CIGNA Co. (NYSE:CI) had its price target lifted by equities researchers at Royal Bank of Canada from $172.00 to $177.00 in a report released on Monday, May 8th. The brokerage currently has an “outperform” rating on the health services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 10.99% from the stock’s previous close.
CI has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of CIGNA from a “sell” rating to a “hold” rating in a report on Tuesday, January 17th. Deutsche Bank AG assumed coverage on shares of CIGNA in a report on Wednesday, April 5th. They set a “buy” rating and a $172.00 price objective for the company. Citigroup Inc raised their price objective on shares of CIGNA from $139.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, January 23rd. Jefferies Group LLC restated a “buy” rating on shares of CIGNA in a report on Friday, February 3rd. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $164.00 price objective (up previously from $158.00) on shares of CIGNA in a report on Monday, February 6th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $167.57.
CIGNA (NYSE:CI) last announced its earnings results on Friday, May 5th. The health services provider reported $2.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.33. The company had revenue of $10.39 billion during the quarter, compared to the consensus estimate of $10.11 billion. CIGNA had a net margin of 4.71% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.46 earnings per share.
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In other CIGNA news, insider Matthew G. Manders sold 8,309 shares of CIGNA stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $146.54, for a total transaction of $1,217,600.86. Following the completion of the sale, the insider now directly owns 39,799 shares in the company, valued at $5,832,145.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicole S. Jones sold 20,312 shares of CIGNA stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $160.04, for a total transaction of $3,250,732.48. Following the sale, the executive vice president now owns 44,737 shares of the company’s stock, valued at $7,159,709.48. The disclosure for this sale can be found here. Insiders sold 81,535 shares of company stock valued at $12,305,734 over the last 90 days. 1.20% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. American Beacon Advisors Inc. acquired a new position in CIGNA during the first quarter valued at approximately $102,000. Live Your Vision LLC acquired a new position in CIGNA during the third quarter valued at approximately $113,000. Baystate Wealth Management LLC increased its position in CIGNA by 436.1% in the first quarter. Baystate Wealth Management LLC now owns 772 shares of the health services provider’s stock valued at $116,000 after buying an additional 628 shares during the period. Founders Capital Management acquired a new position in CIGNA during the first quarter valued at approximately $117,000. Finally, Mckinley Capital Management LLC Delaware acquired a new position in CIGNA during the first quarter valued at approximately $122,000. Institutional investors and hedge funds own 85.65% of the company’s stock.
CIGNA Company Profile
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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