The Cigna Group (NYSE:CI) Short Interest Up 8.1% in September

The Cigna Group (NYSE:CI) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 3,610,000 shares, a growth of 8.1% from the August 31st total of 3,340,000 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average daily trading volume, of 1,300,000 shares, the short-interest ratio is currently 2.8 days.

The Cigna Group Price Performance

CI opened at $348.10 on Wednesday. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $370.83. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $98.89 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 1.08 and a beta of 0.50. The firm’s fifty day moving average price is $348.62 and its two-hundred day moving average price is $345.25.

The Cigna Group (NYSE:CI) last released its quarterly earnings results on Thursday, August 1st. The health services provider reported $6.72 earnings per share for the quarter, topping the consensus estimate of $6.42 by $0.30. The business had revenue of $60.52 billion for the quarter, compared to analysts’ expectations of $58.30 billion. The Cigna Group had a net margin of 1.70% and a return on equity of 17.83%. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the company earned $6.13 earnings per share. As a group, analysts anticipate that The Cigna Group will post 28.48 earnings per share for the current fiscal year.

The Cigna Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, September 4th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, September 4th. The Cigna Group’s payout ratio is 45.98%.

Insider Buying and Selling

In other news, Director William J. Delaney III sold 2,691 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $342.68, for a total value of $922,151.88. Following the transaction, the director now directly owns 17,539 shares of the company’s stock, valued at approximately $6,010,264.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CI. Van ECK Associates Corp raised its stake in shares of The Cigna Group by 4.4% during the 2nd quarter. Van ECK Associates Corp now owns 14,872 shares of the health services provider’s stock worth $4,916,000 after purchasing an additional 625 shares during the period. Hancock Whitney Corp raised its position in The Cigna Group by 75.6% in the first quarter. Hancock Whitney Corp now owns 3,783 shares of the health services provider’s stock worth $1,374,000 after acquiring an additional 1,629 shares during the period. ORG Partners LLC purchased a new position in The Cigna Group in the second quarter valued at about $489,000. Public Employees Retirement Association of Colorado grew its position in shares of The Cigna Group by 845.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 44,382 shares of the health services provider’s stock valued at $13,290,000 after acquiring an additional 39,689 shares during the period. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of The Cigna Group during the 4th quarter worth approximately $115,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CI shares. Barclays boosted their target price on shares of The Cigna Group from $393.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Jefferies Financial Group increased their price objective on shares of The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Stephens reaffirmed an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a research report on Friday, August 2nd. StockNews.com upgraded The Cigna Group from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $384.00 price objective on shares of The Cigna Group in a research note on Monday, September 9th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, The Cigna Group has a consensus rating of “Buy” and a consensus price target of $392.79.

The Cigna Group Company Profile

The Cigna Group, together with its subsidiaries, provides insurance and related products and services in the United States. Its Evernorth Health Services segment provides a range of coordinated and point solution health services, including pharmacy benefits, home delivery pharmacy, specialty pharmacy, distribution, and care delivery and management solutions to health plans, employers, government organizations, and health care providers.