Alliancebernstein L.P. Decreases Stake in CIGNA Co. (CI)
Alliancebernstein L.P. lessened its position in CIGNA Co. (NYSE:CI) by 9.8% during the 4th quarter, HoldingsChannel reports. The fund owned 2,487,869 shares of the health services provider’s stock after selling 271,631 shares during the quarter. Alliancebernstein L.P.’s holdings in CIGNA were worth $505,261,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI lifted its position in shares of CIGNA by 19.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 1,667 shares of the health services provider’s stock valued at $339,000 after acquiring an additional 272 shares in the last quarter. Comerica Bank lifted its position in CIGNA by 0.4% during the third quarter. Comerica Bank now owns 62,611 shares of the health services provider’s stock worth $12,379,000 after buying an additional 274 shares in the last quarter. Investec Asset Management PTY Ltd lifted its position in CIGNA by 3.4% during the third quarter. Investec Asset Management PTY Ltd now owns 8,865 shares of the health services provider’s stock worth $1,645,000 after buying an additional 290 shares in the last quarter. Bfsg LLC lifted its position in CIGNA by 23.1% during the fourth quarter. Bfsg LLC now owns 1,642 shares of the health services provider’s stock worth $333,000 after buying an additional 308 shares in the last quarter. Finally, Atria Investments LLC lifted its position in CIGNA by 9.6% during the fourth quarter. Atria Investments LLC now owns 3,580 shares of the health services provider’s stock worth $727,000 after buying an additional 314 shares in the last quarter. Institutional investors and hedge funds own 87.84% of the company’s stock.
In other CIGNA news, Chairman Isaiah Harris, Jr. sold 212 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $209.35, for a total transaction of $44,382.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John M. Murabito sold 6,099 shares of the firm’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $220.10, for a total value of $1,342,389.90. Following the sale, the executive vice president now directly owns 68,026 shares of the company’s stock, valued at approximately $14,972,522.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,931 shares of company stock valued at $8,568,543. 1.30% of the stock is owned by insiders.
CIGNA (NYSE:CI) last posted its earnings results on Thursday, February 1st. The health services provider reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.07. The company had revenue of $10.53 billion during the quarter, compared to analysts’ expectations of $10.28 billion. CIGNA had a return on equity of 14.33% and a net margin of 4.73%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.87 earnings per share. equities analysts expect that CIGNA Co. will post 12.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Monday, March 12th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, March 9th. This represents a $0.16 annualized dividend and a yield of 0.08%. CIGNA’s dividend payout ratio (DPR) is 0.46%.
A number of equities analysts recently commented on the company. Oppenheimer lifted their price objective on CIGNA to $237.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Morgan Stanley lifted their price objective on CIGNA to $255.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded CIGNA from a “hold” rating to a “buy” rating and set a $231.00 price objective on the stock in a research report on Friday, December 22nd. ValuEngine upgraded CIGNA from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Goldman Sachs Group assumed coverage on CIGNA in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $247.00 price objective on the stock. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $210.12.
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CIGNA 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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