Glenview Capital Management LLC Trims Stake in Cigna Corporation (CI)
Glenview Capital Management LLC decreased its stake in shares of Cigna Corporation (NYSE:CI) by 23.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,743,184 shares of the health services provider’s stock after selling 1,162,244 shares during the quarter. Cigna Corporation comprises approximately 4.1% of Glenview Capital Management LLC’s investment portfolio, making the stock its 6th largest holding. Glenview Capital Management LLC owned about 1.49% of Cigna Corporation worth $626,572,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its position in Cigna Corporation by 2,335.5% in the 1st quarter. BlackRock Inc. now owns 16,987,425 shares of the health services provider’s stock valued at $2,488,489,000 after purchasing an additional 16,289,943 shares during the period. JPMorgan Chase & Co. grew its position in Cigna Corporation by 40.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,088,728 shares of the health services provider’s stock valued at $684,413,000 after purchasing an additional 1,184,632 shares during the period. Waddell & Reed Financial Inc. grew its position in Cigna Corporation by 125.8% in the 1st quarter. Waddell & Reed Financial Inc. now owns 1,749,647 shares of the health services provider’s stock valued at $256,306,000 after purchasing an additional 974,747 shares during the period. Wellington Management Group LLP grew its position in Cigna Corporation by 9.3% in the 1st quarter. Wellington Management Group LLP now owns 10,765,751 shares of the health services provider’s stock valued at $1,577,075,000 after purchasing an additional 913,991 shares during the period. Finally, Thrivent Financial For Lutherans grew its position in Cigna Corporation by 7,868.4% in the 1st quarter. Thrivent Financial For Lutherans now owns 708,390 shares of the health services provider’s stock valued at $103,772,000 after purchasing an additional 699,500 shares during the period. 87.94% of the stock is owned by institutional investors.
In other news, Chairman Isaiah Harris, Jr. sold 247 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $185.27, for a total value of $45,761.69. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Zollars sold 1,232 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $187.23, for a total value of $230,667.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,653 shares of company stock worth $12,437,684. Insiders own 1.30% of the company’s stock.
Several analysts recently issued reports on CI shares. Credit Suisse Group started coverage on shares of Cigna Corporation in a research report on Monday, June 12th. They issued an “outperform” rating and a $185.00 price target for the company. Oppenheimer Holdings, Inc. lifted their price target on shares of Cigna Corporation from $174.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, June 15th. Jefferies Group LLC reissued a “buy” rating and issued a $190.00 price target (down previously from $199.00) on shares of Cigna Corporation in a research report on Friday, August 4th. BidaskClub downgraded shares of Cigna Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of Cigna Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Cigna Corporation has a consensus rating of “Buy” and an average price target of $188.57.
Cigna Corporation (NYSE CI) traded up 0.14% during trading on Friday, reaching $190.95. 879,649 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $183.91 and a 200-day moving average of $168.74. Cigna Corporation has a 12 month low of $115.03 and a 12 month high of $193.00. The stock has a market cap of $48.08 billion, a PE ratio of 22.03 and a beta of 0.43.
Cigna Corporation (NYSE:CI) last released its earnings results on Friday, August 4th. The health services provider reported $2.91 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.43. Cigna Corporation had a return on equity of 17.40% and a net margin of 5.55%. The firm had revenue of $10.32 billion for the quarter, compared to analysts’ expectations of $10.26 billion. During the same period in the prior year, the firm posted $1.98 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities research analysts anticipate that Cigna Corporation will post $10.03 earnings per share for the current fiscal year.
Cigna Corporation 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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