The Cigna Group (NYSE:CI) Short Interest Up 21.5% in October

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

The Cigna Group Price Performance

The Cigna Group stock traded down $2.36 during midday trading on Friday, reaching $321.52. The company’s stock had a trading volume of 1,650,180 shares, compared to its average volume of 2,250,354. 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 has a market cap of $89.43 billion, a PE ratio of 30.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.51. The Cigna Group has a 52 week low of $253.95 and a 52 week high of $370.83. The business has a 50-day moving average price of $338.88 and a 200-day moving average price of $339.55.

The Cigna Group (NYSE:CI) last announced its quarterly earnings results on Thursday, October 31st. The health services provider reported $7.51 EPS for the quarter, beating analysts’ consensus estimates of $7.22 by $0.29. The Cigna Group had a return on equity of 18.42% and a net margin of 1.31%. The company had revenue of $63.70 billion during the quarter, compared to analysts’ expectations of $59.58 billion. During the same period in the prior year, the company earned $6.77 EPS. The Cigna Group’s revenue was up 29.8% compared to the same quarter last year. On average, sell-side analysts predict that The Cigna Group will post 28.5 EPS for the current year.

The Cigna Group Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CI shares. Jefferies Financial Group boosted their price target on The Cigna Group from $402.00 to $422.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Barclays upped their price target on shares of The Cigna Group from $405.00 to $420.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 price objective on shares of The Cigna Group in a research report on Wednesday, October 23rd. Stephens reaffirmed an “overweight” rating and issued a $410.00 target price on shares of The Cigna Group in a report on Friday, November 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on The Cigna Group from $398.00 to $394.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. One equities research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $394.64.

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 sale, the director now directly owns 17,539 shares in the company, valued at $6,010,264.52. The trade was a 13.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On The Cigna Group

A number of hedge funds have recently made changes to their positions in CI. Cedar Wealth Management LLC acquired a new stake in The Cigna Group during the 1st quarter worth about $29,000. TruNorth Capital Management LLC acquired a new position in The Cigna Group in the second quarter valued at approximately $33,000. Ulland Investment Advisors LLC boosted its holdings in shares of The Cigna Group by 2,500.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 104 shares of the health services provider’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of The Cigna Group during the 3rd quarter worth approximately $37,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of The Cigna Group in the 3rd quarter valued at $45,000. 86.99% of the stock is currently owned by institutional investors.

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.