Cigna Co. (NYSE:CI – Get 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.
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.
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