Only thing I've ever seen hit by a cut shell was a goose flying 100 yards high. We (buddy and I) were probably 300 yards from the kid that fired it, could hear the shell through the air...SWOOOOSH...SPLAT...and the bird fell. Yeah, he was not only shooting a ringed (cut) shell, he was shooting it UP.
We were aghast at seeing the bird fall for that far up, walked over to 'em since we knew 'em from school and the round had hit the goose in the abdominal region and took it's butt off, literally.
Yeah, lucky shot isn't the word, LOL. I've fired 3 or 4 cut shells through the full choke barrel of my old 16 gauge Iver Johnson single barrel and didn't seem to hurt it, but it's not a practice I'd do anymore unless it was one of those SHTF end of the world, I ain't got no stinkin' slug, scenarios.
Good knowledge to have filed in the back of one's head, but for emergency use only, sorta the way I look at it. I certainly am not going to HUNT with a ringed shell.
I have read somewhere that the G men would ring a shell to shoot window glass back in the roaring 20s. Round would hit the glass, the shot would leave the paper and spread out inside the car like shrapnel. Not sure if THAT's fact or not. Also, it was a practice back in the depression era when slugs were expensive and hard to come by. I've also heard that the wound would more resemble a shot from a frangible load like Glasiers than a slug, lacks penetration, which would NOT be desirable on a hog's shoulder at ANY rate, and I could understand how this could be so just from the window glass net story and logic.