Cigna Corporation (CI) Position Lowered by Maverick Capital Ltd.
Maverick Capital Ltd. cut its position in shares of Cigna Corporation (NYSE:CI) by 41.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,447,984 shares of the health services provider’s stock after selling 1,008,835 shares during the period. Cigna Corporation makes up 3.0% of Maverick Capital Ltd.’s portfolio, making the stock its 12th largest holding. Maverick Capital Ltd. owned about 0.58% of Cigna Corporation worth $242,378,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Capstone Investment Advisors Netherlands B.V. purchased a new stake in Cigna Corporation in the 2nd quarter valued at about $106,000. American Beacon Advisors Inc. purchased a new stake in Cigna Corporation in the 1st quarter valued at about $102,000. Parallel Advisors LLC boosted its position in Cigna Corporation by 62.3% in the 2nd quarter. Parallel Advisors LLC now owns 800 shares of the health services provider’s stock valued at $139,000 after buying an additional 307 shares during the period. Mckinley Capital Management LLC Delaware purchased a new stake in Cigna Corporation in the 1st quarter valued at about $122,000. Finally, Guardian Life Insurance Co. of America boosted its position in Cigna Corporation by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 990 shares of the health services provider’s stock valued at $145,000 after buying an additional 7 shares during the period. 87.94% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Matthew G. Manders sold 24,357 shares of Cigna Corporation stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $175.01, for a total value of $4,262,718.57. Following the completion of the transaction, the insider now owns 46,256 shares in the company, valued at $8,095,262.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Zollars sold 1,232 shares of Cigna Corporation stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $187.23, for a total transaction of $230,667.36. The disclosure for this sale can be found here. Insiders sold 70,653 shares of company stock valued at $12,437,684 in the last quarter. 1.30% of the stock is owned by insiders.
Several equities research analysts have issued reports on the stock. Piper Jaffray Companies reissued a “buy” rating and issued a $191.00 price objective on shares of Cigna Corporation in a research report on Sunday, September 17th. Morgan Stanley boosted their price objective on shares of Cigna Corporation from $188.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, August 17th. BidaskClub raised shares of Cigna Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 18th. Jefferies Group LLC reissued a “buy” rating and issued a $190.00 price objective (down from $199.00) on shares of Cigna Corporation in a research report on Friday, August 4th. Finally, Zacks Investment Research cut shares of Cigna Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $188.57.
Cigna Corporation (CI) traded up 0.07% on Thursday, hitting $190.89. 365,925 shares of the company traded hands. The firm has a market capitalization of $48.06 billion, a P/E ratio of 22.02 and a beta of 0.43. Cigna Corporation has a 12 month low of $115.03 and a 12 month high of $193.00. The stock’s 50-day moving average is $183.23 and its 200 day moving average is $168.29.
Cigna Corporation (NYSE:CI) last issued its quarterly earnings results on Friday, August 4th. The health services provider reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.43. Cigna Corporation had a net margin of 5.55% and a return on equity of 17.40%. The company had revenue of $10.32 billion during the quarter, compared to the consensus estimate of $10.26 billion. During the same quarter in the previous year, the firm earned $1.98 earnings per share. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts forecast that Cigna Corporation will post $10.03 EPS for the current fiscal year.
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Cigna Corporation 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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