Short Interest in Cigna Co. (NYSE:CI) Decreases By 12.9%

Cigna Co. (NYSE:CIGet Rating) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 6,870,000 shares, a decline of 12.9% from the July 15th total of 7,890,000 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average trading volume of 1,960,000 shares, the short-interest ratio is currently 3.5 days.

Insider Activity at Cigna

In related news, CEO Eric P. Palmer sold 6,521 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $275.00, for a total transaction of $1,793,275.00. Following the completion of the transaction, the chief executive officer now owns 39,978 shares of the company’s stock, valued at $10,993,950. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cigna news, CEO Eric P. Palmer sold 6,521 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $275.00, for a total value of $1,793,275.00. Following the completion of the transaction, the chief executive officer now owns 39,978 shares of the company’s stock, valued at approximately $10,993,950. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason D. Sadler sold 3,458 shares of the business’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $270.00, for a total transaction of $933,660.00. Following the completion of the transaction, the insider now directly owns 31,749 shares of the company’s stock, valued at approximately $8,572,230. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,898 shares of company stock valued at $9,163,758. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of Cigna

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Cigna by 1.1% in the fourth quarter. State Street Corp now owns 14,982,346 shares of the health services provider’s stock valued at $3,440,396,000 after acquiring an additional 162,686 shares in the last quarter. FMR LLC raised its holdings in Cigna by 7.6% in the second quarter. FMR LLC now owns 14,279,334 shares of the health services provider’s stock worth $3,762,889,000 after purchasing an additional 1,012,086 shares in the last quarter. Sanders Capital LLC raised its holdings in Cigna by 0.3% in the first quarter. Sanders Capital LLC now owns 7,479,977 shares of the health services provider’s stock worth $1,963,220,000 after purchasing an additional 21,880 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cigna by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,428,675 shares of the health services provider’s stock worth $1,242,969,000 after purchasing an additional 41,696 shares in the last quarter. Finally, Norges Bank bought a new position in Cigna in the fourth quarter worth about $747,950,000. 88.57% of the stock is currently owned by institutional investors.

Cigna Price Performance

CI traded up $2.30 during trading on Wednesday, reaching $292.91. 42,811 shares of the company traded hands, compared to its average volume of 1,989,216. The firm has a fifty day simple moving average of $268.95 and a 200 day simple moving average of $254.27. Cigna has a 12-month low of $191.74 and a 12-month high of $293.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $89.37 billion, a P/E ratio of 17.45, a PEG ratio of 1.14 and a beta of 0.73.

Cigna (NYSE:CIGet Rating) last posted its earnings results on Thursday, August 4th. The health services provider reported $6.22 earnings per share for the quarter, beating analysts’ consensus estimates of $5.62 by $0.60. Cigna had a net margin of 3.05% and a return on equity of 15.91%. The firm had revenue of $45.48 billion during the quarter, compared to analyst estimates of $44.34 billion. During the same period last year, the firm posted $5.24 earnings per share. Cigna’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities analysts forecast that Cigna will post 22.98 EPS for the current year.

Cigna Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Wednesday, September 7th will be given a dividend of $1.12 per share. The ex-dividend date is Tuesday, September 6th. This represents a $4.48 annualized dividend and a dividend yield of 1.53%. Cigna’s dividend payout ratio (DPR) is 26.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CI shares. Morgan Stanley upped their price target on shares of Cigna from $296.00 to $318.00 and gave the company an “overweight” rating in a report on Wednesday. The Goldman Sachs Group upped their price target on shares of Cigna from $273.00 to $311.00 and gave the company a “neutral” rating in a report on Tuesday, August 9th. Bank of America upgraded shares of Cigna from an “underperform” rating to a “neutral” rating and upped their price target for the company from $265.00 to $300.00 in a report on Thursday, May 26th. Truist Financial upped their price target on shares of Cigna from $310.00 to $330.00 and gave the company a “buy” rating in a report on Thursday, July 14th. Finally, Barclays upped their price objective on shares of Cigna from $275.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, May 23rd. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.58.

About Cigna

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Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers.

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