New York State Common Retirement Fund cut its position in CIGNA Co. (NYSE:CI) by 5.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 625,962 shares of the health services provider’s stock after selling 36,938 shares during the period. New York State Common Retirement Fund owned about 0.26% of CIGNA worth $104,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new position in CIGNA during the fourth quarter valued at $112,000. Synovus Financial Corp purchased a new position in CIGNA during the first quarter valued at $115,000. Signaturefd LLC purchased a new position in CIGNA during the first quarter valued at $115,000. Elmwood Wealth Management Inc. purchased a new position in CIGNA during the first quarter valued at $117,000. Finally, Stuart Chaussee & Associates Inc. purchased a new position in CIGNA during the fourth quarter valued at $122,000. 87.75% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the stock. Oppenheimer raised their target price on shares of CIGNA to $237.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Morgan Stanley raised their target price on shares of CIGNA to $255.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Barclays assumed coverage on shares of CIGNA in a research note on Thursday, March 8th. They set an “overweight” rating and a $235.00 target price for the company. Credit Suisse Group cut their target price on shares of CIGNA from $232.00 to $215.00 and set an “outperform” rating for the company in a research note on Monday, March 12th. Finally, Zacks Investment Research upgraded shares of CIGNA from a “sell” rating to a “hold” rating in a research report on Monday, April 16th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $212.50.
CIGNA opened at $175.90 on Friday, MarketBeat reports. CIGNA Co. has a 52 week low of $159.91 and a 52 week high of $227.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $42.79 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.08 and a beta of 0.59.
CIGNA (NYSE:CI) last released its earnings results on Thursday, May 3rd. The health services provider reported $4.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.39 by $0.72. The firm had revenue of $11.38 billion during the quarter, compared to analyst estimates of $10.97 billion. CIGNA had a net margin of 5.99% and a return on equity of 20.90%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $2.77 EPS. research analysts anticipate that CIGNA Co. will post 13.23 EPS for the current fiscal year.
In other news, insider Christopher J. Hocevar sold 2,759 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $191.84, for a total value of $529,286.56. Following the completion of the sale, the insider now owns 12,784 shares in the company, valued at approximately $2,452,482.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nicole S. Jones sold 5,856 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $190.68, for a total transaction of $1,116,622.08. Following the completion of the sale, the executive vice president now owns 36,658 shares of the company’s stock, valued at approximately $6,989,947.44. The disclosure for this sale can be found here. Insiders sold a total of 45,384 shares of company stock valued at $8,693,791 in the last 90 days. Company insiders own 1.10% of the company’s stock.
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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