Arizona State Retirement System Purchases 519 Shares of CIGNA Co. (CI)
Arizona State Retirement System increased its position in shares of CIGNA Co. (NYSE:CI) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,129 shares of the health services provider’s stock after buying an additional 519 shares during the quarter. Arizona State Retirement System’s holdings in CIGNA were worth $21,554,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Saratoga Research & Investment Management acquired a new stake in CIGNA during the third quarter worth about $112,000. Iguana Healthcare Management LLC grew its position in CIGNA by 51.4% during the third quarter. Iguana Healthcare Management LLC now owns 26,500 shares of the health services provider’s stock worth $4,954,000 after buying an additional 9,000 shares in the last quarter. Ascension Asset Management LLC acquired a new stake in CIGNA during the fourth quarter worth about $473,000. Schwab Charles Investment Management Inc. grew its position in CIGNA by 3.4% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 904,143 shares of the health services provider’s stock worth $183,623,000 after buying an additional 29,553 shares in the last quarter. Finally, Sectoral Asset Management Inc grew its position in CIGNA by 194.1% during the third quarter. Sectoral Asset Management Inc now owns 45,615 shares of the health services provider’s stock worth $8,527,000 after buying an additional 30,105 shares in the last quarter. 88.60% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director William D. Zollars sold 212 shares of CIGNA stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $205.68, for a total value of $43,604.16. Following the completion of the transaction, the director now owns 13,500 shares in the company, valued at $2,776,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John M. Murabito sold 6,099 shares of CIGNA stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $220.10, for a total transaction of $1,342,389.90. Following the completion of the transaction, the executive vice president now 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. Insiders sold 64,663 shares of company stock valued at $13,329,903 in the last quarter. 1.30% of the stock is currently owned by corporate 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, beating analysts’ consensus estimates of $1.87 by $0.07. CIGNA had a net margin of 5.38% and a return on equity of 18.84%. The company had revenue of $10.53 billion during the quarter, compared to analysts’ expectations of $10.28 billion. During the same quarter in the previous year, the company posted $1.87 earnings per share. CIGNA’s quarterly revenue was up 5.9% compared to the same quarter last year. sell-side analysts forecast that CIGNA Co. will post 12.9 EPS for the current fiscal year.
A number of equities research analysts have weighed in on CI shares. Jefferies Group lifted their price objective on CIGNA from $221.00 to $231.00 and gave the company a “buy” rating in a report on Friday, November 3rd. Zacks Investment Research raised CIGNA from a “hold” rating to a “buy” rating and set a $231.00 price objective on the stock in a report on Friday, December 22nd. Citigroup lifted their price objective on CIGNA from $198.00 to $231.00 and gave the company a “buy” rating in a report on Friday, November 3rd. ValuEngine raised CIGNA from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Morgan Stanley lifted their price objective on CIGNA from $195.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target 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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