Korea Investment CORP Cuts Position in Cigna (CI)

Korea Investment CORP trimmed its position in Cigna (NYSE:CI) by 15.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,938 shares of the health services provider’s stock after selling 23,045 shares during the period. Korea Investment CORP owned 0.05% of Cigna worth $21,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Timber Hill LLC acquired a new stake in Cigna during the 1st quarter worth about $1,065,000. US Bancorp DE grew its position in Cigna by 1.8% during the 1st quarter. US Bancorp DE now owns 99,384 shares of the health services provider’s stock worth $16,671,000 after purchasing an additional 1,736 shares during the period. Riverhead Capital Management LLC grew its position in Cigna by 185.6% during the 1st quarter. Riverhead Capital Management LLC now owns 45,700 shares of the health services provider’s stock worth $7,666,000 after purchasing an additional 29,700 shares during the period. Signaturefd LLC acquired a new stake in Cigna during the 1st quarter worth about $115,000. Finally, Neuburgh Advisers LLC grew its position in Cigna by 179.6% during the 1st quarter. Neuburgh Advisers LLC now owns 41,776 shares of the health services provider’s stock worth $7,007,000 after purchasing an additional 26,832 shares during the period. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have weighed in on CI. Credit Suisse Group increased their price target on Cigna from $215.00 to $218.00 and gave the stock an “outperform” rating in a research report on Friday, May 4th. Zacks Investment Research raised Cigna from a “sell” rating to a “hold” rating in a research report on Monday, April 16th. Sanford C. Bernstein began coverage on Cigna in a research report on Tuesday, March 13th. They set a “market perform” rating and a $194.00 price target on the stock. Barclays began coverage on Cigna in a research report on Thursday, March 8th. They set an “overweight” rating and a $235.00 price target on the stock. Finally, Oppenheimer increased their price target on Cigna to $237.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $212.50.

In other news, 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 sale, the executive vice president now directly owns 36,658 shares in the company, valued at approximately $6,989,947.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Cordani sold 36,769 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $191.68, for a total value of $7,047,881.92. Following the sale, the chief executive officer now owns 372,076 shares in the company, valued at $71,319,527.68. The disclosure for this sale can be found here. Insiders have sold a total of 45,384 shares of company stock worth $8,693,791 over the last 90 days. Insiders own 1.10% of the company’s stock.

NYSE:CI opened at $178.07 on Monday. Cigna has a 52 week low of $158.79 and a 52 week high of $227.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.35 and a current ratio of 0.35. The stock has a market cap of $43.32 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 1.10 and a beta of 0.59.

Cigna (NYSE:CI) last posted its earnings results on Thursday, May 3rd. The health services provider reported $4.11 EPS for the quarter, beating the Zacks’ consensus estimate of $3.39 by $0.72. Cigna had a return on equity of 20.90% and a net margin of 5.99%. The firm had revenue of $11.38 billion for the quarter, compared to analysts’ expectations of $10.97 billion. During the same period last year, the firm earned $2.77 EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. analysts expect that Cigna will post 13.23 EPS for the current fiscal year.

About Cigna

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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Institutional Ownership by Quarter for Cigna (NYSE:CI)

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