The Cigna Group (NYSE:CI) Short Interest Down 15.1% in July

The Cigna Group (NYSE:CI) saw a large decrease in short interest in July. As of July 15th, there was short interest totalling 3,210,000 shares, a decrease of 15.1% from the June 30th total of 3,780,000 shares. Based on an average daily trading volume, of 1,540,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.2% of the company’s stock are sold short.

Insiders Place Their Bets

In other news, insider Brian C. Evanko sold 4,795 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $345.01, for a total value of $1,654,322.95. Following the sale, the insider now directly owns 39,923 shares in the company, valued at approximately $13,773,834.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other The Cigna Group news, Director Elder Granger sold 547 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $331.38, for a total transaction of $181,264.86. Following the transaction, the director now directly owns 5,471 shares of the company’s stock, valued at approximately $1,812,979.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian C. Evanko sold 4,795 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $345.01, for a total transaction of $1,654,322.95. Following the transaction, the insider now directly owns 39,923 shares in the company, valued at $13,773,834.23. The disclosure for this sale can be found here. Insiders have sold a total of 22,988 shares of company stock worth $7,975,726 in the last ninety days. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Silicon Valley Capital Partners boosted its stake in shares of The Cigna Group by 100.0% in the first quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock valued at $25,000 after purchasing an additional 35 shares during the period. Cedar Wealth Management LLC purchased a new position in shares of The Cigna Group in the first quarter valued at $29,000. Raleigh Capital Management Inc. boosted its stake in shares of The Cigna Group by 69.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 41 shares during the period. TruNorth Capital Management LLC acquired a new stake in The Cigna Group in the second quarter valued at $33,000. Finally, Pineridge Advisors LLC acquired a new stake in The Cigna Group in the fourth quarter valued at $37,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

The Cigna Group Trading Down 1.2 %

CI traded down $4.28 during trading on Wednesday, hitting $348.49. 1,465,395 shares of the company’s stock were exchanged, compared to its average volume of 1,555,086. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.75. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $365.71. The stock has a 50 day moving average price of $335.81 and a 200 day moving average price of $338.55. The firm has a market cap of $99.00 billion, a P/E ratio of 28.61, a price-to-earnings-growth ratio of 1.06 and a beta of 0.52.

The Cigna Group (NYSE:CI) last released its quarterly earnings data on Thursday, May 2nd. The health services provider reported $6.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.17 by $0.30. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The company had revenue of $57.25 billion during the quarter, compared to the consensus estimate of $56.59 billion. During the same period in the previous year, the firm earned $5.41 earnings per share. The Cigna Group’s revenue for the quarter was up 23.2% on a year-over-year basis. As a group, analysts expect that The Cigna Group will post 28.47 EPS for the current fiscal year.

The Cigna Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, September 4th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $5.60 annualized dividend and a dividend yield of 1.61%. The Cigna Group’s dividend payout ratio (DPR) is presently 45.98%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CI shares. StockNews.com cut shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 20th. Robert W. Baird started coverage on shares of The Cigna Group in a research note on Thursday, May 30th. They issued an “outperform” rating and a $388.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of The Cigna Group from $432.00 to $435.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Finally, Piper Sandler initiated coverage on shares of The Cigna Group in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $400.00 price objective for the company. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $376.20.

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.