The Cigna Group (NYSE:CI) Sees Significant Growth in Short Interest

The Cigna Group (NYSE:CI) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 3,450,000 shares, a growth of 21.5% from the October 15th total of 2,840,000 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average trading volume of 1,450,000 shares, the short-interest ratio is presently 2.4 days.

The Cigna Group Stock Down 0.7 %

Shares of CI stock traded down $2.36 during trading hours on Friday, reaching $321.52. 1,650,180 shares of the company’s stock were exchanged, compared to its average volume of 2,250,354. The stock has a market cap of $89.43 billion, a PE ratio of 30.33, a PEG ratio of 0.97 and a beta of 0.51. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.71. The stock’s fifty day moving average price is $338.88 and its two-hundred day moving average price is $339.42. The Cigna Group has a 1 year low of $253.95 and a 1 year high of $370.83.

The Cigna Group (NYSE:CI) last issued its quarterly earnings results on Thursday, October 31st. The health services provider reported $7.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The Cigna Group had a net margin of 1.31% and a return on equity of 18.42%. The business had revenue of $63.70 billion for the quarter, compared to analyst estimates of $59.58 billion. During the same quarter in the prior year, the business posted $6.77 EPS. The Cigna Group’s revenue for the quarter was up 29.8% compared to the same quarter last year. Research analysts predict that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $1.40 per share. The ex-dividend date is Wednesday, December 4th. This represents a $5.60 annualized dividend and a yield of 1.74%. The Cigna Group’s payout ratio is presently 52.83%.

Insiders Place Their Bets

In other The Cigna Group news, Director William J. Delaney III sold 2,691 shares of The Cigna Group stock in a transaction on Monday, August 19th. The stock was sold at an average price of $342.68, for a total transaction of $922,151.88. Following the completion of the sale, the director now directly owns 17,539 shares of the company’s stock, valued at $6,010,264.52. The trade was a 13.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CI. Checchi Capital Advisers LLC lifted its position in The Cigna Group by 0.9% during the second quarter. Checchi Capital Advisers LLC now owns 3,584 shares of the health services provider’s stock valued at $1,185,000 after purchasing an additional 31 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of The Cigna Group by 1.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,206 shares of the health services provider’s stock valued at $729,000 after buying an additional 31 shares during the last quarter. IFG Advisors LLC lifted its holdings in shares of The Cigna Group by 4.6% in the 3rd quarter. IFG Advisors LLC now owns 699 shares of the health services provider’s stock valued at $242,000 after buying an additional 31 shares during the period. McClarren Financial Advisors Inc. boosted its stake in shares of The Cigna Group by 4.7% in the third quarter. McClarren Financial Advisors Inc. now owns 692 shares of the health services provider’s stock worth $240,000 after buying an additional 31 shares during the last quarter. Finally, Capital Investment Advisors LLC grew its holdings in The Cigna Group by 2.9% during the second quarter. Capital Investment Advisors LLC now owns 1,122 shares of the health services provider’s stock worth $371,000 after acquiring an additional 32 shares during the period. 86.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CI has been the subject of several recent research reports. Royal Bank of Canada decreased their price objective on The Cigna Group from $384.00 to $377.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Stephens reaffirmed an “overweight” rating and issued a $410.00 price target on shares of The Cigna Group in a research report on Friday, November 1st. Barclays increased their price objective on shares of The Cigna Group from $405.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Piper Sandler reissued an “overweight” rating and issued a $394.00 price objective (up previously from $392.00) on shares of The Cigna Group in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group lifted their price target on The Cigna Group from $402.00 to $422.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $394.64.

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.