Jefferies Group LLC Reaffirms Buy Rating for Cigna Corporation (CI)
Jefferies Group LLC reaffirmed their buy rating on shares of Cigna Corporation (NYSE:CI) in a report issued on Friday. They currently have a $190.00 target price on the health services provider’s stock.
“CI reported Q2:17 adjusted EPS of $2.91 (GAAP $3.15), compared to OPCO’s estimate of $2.46 and Street consensus of $2.45. Adjusted results exclude $0.13 of realized investment gains and $0.18 from merger-related tax benefits, offset by $0.07 of amortization expense. The beat was driven by the Healthcare segment, with the Commercial MCR of 78.7% outperforming OPCO/Street estimates by 200/160 bps. Due to the beat, the company raised FY2017 EPS guidance to $9.75-$10.05 vs. $9.35-$9.85, with all three segment outlooks growing by $15-$40M.”,” Jefferies Group LLC’s analyst wrote.
CI has been the subject of several other research reports. Zacks Investment Research raised Cigna Corporation from a hold rating to a buy rating and set a $175.00 price target for the company in a research report on Tuesday, April 25th. Credit Suisse Group started coverage on Cigna Corporation in a research report on Monday, June 12th. They set an outperform rating and a $185.00 price target for the company. Stifel Nicolaus raised their price target on Cigna Corporation from $170.00 to $175.00 and gave the stock a buy rating in a research report on Friday, May 5th. Oppenheimer Holdings, Inc. raised their price target on Cigna Corporation from $174.00 to $185.00 and gave the stock an outperform rating in a research report on Thursday, June 15th. Finally, Royal Bank Of Canada raised their price target on Cigna Corporation from $172.00 to $177.00 and gave the stock an outperform rating in a research report on Monday, May 8th. Two investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $179.89.
Shares of Cigna Corporation (NYSE:CI) opened at 175.98 on Friday. The stock has a market capitalization of $45.05 billion, a PE ratio of 23.50 and a beta of 0.46. Cigna Corporation has a 12 month low of $115.03 and a 12 month high of $176.98. The company’s 50 day moving average price is $170.76 and its 200 day moving average price is $157.68.
Cigna Corporation (NYSE:CI) last released its quarterly earnings data on Friday, August 4th. The health services provider reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.43. Cigna Corporation had a return on equity of 17.58% and a net margin of 7.46%. The firm had revenue of $10.32 billion during the quarter, compared to the consensus estimate of $10.26 billion. During the same period last year, the business posted $1.98 EPS. Cigna Corporation’s quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts anticipate that Cigna Corporation will post $9.85 earnings per share for the current fiscal year.
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In related news, EVP Nicole S. Jones sold 20,312 shares of Cigna Corporation stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $160.04, for a total value of $3,250,732.48. Following the transaction, the executive vice president now owns 44,737 shares in the company, valued at $7,159,709.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mary T. Hoeltzel sold 500 shares of Cigna Corporation stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $166.70, for a total value of $83,350.00. Following the completion of the transaction, the vice president now owns 2,449 shares in the company, valued at approximately $408,248.30. The disclosure for this sale can be found here. Insiders sold 219,558 shares of company stock worth $37,135,665 in the last quarter. 1.30% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Cigna Corporation by 2,335.5% in the first quarter. BlackRock Inc. now owns 16,987,425 shares of the health services provider’s stock worth $2,488,489,000 after buying an additional 16,289,943 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cigna Corporation by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,706,266 shares of the health services provider’s stock worth $2,447,301,000 after buying an additional 570,241 shares during the last quarter. State Street Corp boosted its position in shares of Cigna Corporation by 1.7% in the first quarter. State Street Corp now owns 11,137,018 shares of the health services provider’s stock worth $1,631,451,000 after buying an additional 190,323 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Cigna Corporation by 9.3% in the first quarter. Wellington Management Group LLP now owns 10,765,751 shares of the health services provider’s stock worth $1,577,075,000 after buying an additional 913,991 shares during the last quarter. Finally, Boston Partners boosted its position in shares of Cigna Corporation by 3.1% in the first quarter. Boston Partners now owns 3,604,693 shares of the health services provider’s stock worth $528,052,000 after buying an additional 108,880 shares during the last quarter. Hedge funds and other institutional investors own 86.91% of the company’s stock.
About Cigna Corporation
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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