Cigna Corporation (CI) Stake Reduced by Granite Investment Advisors LLC
Granite Investment Advisors LLC reduced its position in Cigna Corporation (NYSE:CI) by 25.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,500 shares of the health services provider’s stock after selling 500 shares during the period. Granite Investment Advisors LLC’s holdings in Cigna Corporation were worth $261,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the company. American Beacon Advisors Inc. bought a new stake in Cigna Corporation during the first quarter worth about $102,000. Baystate Wealth Management LLC increased its stake in Cigna Corporation by 436.1% in the first quarter. Baystate Wealth Management LLC now owns 772 shares of the health services provider’s stock worth $116,000 after buying an additional 628 shares during the last quarter. Founders Capital Management bought a new stake in Cigna Corporation during the first quarter worth about $117,000. Mckinley Capital Management LLC Delaware bought a new stake in Cigna Corporation during the first quarter worth about $122,000. Finally, Guardian Life Insurance Co. of America increased its stake in Cigna Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 990 shares of the health services provider’s stock worth $145,000 after buying an additional 7 shares during the last quarter. 86.91% of the stock is owned by hedge funds and other institutional investors.
Cigna Corporation (NYSE:CI) opened at 174.38 on Friday. Cigna Corporation has a 12-month low of $115.03 and a 12-month high of $178.57. The stock’s 50 day moving average is $172.22 and its 200-day moving average is $159.17. The company has a market cap of $43.91 billion, a P/E ratio of 20.12 and a beta of 0.46.
Cigna Corporation (NYSE:CI) last announced its earnings results on Friday, August 4th. The health services provider reported $2.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.48 by $0.43. Cigna Corporation had a net margin of 7.46% and a return on equity of 17.40%. The business had revenue of $10.32 billion during the quarter, compared to analysts’ expectations of $10.26 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. Analysts predict that Cigna Corporation will post $10.02 earnings per share for the current fiscal year.
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A number of equities research analysts have issued reports on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $190.00 target price (down previously from $199.00) on shares of Cigna Corporation in a research report on Friday, August 4th. Zacks Investment Research downgraded shares of Cigna Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday. Royal Bank Of Canada reiterated a “buy” rating and issued a $185.00 target price on shares of Cigna Corporation in a research report on Wednesday. ValuEngine downgraded shares of Cigna Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, BidaskClub downgraded shares of Cigna Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $180.06.
In related news, EVP Nicole S. Jones sold 20,312 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $160.04, for a total transaction of $3,250,732.48. Following the completion of the transaction, the executive vice president now owns 44,737 shares in the company, valued at $7,159,709.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa R. Bacus sold 11,455 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $161.57, for a total transaction of $1,850,784.35. Following the transaction, the executive vice president now owns 24,753 shares of the company’s stock, valued at approximately $3,999,342.21. The disclosure for this sale can be found here. Insiders have sold 261,539 shares of company stock valued at $44,527,348 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.
About Cigna Corporation
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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