Sunday, June 26, 2022

Selling Buzz: Cigna Corporation [CI] EVP, General Counsel Jones Nicole S sells 5,901 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Cigna Corporation shares valued at $1,593,270 were sold by Jones Nicole S on May 17. At $270.00 per share, Jones Nicole S sold 5,901 shares. The insider’s holdings dropped to 36,908 shares worth approximately $9.44 million following the completion of this transaction.

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Also, Cordani David sold 45,261 shares, netting a total of over 12,239,319 in proceeds. Following the sale of shares at $270.42 each, the insider now holds 160,499 shares.

Before that, Cordani David had sold 45,380 shares from its account. In a trade valued at $12,166,179, the Chairman & CEO traded Cigna Corporation shares for $268.10 each. Upon closing the transaction, the insider’s holdings decreased to 45,380 shares, worth approximately $39.09 million.

As published in a research note from Morgan Stanley on June 22, 2022, Cigna Corporation [CI] has been rated up from an Equal-weight to an Overweight and the price target has been revised to $296 from $283. This represents a 13.55% premium over Wednesday’s closing price. Analysts at Loop Capital started covering the stock with ‘”a Hold”‘ outlook in a report released in mid June. Earlier on May 26, 2022, BofA Securities upgraded its rating. Their new recommendation was “a Neutral” for CI stock which previously was a “an Underperform”.

Analyzing CI’s Price Performance

On Wednesday, Cigna Corporation [NYSE: CI] rose 1.48% to $255.90. The stock’s lowest price that day was $250.2475, but it reached a high of $259.02 in the same session. During the last five days, there has been a surge of approximately 4.15%. Over the course of the year, Cigna Corporation shares have jumped approximately 11.44%. Shares of the company reached a 52-week high of $273.58 on 05/31/22 and a 52-week low of $213.16 on 02/04/22. A 50-day SMA is recorded $257.79, while a 200-day SMA reached $231.04. Nevertheless, trading volume fell to 1.51 million shares from 2.32 million shares the previous day.

Support And Resistance Levels for Cigna Corporation (CI)

According to the 24-hour chart, there is a support level at 251.09, which, if violated, would cause prices to drop to 246.28. In the upper region, resistance lies at 259.86. The next price resistance is at 263.83. RSI (Relative Strength Index) is 50.57 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.39, which suggests the price will decrease in the coming days. Percent R is at 37.09%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of Cigna Corporation (CI)?

According to The Vanguard Group, Inc. filings, the company currently owns 24,700,742 shares, which is about 7.79% of the total CI shares outstanding. The investor’s shares have plunged by -77,387 from its previous 13-F filing of 24778129.0 shares. With the completion of the sale, T. Rowe Price Associates, Inc.’s stake is now worth $4,713,262,916. Dodge & Cox reduced a -0.68% interest valued at $4.66 billion while SSgA Funds Management, Inc. purchased a 35,700 stake. A total of -308,516 shares of Cigna Corporation were bought by BlackRock Fund Advisors during the quarter, and -32,902 were sold by Massachusetts Financial Services. In its current portfolio, Capital Research & Management Co holds 11,384,857 shares valued at $3.05 billion.

In terms of Cigna Corporation share price expectations, FactSet research, analysts set an average price target of $295.38 in the next 12 months, up nearly 18.96% from the previous closing price of $252.18. Analysts anticipate Cigna Corporation stock to reach $330.00 by 2022, with the lowest price target being $230.00. In spite of this, 26 analysts ranked Cigna Corporation stock as an Overweight at the end of 2022. On May 16, 2022, JP Morgan assigned a price target of “an Overweight” to the stock and upgraded coverage with a $304.

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