Cigna Co. Declares Quarterly Dividend of $1.12 (NYSE:CI)

Cigna Co. (NYSE:CIGet Rating) announced a quarterly dividend on Wednesday, April 27th, RTT News reports. Shareholders of record on Wednesday, June 8th will be given a dividend of 1.12 per share by the health services provider on Thursday, June 23rd. This represents a $4.48 annualized dividend and a yield of 1.79%.

Cigna has raised its dividend payment by an average of 364.2% per year over the last three years and has raised its dividend every year for the last 2 years. Cigna has a dividend payout ratio of 17.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cigna to earn $25.18 per share next year, which means the company should continue to be able to cover its $4.48 annual dividend with an expected future payout ratio of 17.8%.

CI opened at $250.77 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.66. Cigna has a 52-week low of $191.74 and a 52-week high of $272.81. The company has a 50 day moving average of $243.42 and a two-hundred day moving average of $228.45. The company has a market cap of $79.84 billion, a P/E ratio of 15.93, a P/E/G ratio of 1.06 and a beta of 0.86.

Cigna (NYSE:CIGet Rating) last released its quarterly earnings data on Thursday, February 3rd. The health services provider reported $4.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.68 by $0.09. Cigna had a net margin of 3.08% and a return on equity of 14.59%. The company had revenue of $45.69 billion during the quarter, compared to the consensus estimate of $43.98 billion. During the same period in the previous year, the firm earned $3.51 earnings per share. Cigna’s revenue for the quarter was up 9.5% on a year-over-year basis. Research analysts anticipate that Cigna will post 22.5 earnings per share for the current year.

Several brokerages have recently weighed in on CI. Stephens upped their target price on shares of Cigna from $265.00 to $290.00 and gave the company an “overweight” rating in a research note on Wednesday, April 20th. Deutsche Bank Aktiengesellschaft downgraded shares of Cigna from a “buy” rating to a “hold” rating and decreased their target price for the company from $271.00 to $236.00 in a research note on Friday, February 4th. Royal Bank of Canada downgraded shares of Cigna from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $304.00 to $235.00 in a research note on Monday, February 7th. Zacks Investment Research upgraded shares of Cigna from a “hold” rating to a “buy” rating and set a $274.00 price objective on the stock in a research note on Wednesday, April 20th. Finally, Mizuho increased their price objective on shares of Cigna from $245.00 to $266.00 and gave the company a “buy” rating in a research note on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $261.35.

In related news, CEO David Cordani sold 45,380 shares of the stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $268.10, for a total value of $12,166,378.00. Following the sale, the chief executive officer now owns 152,750 shares of the company’s stock, valued at approximately $40,952,275. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nicole S. Jones sold 12,070 shares of the stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $259.03, for a total transaction of $3,126,492.10. Following the completion of the transaction, the executive vice president now owns 35,201 shares of the company’s stock, valued at approximately $9,118,115.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,836 shares of company stock worth $23,795,261. Corporate insiders own 0.80% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Zullo Investment Group Inc. bought a new position in shares of Cigna during the 4th quarter valued at about $68,000. EverSource Wealth Advisors LLC bought a new position in shares of Cigna during the 4th quarter valued at about $106,000. Sequoia Financial Advisors LLC bought a new position in shares of Cigna during the 4th quarter valued at about $216,000. Cypress Capital Group bought a new position in shares of Cigna during the 4th quarter valued at about $237,000. Finally, NEXT Financial Group Inc boosted its position in shares of Cigna by 108.3% during the 4th quarter. NEXT Financial Group Inc now owns 1,204 shares of the health services provider’s stock valued at $276,000 after purchasing an additional 626 shares in the last quarter. Hedge funds and other institutional investors own 86.39% of the company’s stock.

Cigna Company Profile (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.

See Also

Dividend History for Cigna (NYSE:CI)

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