CIGNA Co. (CI) Shares Sold by IBM Retirement Fund
IBM Retirement Fund cut its holdings in CIGNA Co. (NYSE:CI) by 13.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,439 shares of the health services provider’s stock after selling 668 shares during the period. IBM Retirement Fund’s holdings in CIGNA were worth $924,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. City Financial Investment Co Ltd bought a new stake in CIGNA in the 2nd quarter worth approximately $2,343,000. Putnam Investments LLC increased its stake in CIGNA by 19.1% in the 2nd quarter. Putnam Investments LLC now owns 1,616,700 shares of the health services provider’s stock worth $274,758,000 after acquiring an additional 259,280 shares during the last quarter. Swiss National Bank increased its stake in CIGNA by 1.6% in the 2nd quarter. Swiss National Bank now owns 884,174 shares of the health services provider’s stock worth $150,265,000 after acquiring an additional 13,500 shares during the last quarter. Lingohr & Partner Asset Management GmbH bought a new stake in CIGNA in the 2nd quarter worth approximately $1,405,000. Finally, Van ECK Associates Corp bought a new stake in CIGNA in the 2nd quarter worth approximately $694,000. 89.50% of the stock is currently owned by institutional investors.
CI has been the topic of a number of research reports. Zacks Investment Research downgraded CIGNA from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 17th. ValuEngine raised CIGNA from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $224.00 price objective on shares of CIGNA in a research note on Friday, August 3rd. SunTrust Banks lifted their price objective on CIGNA to $244.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. Finally, Cowen initiated coverage on CIGNA in a research note on Monday, September 17th. They issued an “outperform” rating and a $240.00 price objective on the stock. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. CIGNA currently has an average rating of “Buy” and a consensus price target of $235.57.
CIGNA (NYSE:CI) last released its earnings results on Thursday, November 1st. The health services provider reported $3.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.45 by $0.39. The firm had revenue of $11.45 billion for the quarter, compared to the consensus estimate of $11.19 billion. CIGNA had a return on equity of 23.31% and a net margin of 6.15%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.83 EPS. On average, equities analysts expect that CIGNA Co. will post 14.35 earnings per share for the current year.
In other news, insider Michael W. Triplett sold 2,825 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $214.25, for a total transaction of $605,256.25. Following the transaction, the insider now owns 23,871 shares of the company’s stock, valued at approximately $5,114,361.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William D. Zollars sold 238 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $193.70, for a total value of $46,100.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,252 shares of company stock worth $5,164,402. Corporate insiders own 1.10% of the company’s stock.
CIGNA Company Profile
Cigna Corporation, a health services organization, provides insurance and related products and services in the United States and internationally. It operates through Global Health Care, Global Supplemental Benefits, Group Disability and Life, and Other Operations segments. The Global Health Care segment offers medical, dental, behavioral health, vision, and prescription drug benefit plans, as well as health advocacy programs, and other products and services to insured and self-insured customers.
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