Cornerstone Capital Management Holdings LLC. reduced its holdings in CIGNA Co. (NYSE:CI) by 10.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 175,979 shares of the health services provider’s stock after selling 20,230 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.07% of CIGNA worth $35,738,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Financial Gravity Companies Inc. bought a new stake in shares of CIGNA during the fourth quarter valued at approximately $112,000. Stuart Chaussee & Associates Inc. bought a new stake in shares of CIGNA during the fourth quarter valued at approximately $122,000. Horan Capital Advisors LLC. bought a new stake in shares of CIGNA during the third quarter valued at approximately $123,000. Cerebellum GP LLC bought a new stake in shares of CIGNA during the fourth quarter valued at approximately $127,000. Finally, Aevitas Wealth Management Inc. bought a new stake in shares of CIGNA during the fourth quarter valued at approximately $162,000. Institutional investors and hedge funds own 88.87% of the company’s stock.
In other CIGNA news, insider Christopher J. Hocevar sold 2,759 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $191.84, for a total value of $529,286.56. Following the transaction, the insider now owns 12,784 shares of the company’s stock, valued at $2,452,482.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO David Cordani sold 36,769 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $191.68, for a total value of $7,047,881.92. Following the completion of the transaction, the chief executive officer now directly owns 372,076 shares in the company, valued at approximately $71,319,527.68. The disclosure for this sale can be found here. In the last three months, insiders sold 86,103 shares of company stock worth $17,217,951. Insiders own 1.30% of the company’s stock.
CIGNA (NYSE:CI) last posted its quarterly earnings data on Thursday, February 1st. The health services provider reported $1.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.07. CIGNA had a return on equity of 18.84% and a net margin of 5.38%. The business had revenue of $10.53 billion for the quarter, compared to analysts’ expectations of $10.28 billion. During the same quarter in the previous year, the firm earned $1.87 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. equities analysts expect that CIGNA Co. will post 12.9 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Monday, March 12th will be given a $0.04 dividend. The ex-dividend date is Friday, March 9th. This represents a $0.16 annualized dividend and a yield of 0.10%. CIGNA’s dividend payout ratio is currently 0.46%.
Several research analysts recently issued reports on the company. Sanford C. Bernstein assumed coverage on CIGNA in a research report on Tuesday. They set a “market perform” rating and a $194.00 target price on the stock. Morgan Stanley lifted their target price on CIGNA to $255.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Goldman Sachs Group assumed coverage on CIGNA in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $247.00 target price on the stock. Credit Suisse Group cut their target price on CIGNA from $232.00 to $215.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Barclays assumed coverage on CIGNA in a research report on Thursday, March 8th. They set an “overweight” rating and a $235.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $210.37.
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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