Bellevue Group AG trimmed its position in Cigna Co. (NYSE:CI) by 42.7% in the second quarter, HoldingsChannel.com reports. The firm owned 256,742 shares of the health services provider’s stock after selling 191,420 shares during the quarter. Bellevue Group AG’s holdings in Cigna were worth $60,866,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Baldrige Asset Management LLC acquired a new stake in shares of Cigna during the 2nd quarter valued at $28,000. Financial Insights Inc. acquired a new stake in Cigna during the 2nd quarter valued at $31,000. Godsey & Gibb Associates acquired a new stake in Cigna during the 1st quarter valued at $46,000. Certified Advisory Corp acquired a new stake in Cigna during the 1st quarter valued at $68,000. Finally, Solstein Capital LLC acquired a new position in shares of Cigna in the first quarter worth $75,000. Hedge funds and other institutional investors own 87.06% of the company’s stock.
A number of research firms have recently weighed in on CI. SVB Leerink began coverage on shares of Cigna in a research note on Monday. They issued a “market perform” rating and a $220.00 price target on the stock. Credit Suisse Group dropped their price target on shares of Cigna from $300.00 to $270.00 and set an “outperform” rating on the stock in a research note on Friday, August 6th. Bank of America downgraded shares of Cigna from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $240.00 to $225.00 in a research note on Friday, September 10th. Truist Securities dropped their price target on shares of Cigna from $320.00 to $270.00 and set a “buy” rating on the stock in a research note on Friday, August 6th. Finally, Mizuho dropped their price target on shares of Cigna from $290.00 to $267.00 and set a “buy” rating on the stock in a research note on Friday, August 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cigna presently has a consensus rating of “Buy” and a consensus price target of $265.20.
Cigna (NYSE:CI) last released its earnings results on Thursday, August 5th. The health services provider reported $5.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.96 by $0.28. Cigna had a net margin of 4.89% and a return on equity of 13.02%. The business had revenue of $43.13 billion during the quarter, compared to analysts’ expectations of $41.17 billion. During the same quarter last year, the company earned $5.81 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Equities analysts expect that Cigna Co. will post 20.13 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 23rd. Investors of record on Wednesday, September 8th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Tuesday, September 7th. Cigna’s payout ratio is presently 21.68%.
In related news, Director Donna F. Zarcone bought 500 shares of Cigna stock in a transaction that occurred on Tuesday, August 10th. The stock was acquired at an average price of $209.89 per share, for a total transaction of $104,945.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.80% of the stock is currently owned by company insiders.
Cigna Corp. engages in the provision of global health services. It operates through the following segments: Evernorth, U.S. Medical, International Markets, and Group Disability and Other. The Evernorth segment includes a broad range of coordinated and point solution health services, including pharmacy solutions, benefits management solutions, care solutions and intelligence solutions.
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