 52-week high on Tuesday after Wells Fargo & Company raised their price target on the stock from $319.00 to $370.00. The stock traded as high as $328.65 and last traded at $327.75, with a volume of 35876 shares changing hands. The stock had previously closed at $324.37.
Other equities research analysts have also recently issued reports about the stock. Mizuho lifted their price objective on shares of Cigna from $291.00 to $330.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Credit Suisse Group lifted their price objective on shares of Cigna from $329.00 to $368.00 and gave the stock an “outperform” rating in a research report on Monday. UBS Group lifted their price objective on shares of Cigna from $310.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Raymond James lifted their price objective on shares of Cigna from $330.00 to $370.00 in a research report on Sunday. Finally, Truist Financial lifted their price objective on shares of Cigna from $310.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cigna presently has an average rating of “Moderate Buy” and a consensus price target of $321.92.
Insider Activity at Cigna
In related news, CEO Eric P. Palmer sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $300.00, for a total transaction of $1,200,000.00. Following the transaction, the chief executive officer now owns 36,838 shares of the company’s stock, valued at $11,051,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael W. Triplett sold 8,260 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $292.76, for a total value of $2,418,197.60. Following the completion of the sale, the insider now owns 25,091 shares of the company’s stock, valued at $7,345,641.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric P. Palmer sold 4,000 shares of the stock in a transaction on Friday, October 14th. The stock was sold at an average price of $300.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief executive officer now directly owns 36,838 shares of the company’s stock, valued at approximately $11,051,400. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,633 shares of company stock valued at $3,730,098. Company insiders own 0.80% of the company’s stock.
Institutional Investors Weigh In On Cigna
A number of large investors have recently added to or reduced their stakes in CI. American Research & Management Co. grew its holdings in Cigna by 1,875.0% during the 2nd quarter. American Research & Management Co. now owns 158 shares of the health services provider’s stock worth $42,000 after acquiring an additional 150 shares in the last quarter. Lloyd Advisory Services LLC. bought a new stake in Cigna in the 1st quarter valued at about $30,000. D.A. Davidson & CO. lifted its position in Cigna by 2.1% in the 1st quarter. D.A. Davidson & CO. now owns 16,939 shares of the health services provider’s stock valued at $4,059,000 after purchasing an additional 355 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in Cigna by 7.4% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 2,503 shares of the health services provider’s stock valued at $600,000 after purchasing an additional 173 shares during the last quarter. Finally, First Foundation Advisors increased its stake in Cigna by 3.6% during the 1st quarter. First Foundation Advisors now owns 2,110 shares of the health services provider’s stock valued at $506,000 after buying an additional 74 shares during the period. 89.54% of the stock is owned by institutional investors and hedge funds.
Cigna Stock Performance
The stock has a market cap of $100.49 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.25 and a beta of 0.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.73 and a current ratio of 0.73. The company’s 50 day simple moving average is $295.08 and its 200 day simple moving average is $277.33.
Cigna Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Tuesday, December 6th will be paid a $1.12 dividend. The ex-dividend date is Monday, December 5th. This represents a $4.48 annualized dividend and a dividend yield of 1.36%. Cigna’s dividend payout ratio is currently 21.39%.
About Cigna
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.