Credit Suisse Group Reaffirms Outperform Rating for Cigna Corporation (NYSE:CI)

Cigna Corporation (NYSE:CI)‘s stock had its “outperform” rating reiterated by Credit Suisse Group in a research report issued on Friday, July 14th. They currently have a $193.00 target price on the health services provider’s stock, up from their prior target price of $190.00. Credit Suisse Group’s price objective would suggest a potential upside of 10.68% from the stock’s previous close.

CI has been the subject of several other research reports. Deutsche Bank AG started coverage on shares of Cigna Corporation in a research note on Wednesday, April 5th. They issued a “buy” rating and a $172.00 price objective for the company. Jefferies Group LLC raised their price target on shares of Cigna Corporation from $178.00 to $183.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. Stifel Nicolaus raised their price target on shares of Cigna Corporation from $170.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. Zacks Investment Research upgraded shares of Cigna Corporation from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a research note on Tuesday, April 25th. Finally, ValuEngine upgraded shares of Cigna Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $180.06.

Shares of Cigna Corporation (NYSE:CI) opened at 174.38 on Friday. The stock has a market capitalization of $43.91 billion, a P/E ratio of 20.12 and a beta of 0.46. Cigna Corporation has a 12-month low of $115.03 and a 12-month high of $178.57. The firm’s 50-day moving average price is $172.22 and its 200 day moving average price is $159.17.

Cigna Corporation (NYSE:CI) last released its quarterly earnings data on Friday, August 4th. The health services provider reported $2.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.48 by $0.43. The company had revenue of $10.32 billion for the quarter, compared to analysts’ expectations of $10.26 billion. Cigna Corporation had a net margin of 7.46% and a return on equity of 17.40%. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.98 EPS. Analysts predict that Cigna Corporation will post $10.02 EPS for the current fiscal year.

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In other news, CEO David Cordani sold 153,168 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $170.20, for a total value of $26,069,193.60. Following the transaction, the chief executive officer now owns 421,162 shares in the company, valued at $71,681,772.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicole S. Jones sold 20,312 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was 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 approximately $7,159,709.48. The disclosure for this sale can be found here. Insiders have sold 261,539 shares of company stock worth $44,527,348 in the last three months. 1.30% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its position in shares of Cigna Corporation by 6.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 8,890 shares of the health services provider’s stock worth $1,186,000 after buying an additional 500 shares during the period. Dodge & Cox bought a new position in shares of Cigna Corporation during the fourth quarter worth $1,929,534,000. UBS Asset Management Americas Inc. increased its position in shares of Cigna Corporation by 78.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,305,749 shares of the health services provider’s stock worth $174,173,000 after buying an additional 573,696 shares during the period. Teachers Advisors LLC increased its position in shares of Cigna Corporation by 41.8% in the fourth quarter. Teachers Advisors LLC now owns 983,915 shares of the health services provider’s stock worth $131,244,000 after buying an additional 289,870 shares during the period. Finally, Kentucky Retirement Systems bought a new position in shares of Cigna Corporation during the fourth quarter worth $2,485,000. Institutional investors own 86.91% of the company’s stock.

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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