Commonwealth Equity Services LLC trimmed its position in Cigna Co. (NYSE:CI) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,716 shares of the health services provider’s stock after selling 256 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Cigna were worth $13,468,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. bought a new position in Cigna in the first quarter valued at approximately $37,000. Ascension Asset Management LLC bought a new stake in shares of Cigna during the first quarter worth $552,000. Ieq Capital LLC bought a new stake in shares of Cigna during the first quarter worth $503,000. Community Capital Management Inc. grew its stake in shares of Cigna by 73.9% during the first quarter. Community Capital Management Inc. now owns 8,000 shares of the health services provider’s stock worth $1,934,000 after buying an additional 3,400 shares during the last quarter. Finally, Nicolet Bankshares Inc. bought a new stake in shares of Cigna during the first quarter worth $228,000. 87.05% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO David Cordani sold 62,123 shares of the business’s stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $260.83, for a total transaction of $16,203,542.09. Following the completion of the sale, the chief executive officer now directly owns 173,841 shares of the company’s stock, valued at $45,342,948.03. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicole S. Jones sold 2,527 shares of the business’s stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $212.37, for a total transaction of $536,658.99. Following the sale, the executive vice president now directly owns 42,065 shares of the company’s stock, valued at $8,933,344.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 282,848 shares of company stock valued at $71,328,307. 0.90% of the stock is currently owned by insiders.
Cigna (NYSE:CI) last announced its quarterly earnings data on Thursday, May 6th. The health services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $4.42 by $0.31. Cigna had a net margin of 3.38% and a return on equity of 15.39%. The firm had revenue of $40.97 billion for the quarter, compared to analyst estimates of $40.27 billion. During the same quarter in the prior year, the business earned $4.69 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. Research analysts expect that Cigna Co. will post 18.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 23rd. Stockholders of record on Tuesday, June 8th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Monday, June 7th. Cigna’s payout ratio is presently 23.46%.
CI has been the topic of a number of research reports. Truist Securities boosted their target price on shares of Cigna from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, April 20th. Morgan Stanley cut their price target on shares of Cigna from $258.00 to $254.00 and set an “overweight” rating on the stock in a report on Monday, February 8th. Royal Bank of Canada lifted their price target on shares of Cigna from $265.00 to $304.00 and gave the stock an “outperform” rating in a report on Friday. Mizuho lifted their price target on shares of Cigna from $264.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, May 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Cigna from $280.00 to $270.00 and set a “buy” rating on the stock in a report on Friday, February 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Cigna currently has a consensus rating of “Buy” and an average price target of $275.25.
Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care, and intelligence solutions to health plans, employers, government organizations, and health care providers.
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