With an annual dividend yield of 2.19%, The Cigna Group (NYSE:CI) is included among the 12 Best Dividend Stocks to Invest in According to Hedge Funds.
The Cigna Group (NYSE:CI) is a global health company that provides insurance and related products and services
It operates through two segments: Evernorth Health Services and Cigna Healthcare. On May 20, Deutsche Bank analyst George Hill downgraded The Cigna Group (NYSE:CI) from ‘Buy’ to ‘Hold’, while also slightly trimming its price target from $303 to $302. The lowered target still indicates an upside of almost 7% from the current price level.
According to the analyst, Cigna is faced with a “multi-year uncertainty” as it works through changes to part of its insurance portfolio and pharmacy benefit manager model. The downgrade comes despite The Cigna Group (NYSE:CI) beating estimates in its Q1 results last month. The company grew its adjusted profits by around 16% YoY to $7.79 per share, while its revenue of $68.5 billion was also up by 4.7% compared to last year.