IBM Retirement Fund cut its stake in CIGNA Co. (NYSE:CI) by 11.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,107 shares of the health services provider’s stock after selling 679 shares during the period. IBM Retirement Fund’s holdings in CIGNA were worth $868,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Sun Life Financial INC increased its position in shares of CIGNA by 254.3% during the second quarter. Sun Life Financial INC now owns 659 shares of the health services provider’s stock worth $112,000 after purchasing an additional 473 shares in the last quarter. Synovus Financial Corp acquired a new stake in shares of CIGNA during the first quarter worth about $115,000. Signaturefd LLC acquired a new stake in shares of CIGNA during the first quarter worth about $115,000. Elmwood Wealth Management Inc. acquired a new stake in shares of CIGNA during the first quarter worth about $117,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its position in shares of CIGNA by 3,122.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 709 shares of the health services provider’s stock worth $120,000 after purchasing an additional 687 shares in the last quarter. Institutional investors own 89.75% of the company’s stock.

In other CIGNA news, Director William D. Zollars sold 265 shares of CIGNA stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $176.93, for a total value of $46,886.45. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Eric P. Palmer acquired 2,828 shares of the stock in a transaction on Tuesday, July 31st. The stock was acquired at an average cost of $177.61 per share, for a total transaction of $502,281.08. Following the acquisition, the chief financial officer now directly owns 9,678 shares in the company, valued at approximately $1,718,909.58. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

A number of research firms have recently commented on CI. Zacks Investment Research upgraded CIGNA from a “hold” rating to a “buy” rating and set a $197.00 target price on the stock in a research report on Monday, May 28th. ValuEngine cut CIGNA from a “hold” rating to a “sell” rating in a research report on Monday, August 13th. Goldman Sachs Group upgraded CIGNA from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $193.00 to $212.00 in a research report on Wednesday, June 6th. SunTrust Banks lifted their target price on CIGNA to $244.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $224.00 target price on shares of CIGNA in a research report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $221.77.

Shares of CI stock opened at $185.18 on Friday. The stock has a market capitalization of $45.01 billion, a P/E ratio of 17.70, a P/E/G ratio of 1.09 and a beta of 0.63. CIGNA Co. has a 52-week low of $163.02 and a 52-week high of $227.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.38 and a current ratio of 0.38.

CIGNA (NYSE:CI) last issued its quarterly earnings results on Thursday, August 2nd. The health services provider reported $3.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.33 by $0.56. The firm had revenue of $11.50 billion for the quarter, compared to analysts’ expectations of $11.20 billion. CIGNA had a return on equity of 22.27% and a net margin of 5.82%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.91 EPS. equities research analysts forecast that CIGNA Co. will post 13.87 EPS for the current fiscal year.

CIGNA Company Profile

Cigna Corporation, a health services organization, provides insurance and related products and services in the United States and internationally. It operates through Global Health Care, Global Supplemental Benefits, Group Disability and Life, and Other Operations segments. The Global Health Care segment offers medical, dental, behavioral health, vision, and prescription drug benefit plans, as well as health advocacy programs, and other products and services to insured and self-insured customers.

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Institutional Ownership by Quarter for CIGNA (NYSE:CI)

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