Cigna Shares Jump as CEO Dims Prospects for Humana Deal (3)

Cigna Group shares jumped Thursday after Chief Executive Officer David Cordani signaled the company is focused on returning cash to shareholders through buybacks rather than a possible deal with Humana Inc.

Cordani said the company planned to use extra free cash flow to repurchase shares in comments seemingly aimed to tamp down speculation about a big acquisition on the horizon. Cigna shares jumped as much as 9.4%, the most intraday since December, at the New York market open Thursday. Humana’s stock lost as much as 3.9%.

Bloomberg News reported this month that Cigna revived informal merger talks with Humana after ...