Cigna Corp. (CI) Upgraded by Zacks Investment Research to Hold
According to Zacks, “Cigna’s pending merger with Anthem is facing friction with the regulators and the company is now engaged in a legal tussle of the same. The deal, which would have helped the company to gain the leading position in the industry, now remains uncertain. Forex volatility, share buyback suspension, merger-related charges will drain the bottom line going forward. An underperforming Disability and life business also raises concerns. Also restriction imposed by the CMS on the sale of Medicare Advantage plan is a headwind. Nonetheless, the company is poised for long-term growth from its superior performing Global Supplemental business, growing Government business and increasing membership. A strong capital position is another positive. The company's third quarter Zacks Consensus earning estimate is pegged at $1.90 per share which translates into year over year decline of 16.62%. “
CI has been the topic of a number of other research reports. Goldman Sachs Group Inc. upgraded Cigna Corp. from a buy rating to a conviction-buy rating and reduced their target price for the stock from $170.00 to $165.00 in a report on Friday, July 22nd. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $149.00 target price on shares of Cigna Corp. in a report on Friday, July 8th. Leerink Swann reiterated a buy rating and set a $155.00 target price on shares of Cigna Corp. in a report on Monday, September 26th. Citigroup Inc. reduced their target price on Cigna Corp. from $174.00 to $146.00 and set a buy rating on the stock in a report on Wednesday, August 3rd. Finally, Jefferies Group reduced their target price on Cigna Corp. from $160.00 to $153.00 and set a buy rating on the stock in a report on Monday, August 1st. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $157.65.
Cigna Corp. (NYSE:CI) traded down 0.39% on Tuesday, hitting $127.61. The stock had a trading volume of 100,427 shares. The stock has a 50 day moving average price of $129.97 and a 200 day moving average price of $131.63. Cigna Corp. has a 1-year low of $121.87 and a 1-year high of $148.99. The company has a market cap of $32.74 billion, a P/E ratio of 16.55 and a beta of 0.43.
Cigna Corp. (NYSE:CI) last released its quarterly earnings results on Friday, July 29th. The company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by $0.41. The business had revenue of $9.89 billion for the quarter, compared to the consensus estimate of $9.98 billion. Cigna Corp. had a net margin of 5.16% and a return on equity of 17.60%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 EPS. On average, equities research analysts expect that Cigna Corp. will post $7.99 EPS for the current fiscal year.
In other news, VP Mary T. Hoeltzel sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $132.28, for a total transaction of $66,140.00. Following the completion of the transaction, the vice president now owns 4,017 shares in the company, valued at $531,368.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Ngam Advisors L.P. raised its position in Cigna Corp. by 32.4% in the first quarter. Ngam Advisors L.P. now owns 17,545 shares of the company’s stock valued at $2,408,000 after buying an additional 4,291 shares in the last quarter. Teachers Advisors Inc. raised its position in Cigna Corp. by 17.2% in the first quarter. Teachers Advisors Inc. now owns 425,424 shares of the company’s stock valued at $58,385,000 after buying an additional 62,444 shares in the last quarter. Howard Hughes Medical Institute bought a new position in Cigna Corp. during the first quarter valued at approximately $333,000. Tobam raised its position in Cigna Corp. by 421.8% in the first quarter. Tobam now owns 384,204 shares of the company’s stock valued at $52,729,000 after buying an additional 310,580 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new position in Cigna Corp. during the first quarter valued at approximately $2,987,000. Hedge funds and other institutional investors own 85.25% of the company’s stock.
Cigna Corp. Company Profile
Cigna Corporation (Cigna), together with its subsidiaries, is a health services company. The Company offers medical, dental, disability, life and accident insurance and related products and services. The Company’s segments include Global Health Care, Global Supplemental Benefits, Group Disability and Life, Other Operations and Corporate.
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