The Cigna Group (NYSE:CI) Short Interest Up 16.5% in June

The Cigna Group (NYSE:CI) saw a significant growth in short interest in June. As of June 15th, there was short interest totalling 3,820,000 shares, a growth of 16.5% from the May 31st total of 3,280,000 shares. Based on an average daily trading volume, of 1,550,000 shares, the short-interest ratio is currently 2.5 days. Currently, 1.4% of the shares of the stock are short sold.

The Cigna Group Price Performance

CI opened at $325.91 on Wednesday. The firm has a market cap of $92.58 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 1.01 and a beta of 0.52. 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 stock’s 50-day moving average price is $340.69 and its 200 day moving average price is $333.60. The Cigna Group has a 12-month low of $253.95 and a 12-month high of $365.71.

The Cigna Group (NYSE:CI) last posted its earnings results on Thursday, May 2nd. The health services provider reported $6.47 EPS for the quarter, beating analysts’ consensus estimates of $6.17 by $0.30. The firm had revenue of $57.25 billion for the quarter, compared to the consensus estimate of $56.59 billion. The Cigna Group had a net margin of 1.76% and a return on equity of 17.24%. The company’s revenue was up 23.2% on a year-over-year basis. During the same period last year, the firm posted $5.41 EPS. As a group, sell-side analysts expect that The Cigna Group will post 28.48 earnings per share for the current year.

The Cigna Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Tuesday, June 4th were paid a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $5.60 dividend on an annualized basis and a yield of 1.72%. The Cigna Group’s dividend payout ratio is presently 45.98%.

Insider Buying and Selling

In related news, insider Brian C. Evanko sold 4,795 shares of The Cigna Group stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $345.01, for a total value of $1,654,322.95. Following the completion of the transaction, the insider now owns 39,923 shares in the company, valued at $13,773,834.23. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other The Cigna Group news, Director Elder Granger sold 547 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $331.38, for a total value of $181,264.86. Following the completion of the sale, the director now directly owns 5,471 shares of the company’s stock, valued at approximately $1,812,979.98. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Brian C. Evanko sold 4,795 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 39,923 shares of the company’s stock, valued at approximately $13,773,834.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,988 shares of company stock worth $7,975,726. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Silicon Valley Capital Partners increased its stake in shares of The Cigna Group by 100.0% during the first quarter. Silicon Valley Capital Partners now owns 70 shares of the health services provider’s stock worth $25,000 after acquiring an additional 35 shares during the period. Fortitude Family Office LLC acquired a new position in The Cigna Group during the fourth quarter worth $29,000. Cedar Wealth Management LLC acquired a new position in shares of The Cigna Group during the 1st quarter worth $29,000. VisionPoint Advisory Group LLC lifted its holdings in shares of The Cigna Group by 112.2% in the third quarter. VisionPoint Advisory Group LLC now owns 104 shares of the health services provider’s stock valued at $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Raleigh Capital Management Inc. lifted its stake in The Cigna Group by 69.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 100 shares of the health services provider’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. Institutional investors and hedge funds own 86.99% of the company’s stock.

Analysts Set New Price Targets

CI has been the subject of several recent research reports. Barclays assumed coverage on The Cigna Group in a report on Wednesday, March 6th. They issued an “overweight” rating and a $393.00 price objective for the company. Baird R W upgraded The Cigna Group to a “strong-buy” rating in a research note on Thursday, May 30th. StockNews.com downgraded shares of The Cigna Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $400.00 price target on shares of The Cigna Group in a report on Wednesday, June 12th. Finally, Oppenheimer lifted their price objective on The Cigna Group from $370.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, The Cigna Group presently has a consensus rating of “Buy” and a consensus target price of $376.20.

About The Cigna Group

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.