11:01 AM EST, 11/11/2024 (MT Newswires) -- Shares of Cigna Group ( CI ) climbed intraday after the health insurer said it is not pursuing a combination with Humana (HUM) and is on track to meet its full-year earnings target.

The company will only consider acquisitions that are "strategically aligned, financially attractive, and have a high probability to close," Cigna ( CI ) wrote in a Monday statement.

Shares of Cigna ( CI ) rallied 7.6% in Monday trade while those of Humana fell 4.3%. Humana did not respond to MT Newswires' request for comment. Bloomberg News reported last month that Cigna ( CI ) had resumed merger discussions with Humana after talks fell apart late last year.

Cigna ( CI ) plans to participate in meetings with investors and analysts over the next several weeks.

During those meetings, it plans to reaffirm its adjusted earnings guidance of at least $28.40 per share this year and adjusted EPS growth of at least 10% in 2025. Analysts surveyed by Capital IQ are modeling for normalized EPS of $28.51 in 2024 and $31.58 next year.

At the end of October, Cigna ( CI ) reported stronger-than-expected revenue growth of 30% to $63.69 billion for the third quarter and adjusted EPS of $7.51, also above analysts' estimates.

The company said Monday it bought back $6 billion worth of its stock so far this year, including $1 billion to date in the fourth quarter. Cigna ( CI ) expects to continue buying back shares into 2025.

Cigna ( CI ) plans to use the majority of proceeds from the sale of its Medicare business, which is scheduled to close in the first quarter of 2025, to fund share repurchases.

Price: 343.73, Change: +23.96, Percent Change: +7.49