CIGNA Co. (CI) Position Reduced by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC reduced its position in shares of CIGNA Co. (NYSE:CI) by 14.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,215 shares of the health services provider’s stock after selling 13,800 shares during the period. Wedge Capital Management L L P NC’s holdings in CIGNA were worth $13,929,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. American Beacon Advisors Inc. bought a new stake in CIGNA during the first quarter worth about $102,000. Baystate Wealth Management LLC boosted its stake in CIGNA by 436.1% in the first quarter. Baystate Wealth Management LLC now owns 772 shares of the health services provider’s stock worth $116,000 after buying an additional 628 shares in the last quarter. Founders Capital Management bought a new stake in CIGNA during the first quarter worth about $117,000. Mckinley Capital Management LLC Delaware bought a new stake in CIGNA during the first quarter worth about $122,000. Finally, Guardian Life Insurance Co. of America boosted its stake in CIGNA by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 990 shares of the health services provider’s stock worth $145,000 after buying an additional 7 shares in the last quarter. Hedge funds and other institutional investors own 87.61% of the company’s stock.
Shares of CIGNA Co. (CI) opened at 176.35 on Tuesday. The firm has a market cap of $44.40 billion, a PE ratio of 20.35 and a beta of 0.46. CIGNA Co. has a 52 week low of $115.03 and a 52 week high of $178.57. The firm has a 50-day moving average of $172.41 and a 200 day moving average of $159.55.
CIGNA (NYSE:CI) last released its quarterly earnings data on Friday, August 4th. The health services provider reported $2.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.48 by $0.43. The business had revenue of $10.32 billion for the quarter, compared to the consensus estimate of $10.26 billion. CIGNA had a net margin of 7.85% and a return on equity of 22.67%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.98 earnings per share. Equities research analysts predict that CIGNA Co. will post $10.03 EPS for the current fiscal year.
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A number of analysts have recently issued reports on the stock. UBS AG restated a “buy” rating and set a $186.00 target price (up previously from $181.00) on shares of CIGNA in a research note on Monday, June 5th. Jefferies Group LLC restated a “buy” rating and set a $183.00 target price on shares of CIGNA in a research note on Thursday, June 8th. Deutsche Bank AG raised their target price on shares of CIGNA from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, July 13th. Royal Bank Of Canada raised their target price on shares of CIGNA from $172.00 to $177.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Finally, Bank of America Corporation raised their target price on shares of CIGNA from $193.00 to $198.00 and gave the stock a “buy” rating in a research note on Friday, June 23rd. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $180.06.
In other news, EVP Nicole S. Jones sold 20,312 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $160.04, for a total value of $3,250,732.48. Following the sale, the executive vice president now directly owns 44,737 shares of the company’s stock, valued at $7,159,709.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Cordani sold 153,168 shares of the stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $170.20, for a total transaction of $26,069,193.60. Following the completion of the sale, the chief executive officer now directly owns 421,162 shares in the company, valued at $71,681,772.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 261,539 shares of company stock worth $44,527,348. Insiders own 1.30% of the company’s stock.
CIGNA 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, and Other Operations and Corporate.
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