Factory Mutual Insurance Co. lowered its stake in Cigna Corp (NYSE:CI) by 6.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,500 shares of the health services provider’s stock after selling 6,500 shares during the period. Factory Mutual Insurance Co.’s holdings in Cigna were worth $13,890,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Redhawk Wealth Advisors Inc. purchased a new position in shares of Cigna during the second quarter valued at approximately $28,000. Virtus ETF Advisers LLC purchased a new position in shares of Cigna during the second quarter valued at approximately $30,000. Garrett Wealth Advisory Group LLC purchased a new position in shares of Cigna during the third quarter valued at approximately $30,000. Optimum Investment Advisors boosted its position in shares of Cigna by 258.6% during the third quarter. Optimum Investment Advisors now owns 208 shares of the health services provider’s stock valued at $32,000 after buying an additional 150 shares during the period. Finally, TRUE Private Wealth Advisors purchased a new position in shares of Cigna during the second quarter valued at approximately $40,000. Institutional investors own 87.45% of the company’s stock.
Several research analysts have issued reports on CI shares. Stephens set a $225.00 target price on Cigna and gave the company a “buy” rating in a research report on Friday, August 23rd. Raymond James boosted their target price on Cigna from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Oppenheimer set a $254.00 target price on Cigna and gave the company a “buy” rating in a research report on Tuesday, September 10th. Morgan Stanley boosted their target price on Cigna from $207.00 to $208.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Finally, BMO Capital Markets upgraded Cigna from a “market perform” rating to an “outperform” rating and set a $188.00 target price for the company in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $208.96.
In related news, CEO David Cordani purchased 32,509 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was purchased at an average price of $155.17 per share, with a total value of $5,044,421.53. Insiders own 0.80% of the company’s stock.
Shares of Cigna stock traded up $5.34 on Tuesday, hitting $172.08. 81,944 shares of the company traded hands, compared to its average volume of 2,167,046. The stock’s 50 day moving average price is $156.46 and its 200-day moving average price is $159.20. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.84. Cigna Corp has a 52 week low of $141.95 and a 52 week high of $226.60. The company has a market cap of $63.29 billion, a PE ratio of 12.10, a PEG ratio of 0.85 and a beta of 0.71.
Cigna (NYSE:CI) last posted its quarterly earnings results on Thursday, August 1st. The health services provider reported $4.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.74 by $0.56. Cigna had a net margin of 3.60% and a return on equity of 13.24%. The firm had revenue of $34.38 billion during the quarter, compared to the consensus estimate of $33.27 billion. During the same quarter in the previous year, the firm posted $3.89 earnings per share. The company’s revenue was up 198.9% on a year-over-year basis. As a group, research analysts anticipate that Cigna Corp will post 16.77 EPS for the current fiscal year.
Cigna Corporation, a health service organization, provides insurance and related products and services in the United States and internationally. It operates through Integrated Medical, Health Services, International Markets, and Group Disability and Other segments. The Integrated Medical segment offers medical, pharmacy, dental, behavioral health and vision, health advocacy programs, and other products and services to insured and self-insured clients; Medicare Advantage, Medicare Supplement, and Medicare Part D plans to Medicare-eligible beneficiaries, as well as Medicaid plans; and health insurance coverage to individual customers on and off the public exchanges.
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