Morningstar Investment Services LLC Reduces Holdings in Cigna Corp (NYSE:CI)

Morningstar Investment Services LLC decreased its holdings in Cigna Corp (NYSE:CI) by 5.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,450 shares of the health services provider’s stock after selling 2,337 shares during the quarter. Morningstar Investment Services LLC’s holdings in Cigna were worth $7,399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State of Michigan Retirement System lifted its holdings in Cigna by 10.2% during the second quarter. State of Michigan Retirement System now owns 94,274 shares of the health services provider’s stock valued at $17,691,000 after purchasing an additional 8,704 shares in the last quarter. Duality Advisers LP purchased a new position in Cigna during the second quarter valued at approximately $3,506,000. Eads & Heald Wealth Management lifted its holdings in Cigna by 4.8% during the second quarter. Eads & Heald Wealth Management now owns 1,316 shares of the health services provider’s stock valued at $247,000 after purchasing an additional 60 shares in the last quarter. Sciencast Management LP purchased a new position in Cigna during the second quarter valued at approximately $1,887,000. Finally, Pacer Advisors Inc. purchased a new position in Cigna during the second quarter valued at approximately $6,381,000. 88.53% of the stock is currently owned by institutional investors.

Several brokerages have weighed in on CI. UBS Group lowered their price target on shares of Cigna from $252.00 to $246.00 and set a “buy” rating on the stock in a report on Friday, June 5th. SunTrust Banks lowered their target price on shares of Cigna from $280.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, April 13th. Morgan Stanley boosted their target price on shares of Cigna from $251.00 to $258.00 and gave the stock an “overweight” rating in a report on Monday, April 13th. Deutsche Bank lowered their target price on shares of Cigna from $288.00 to $279.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Finally, SVB Leerink lowered their target price on shares of Cigna from $220.00 to $207.00 and set a “market perform” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $244.00.

In other Cigna news, CEO David Cordani sold 150,531 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $208.40, for a total transaction of $31,370,660.40. Following the completion of the sale, the chief executive officer now directly owns 145,873 shares of the company’s stock, valued at $30,399,933.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Timothy C. Wentworth sold 10,611 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $203.89, for a total transaction of $2,163,476.79. Following the sale, the insider now directly owns 47,004 shares of the company’s stock, valued at $9,583,645.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 231,802 shares of company stock valued at $48,470,825. 0.90% of the stock is owned by insiders.

NYSE:CI traded down $5.78 during mid-day trading on Friday, reaching $172.69. The company’s stock had a trading volume of 2,452,731 shares, compared to its average volume of 1,887,986. Cigna Corp has a 1 year low of $118.50 and a 1 year high of $224.64. The stock has a fifty day moving average of $184.19 and a 200-day moving average of $189.90. The firm has a market capitalization of $63.72 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 0.85 and a beta of 0.70. The company has a quick ratio of 0.67, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

Cigna (NYSE:CI) last released its quarterly earnings data on Thursday, July 30th. The health services provider reported $5.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.66. Cigna had a net margin of 3.41% and a return on equity of 15.89%. The company had revenue of $39.27 billion during the quarter, compared to analyst estimates of $37.93 billion. During the same period in the prior year, the firm earned $4.30 earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, analysts expect that Cigna Corp will post 18.49 earnings per share for the current year.

Cigna Company Profile

Cigna Corporation, a health service organization, provides insurance and related products and services in the United States and internationally. It operates through Integrated Medical, Health Services, International Markets, and Group Disability and Other segments. The Integrated Medical segment offers medical, pharmacy, dental, behavioral health and vision, health advocacy programs, and other products and services to insured and self-insured clients; Medicare Advantage, Medicare Supplement, and Medicare Part D plans to Medicare-eligible beneficiaries, as well as Medicaid plans; and health insurance coverage to individual customers on and off the public exchanges.

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Institutional Ownership by Quarter for Cigna (NYSE:CI)

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