Shikiar Asset Management Inc. decreased its position in Cigna Co. (NYSE:CI – Get Rating) by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,030 shares of the health services provider’s stock after selling 1,025 shares during the quarter. Cigna comprises approximately 2.6% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 11th biggest position. Shikiar Asset Management Inc.’s holdings in Cigna were worth $9,352,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of CI. Missouri Trust & Investment Co acquired a new stake in Cigna during the fourth quarter worth approximately $28,000. Wagner Wealth Management LLC grew its position in Cigna by 144.4% during the fourth quarter. Wagner Wealth Management LLC now owns 132 shares of the health services provider’s stock worth $30,000 after buying an additional 78 shares in the last quarter. McIlrath & Eck LLC grew its position in Cigna by 375.0% during the fourth quarter. McIlrath & Eck LLC now owns 133 shares of the health services provider’s stock worth $31,000 after buying an additional 105 shares in the last quarter. Vectors Research Management LLC acquired a new stake in Cigna during the fourth quarter worth approximately $31,000. Finally, FSB Premier Wealth Management Inc. acquired a new stake in Cigna during the fourth quarter worth approximately $32,000. 88.57% of the stock is currently owned by institutional investors.
In related news, insider Jason D. Sadler sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, April 6th. The shares were sold at an average price of $250.00, for a total value of $1,250,000.00. Following the transaction, the insider now owns 31,749 shares of the company’s stock, valued at approximately $7,937,250. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Eric P. Palmer sold 8,126 shares of the firm’s stock in a transaction dated Wednesday, April 6th. The shares were sold at an average price of $250.00, for a total transaction of $2,031,500.00. Following the completion of the transaction, the chief executive officer now directly owns 40,942 shares in the company, valued at approximately $10,235,500. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,372 shares of company stock worth $35,194,868. 0.80% of the stock is owned by insiders.
Cigna (NYSE:CI – Get Rating) last issued its earnings results on Friday, May 6th. The health services provider reported $6.01 EPS for the quarter, beating the consensus estimate of $5.13 by $0.88. The company had revenue of $44.01 billion during the quarter, compared to the consensus estimate of $43.48 billion. Cigna had a return on equity of 15.31% and a net margin of 3.04%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the business posted $4.73 EPS. Analysts expect that Cigna Co. will post 22.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Stockholders of record on Wednesday, June 8th will be paid a $1.12 dividend. The ex-dividend date of this dividend is Tuesday, June 7th. This represents a $4.48 annualized dividend and a dividend yield of 1.75%. Cigna’s dividend payout ratio is presently 27.79%.
Several research firms have weighed in on CI. Oppenheimer restated an “outperform” rating and set a $310.00 target price on shares of Cigna in a research note on Tuesday, June 7th. Cowen upgraded Cigna from a “market perform” rating to an “outperform” rating and increased their price target for the company from $242.00 to $329.00 in a research note on Monday, May 9th. Morgan Stanley upgraded Cigna from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $283.00 to $296.00 in a research note on Wednesday. Barclays increased their price target on Cigna from $275.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, May 23rd. Finally, JPMorgan Chase & Co. upgraded Cigna from a “neutral” rating to an “overweight” rating and increased their price target for the company from $248.00 to $304.00 in a research note on Monday, May 16th. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $289.12.
Cigna Company Profile (Get Rating)
Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers.
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