Rolled Out The Cigna Group Covered Call Position

The Covered Calls Advisor Portfolio has a Covered Call position in The Cigna Group (ticker CI)  that expired out-of-the-money last Friday at its March 31st, 2023 options expiration date.  Cigna shares closed at $255.53 then and the strike price was $277.50.  I decided to attempt to repair this current losing position back toward breakeven, so I continued this Covered Call position today by rolling down-and-out to the $270.00 strike price at the April 21st, 2023 expiration date by selling one Call option at $2.50 per share against the 100 Cigna shares owned.  The stock price had risen to $262.30 today when this Cigna Call option sale was transacted.   

As detailed below, two potential return-on-investment results are: (1) -2.7% absolute return (equivalent to -19.2% annualized return-on-investment for the 52 days holding period) if Cigna's price is unchanged at today's $262.30 price on the April 21st, 2023 expiration date; and (2) +0.03% absolute return (equivalent to +0.2% annualized return-on-investment for the 52 days holding period) if it is in-the-money (i.e. above the $270.00 strike price) on the April 21st options expiration date.

The Cigna Corporation (CI) -- Covered Call Position Continued by Rollout
The original buy/write transaction was as follows:
3/1/2023 Bought 100 Cigna Corp. shares @ $289.40
3/1/2023 Sold 1 Cigna 3/17/2023 $280.00 Call option @ $11.70
3/7/2023 Quarterly ex-dividend of $1.23 per share
3/17/2023 One Cigna Call option expired out-of-the-money and 100 shares remain in the Covered Calls Advisor Portfolio
3/21/2023 Continued Cigna Covered Call position by selling one March 31st, 2023 $27.50 Call option @ $4.10 per share.  The stock price was $276.68 when this transaction was made.
3/31/2023 One Cigna Call option expired out-of-the-money and 100 shares remain in the Covered Calls Advisor Portfolio
4/3/2023 Continued Cigna Covered Call position by selling one April 21st, 2023 $270.00 Call option @ $2.50 per share.  The stock price was $262.30 when this transaction was made and the Delta for this Call option was 29.9.

Two possible overall performance results (including commissions) for this Cigna Covered Call position are as follows:
Covered Call Cost Basis: $27,770.67
= ($289.40 - $11.70) * 100 shares + $.67 commissions

Net Profit Components:
(a) Options Income: +$1,825.98
= ($11.70 + $4.10 + $2.50) * 100 shares - $4.02 commissions
(b) Dividend Income: +$123.00
= ($1.23 dividend per share x 100 shares)
(c) Capital Appreciation (If CI stock price unchanged at $262.30 on the April 21st options expiration date): -$2,710.00
+($262.30 - $289.40) * 100 shares; or
(c) Capital Appreciation (If Cigna shares assigned at $270.00 strike price at the 4/21/2023 options expiration): -$1,940.00
+($270.00 - $289.40) * 100 shares

1. Total Net Profit [If stock price unchanged at $262.30 and Covered Call position unwound (i.e.closed out) on the 4/21/2023 options expiration date): -$761.02

= (+$1,825.98 options income +$123.00 dividend income - $2,710.00 capital appreciation); or

2. Total Net Profit (If Cigna shares assigned at $270.00 strike price at the April 21st, 2023 expiration): +$8.98

= (+$1,825.98 + $123.00 - $1,940.00)

1. Absolute Return-on-Investment [If Cigna stock price unchanged at $262.30 on the 4/21/2023 options expiration date]: -2.7%

= -$761.02/$27,770.67

Annualized Return-on-Investment (If Cigna stock price unchanged at $262.30 on the 4/21/2023 options expiration date): -19.2%

= (-$761.02/$27,770.67) * (365/52 days); or

2. Absolute Return-on-Investment (If Cigna shares assigned at $270.00 strike price on the 4/21/2023  expiration): +0.03%

= +$8.98/$27,770.67

Annualized Return-on-Investment (If Cigna stock assigned at $270.00 at the 4/21/2023 expiration): +0.2%

= (+$8.98/$27,770.67) * (365/52 days)