Fifth Third Bancorp lowered its stake in shares of Cigna Co. (NYSE:CI) by 5.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,093 shares of the health services provider’s stock after selling 856 shares during the period. Fifth Third Bancorp’s holdings in Cigna were worth $2,387,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CI. Apollon Wealth Management LLC increased its holdings in Cigna by 238.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 2,254 shares of the health services provider’s stock worth $382,000 after purchasing an additional 1,589 shares during the period. Great West Life Assurance Co. Can raised its stake in shares of Cigna by 2.2% during the 2nd quarter. Great West Life Assurance Co. Can now owns 376,481 shares of the health services provider’s stock worth $70,333,000 after buying an additional 8,264 shares in the last quarter. Dubuque Bank & Trust raised its stake in shares of Cigna by 49.8% during the 2nd quarter. Dubuque Bank & Trust now owns 1,811 shares of the health services provider’s stock worth $339,000 after buying an additional 602 shares in the last quarter. Kentucky Retirement Systems purchased a new position in shares of Cigna during the 2nd quarter worth approximately $3,855,000. Finally, Sawtooth Solutions LLC increased its stake in Cigna by 72.4% in the 2nd quarter. Sawtooth Solutions LLC now owns 12,914 shares of the health services provider’s stock valued at $2,423,000 after purchasing an additional 5,424 shares in the last quarter. 84.04% of the stock is currently owned by institutional investors.
Several research firms have weighed in on CI. Royal Bank of Canada raised their price target on Cigna from $266.00 to $270.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Truist lifted their target price on Cigna from $240.00 to $260.00 in a report on Friday, November 6th. SVB Leerink raised their price objective on Cigna from $207.00 to $230.00 and gave the company a “market perform” rating in a research report on Friday, November 6th. Deutsche Bank Aktiengesellschaft raised their price objective on Cigna from $253.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, November 11th. Finally, ValuEngine raised Cigna from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 5th. Two analysts have rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Cigna presently has an average rating of “Buy” and an average target price of $247.95.
Cigna (NYSE:CI) last posted its earnings results on Thursday, November 5th. The health services provider reported $4.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.25 by $0.16. Cigna had a net margin of 3.38% and a return on equity of 15.39%. The company had revenue of $40.80 billion for the quarter, compared to analyst estimates of $39.19 billion. During the same period last year, the business posted $4.54 earnings per share. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, sell-side analysts predict that Cigna Co. will post 18.58 earnings per share for the current fiscal year.
In other Cigna news, EVP John M. Murabito sold 14,669 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $210.00, for a total value of $3,080,490.00. Following the completion of the sale, the executive vice president now owns 42,093 shares of the company’s stock, valued at approximately $8,839,530. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eric P. Palmer acquired 1,000 shares of the business’s stock in a transaction on Friday, September 11th. The stock was acquired at an average cost of $168.77 per share, with a total value of $168,770.00. Following the acquisition, the chief financial officer now directly owns 26,555 shares in the company, valued at $4,481,687.35. The disclosure for this purchase can be found here. Insiders sold a total of 65,284 shares of company stock worth $13,132,287 over the last quarter. Company insiders own 0.90% of the company’s stock.
Cigna Corporation provides insurance and related products and services. It operates through Health Services, Integrated Medical, International Markets, and Group Disability and Other segments. The Health Services segment provides pharmacy benefits management, specialty pharmacy services, clinical solutions, home delivery, and health management services.
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