Zacks Investment Research Lowers Cigna Corporation (CI) to Hold
Zacks Investment Research downgraded shares of Cigna Corporation (NYSE:CI) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “Cigna’s shares have outperformed the industry, year to date. The company is poised for long-term growth on the back of its robust Global Supplemental business, growing Government business and increasing membership. A strong capital position and resumption of share buyback are the other positives. The company’s third-quarter 2017 earnings beat the Zacks Consensus Estimate and increased year over year, reflecting strong contribution from each of its business segments. Cigna is engaged in a legal tussle with Anthem and thus the termination fee and other charges that it was to receive from the latter remain uncertain. Increase in benefits and expenses continue to bother us.”
A number of other analysts have also recently weighed in on CI. Deutsche Bank AG boosted their price objective on shares of Cigna Corporation from $175.00 to $180.00 and gave the stock a buy rating in a research note on Thursday, July 13th. Royal Bank Of Canada reaffirmed a buy rating and set a $182.00 target price on shares of Cigna Corporation in a research report on Monday, July 24th. BidaskClub raised shares of Cigna Corporation from a buy rating to a strong-buy rating in a research report on Friday, August 18th. Piper Jaffray Companies reaffirmed a buy rating and set a $191.00 target price on shares of Cigna Corporation in a research report on Sunday, September 17th. Finally, Citigroup Inc. boosted their target price on shares of Cigna Corporation from $185.00 to $198.00 and gave the stock a buy rating in a research report on Monday, August 7th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Cigna Corporation presently has a consensus rating of Buy and a consensus price target of $201.50.
Cigna Corporation (NYSE:CI) traded up $0.46 during midday trading on Friday, reaching $197.98. 991,000 shares of the company’s stock were exchanged, compared to its average volume of 1,362,323. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market capitalization of $48,811.91, a PE ratio of 19.07, a PEG ratio of 1.51 and a beta of 0.49. Cigna Corporation has a 1 year low of $131.03 and a 1 year high of $206.45.
Cigna Corporation (NYSE:CI) last posted its earnings results on Thursday, November 2nd. The health services provider reported $2.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.36 by $0.47. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.17 billion. Cigna Corporation had a net margin of 5.74% and a return on equity of 18.85%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.94 earnings per share. analysts expect that Cigna Corporation will post 10.34 EPS for the current fiscal year.
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In other news, Director William D. Zollars sold 1,232 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $187.23, for a total value of $230,667.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Isaiah Harris, Jr. sold 247 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $185.27, for a total value of $45,761.69. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,715 shares of company stock valued at $678,797. 1.30% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capstone Investment Advisors Netherlands B.V. bought a new position in shares of Cigna Corporation during the 2nd quarter worth approximately $106,000. Saratoga Research & Investment Management bought a new position in shares of Cigna Corporation during the 3rd quarter worth approximately $112,000. Horan Capital Advisors LLC. bought a new position in shares of Cigna Corporation during the 3rd quarter worth approximately $123,000. Parallel Advisors LLC grew its stake in shares of Cigna Corporation by 62.3% during the 2nd quarter. Parallel Advisors LLC now owns 800 shares of the health services provider’s stock worth $139,000 after acquiring an additional 307 shares in the last quarter. Finally, Acrospire Investment Management LLC grew its stake in shares of Cigna Corporation by 66.7% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the health services provider’s stock worth $167,000 after acquiring an additional 400 shares in the last quarter. 89.69% of the stock is owned by institutional investors and hedge funds.
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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