BlackRock Inc. Sells 518,669 Shares of CIGNA Co. (CI)

BlackRock Inc. reduced its stake in CIGNA Co. (NYSE:CI) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,870,482 shares of the health services provider’s stock after selling 518,669 shares during the period. BlackRock Inc. owned approximately 6.93% of CIGNA worth $3,513,278,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pennsylvania Trust Co boosted its position in CIGNA by 1.2% in the 3rd quarter. Pennsylvania Trust Co now owns 20,363 shares of the health services provider’s stock valued at $4,241,000 after buying an additional 245 shares during the last quarter. Aviance Capital Partners LLC lifted its position in shares of CIGNA by 4.1% during the third quarter. Aviance Capital Partners LLC now owns 6,352 shares of the health services provider’s stock worth $1,323,000 after purchasing an additional 250 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of CIGNA by 8.7% during the third quarter. Steward Partners Investment Advisory LLC now owns 3,662 shares of the health services provider’s stock worth $763,000 after purchasing an additional 292 shares during the last quarter. Boston Financial Mangement LLC lifted its position in shares of CIGNA by 15.8% during the second quarter. Boston Financial Mangement LLC now owns 2,315 shares of the health services provider’s stock worth $393,000 after purchasing an additional 315 shares during the last quarter. Finally, Burney Co. lifted its position in shares of CIGNA by 1.5% during the second quarter. Burney Co. now owns 21,718 shares of the health services provider’s stock worth $3,691,000 after purchasing an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

In other CIGNA news, Director William D. Zollars sold 238 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $193.70, for a total value of $46,100.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael W. Triplett sold 2,825 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $214.25, for a total transaction of $605,256.25. Following the completion of the transaction, the insider now directly owns 23,871 shares in the company, valued at approximately $5,114,361.75. The disclosure for this sale can be found here. Insiders sold 24,252 shares of company stock worth $5,164,402 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

Several brokerages have recently commented on CI. Zacks Investment Research reaffirmed a “strong-buy” rating and set a $246.00 price target on shares of CIGNA in a research report on Monday, November 12th. SunTrust Banks increased their price target on shares of CIGNA and gave the stock a “buy” rating in a research report on Thursday, September 27th. Leerink Swann increased their price target on shares of CIGNA from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, September 21st. Barclays increased their price target on shares of CIGNA from $228.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 2nd. Finally, Credit Suisse Group increased their price target on shares of CIGNA from $223.00 to $237.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 18th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $236.29.

Shares of NYSE CI opened at $211.16 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. CIGNA Co. has a 52-week low of $163.02 and a 52-week high of $227.13. The stock has a market capitalization of $51.07 billion, a price-to-earnings ratio of 20.19, a price-to-earnings-growth ratio of 1.18 and a beta of 0.58.

CIGNA (NYSE:CI) last issued its earnings results on Thursday, November 1st. The health services provider reported $3.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.45 by $0.39. CIGNA had a net margin of 6.15% and a return on equity of 23.31%. The firm had revenue of $11.45 billion for the quarter, compared to analysts’ expectations of $11.19 billion. During the same quarter last year, the company posted $2.83 earnings per share. CIGNA’s revenue was up 10.3% on a year-over-year basis. As a group, analysts anticipate that CIGNA Co. will post 14.35 EPS for the current fiscal year.

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About CIGNA

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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