Investors Buy Cigna Corporation (CI) on Weakness
Investors bought shares of Cigna Corporation (NYSE:CI) on weakness during trading hours on Thursday. $58.28 million flowed into the stock on the tick-up and $28.30 million flowed out of the stock on the tick-down, for a money net flow of $29.98 million into the stock. Of all companies tracked, Cigna Corporation had the 16th highest net in-flow for the day. Cigna Corporation traded down ($0.07) for the day and closed at $190.68
Several brokerages have recently commented on CI. Bank of America Corporation increased their target price on shares of Cigna Corporation from $193.00 to $198.00 and gave the company a “buy” rating in a report on Friday, June 23rd. ValuEngine downgraded shares of Cigna Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Citigroup Inc. raised their price objective on shares of Cigna Corporation from $185.00 to $198.00 and gave the stock a “buy” rating in a report on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $190.00 price objective (down previously from $199.00) on shares of Cigna Corporation in a report on Friday, August 4th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $185.00 price objective on shares of Cigna Corporation in a report on Wednesday, August 9th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $188.57.
The firm has a 50-day moving average of $183.91 and a 200-day moving average of $168.74. The firm has a market capitalization of $48.08 billion, a PE ratio of 22.03 and a beta of 0.43.
Cigna Corporation (NYSE:CI) last released its quarterly earnings results 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. Cigna Corporation had a net margin of 5.55% and a return on equity of 17.40%. The firm had revenue of $10.32 billion during the quarter, compared to analyst estimates of $10.26 billion. During the same quarter in the prior year, the firm earned $1.98 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts expect that Cigna Corporation will post $10.03 EPS for the current fiscal year.
In related news, insider Matthew G. Manders sold 24,357 shares of the 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 sale, the insider now directly owns 46,256 shares of the company’s stock, valued at approximately $8,095,262.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Zollars sold 1,232 shares of the 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 have sold a total of 70,653 shares of company stock valued at $12,437,684 in the last ninety days. Insiders own 1.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CI. BlackRock Inc. increased its holdings in Cigna Corporation by 2,335.5% in the 1st quarter. BlackRock Inc. now owns 16,987,425 shares of the health services provider’s stock worth $2,488,489,000 after acquiring an additional 16,289,943 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Cigna Corporation by 40.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,088,728 shares of the health services provider’s stock worth $684,413,000 after acquiring an additional 1,184,632 shares in the last quarter. Waddell & Reed Financial Inc. increased its holdings in Cigna Corporation by 125.8% in the 1st quarter. Waddell & Reed Financial Inc. now owns 1,749,647 shares of the health services provider’s stock worth $256,306,000 after acquiring an additional 974,747 shares in the last quarter. Wellington Management Group LLP increased its holdings in Cigna Corporation by 9.3% in the 1st quarter. Wellington Management Group LLP now owns 10,765,751 shares of the health services provider’s stock worth $1,577,075,000 after acquiring an additional 913,991 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its holdings in Cigna Corporation by 7,868.4% in the 1st quarter. Thrivent Financial For Lutherans now owns 708,390 shares of the health services provider’s stock worth $103,772,000 after acquiring an additional 699,500 shares in the last quarter. 87.94% of the stock is owned by institutional investors.
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Cigna Corporation 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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