Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cigna Corporation shares valued at $247,130 were sold by Neville Everett on Aug 01. At $273.98 per share, Neville Everett sold 902 shares. The insider’s holdings dropped to 6,764 shares worth approximately $1.89 million following the completion of this transaction.
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Also, Sadler Jason D sold 9,505 shares, netting a total of over 2,661,400 in proceeds. Following the sale of shares at $280.00 each, the insider now holds 32,853 shares.
Before that, Neville Everett had sold 5,094 shares from its account. In a trade valued at $1,400,850, the EVP, Strat, Corp Dev/Solutions traded Cigna Corporation shares for $275.00 each. Upon closing the transaction, the insider’s holdings decreased to 5,094 shares, worth approximately $2.02 million.
As published in a research note from Jefferies on July 14, 2022, Cigna Corporation [CI] has been rated down from a Buy to a Hold and the price target has been revised to $271 from $330. This represents a -3.36% premium over Thursday’s closing price. Analysts at Morgan Stanley upgraded the stock from ‘”an Equal-weight”‘ to ‘”an Overweight”‘ outlook in a report released in late June. As of June 17, 2022, Loop Capital has initiated its “Hold” rating for CI.
Analyzing CI’s Price Performance
On Thursday, Cigna Corporation [NYSE: CI] rose 3.08% to $280.10. The stock’s lowest price that day was $279.26, but it reached a high of $284.46 in the same session. During the last five days, there has been a surge of approximately 2.52%. Over the course of the year, Cigna Corporation shares have jumped approximately 21.98%. Shares of the company reached a 52-week high of $284.46 on 08/04/22 and a 52-week low of $213.16 on 02/04/22. A 50-day SMA is recorded $265.68, while a 200-day SMA reached $241.00. Nevertheless, trading volume fell to 3.65 million shares from 3.55 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 278.09, which, if violated, would cause prices to drop to 276.07. In the upper region, resistance lies at 283.29. The next price resistance is at 286.47. RSI (Relative Strength Index) is 60.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.09, which suggests the price will increase in the coming days. Percent R is at 20.76%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cigna Corporation subject to short interest?
Stocks of Cigna Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 4.3 million shares to 7.89 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.59 million shares. A jump of 54.5% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.52 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.52.
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 transaction, T. Rowe Price Associates, Inc.’s stake is now worth $4,629,464,548. Dodge & Cox reduced a -0.68% interest valued at $4.58 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 $3.0 billion.
In terms of Cigna Corporation share price expectations, FactSet research, analysts set an average price target of $295.21 in the next 12 months, up nearly 10.4% from the previous closing price of $271.74. 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 26, 2022, BofA Securities assigned a price target of “a Neutral” to the stock and upgraded coverage with a $300.