Intrinsic value of Cigna - CI

Previous Close

$220.75

  Intrinsic Value

$245.69

stock screener

  Rating & Target

hold

+11%

Previous close

$220.75

 
Intrinsic value

$245.69

 
Up/down potential

+11%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as CI.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.51
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  0
  41,728
  43,852
  46,080
  48,417
  50,870
  53,444
  56,144
  58,978
  61,953
  65,074
  68,351
  71,790
  75,399
  79,189
  83,166
  87,342
  91,725
  96,326
  101,157
  106,229
  111,553
  117,143
  123,012
  129,173
  135,642
  142,434
  149,565
  157,052
  164,912
  173,166
Variable operating expenses, $m
 
  38,025
  39,930
  41,929
  44,026
  46,225
  48,534
  50,956
  53,498
  56,166
  58,966
  61,306
  64,391
  67,629
  71,027
  74,595
  78,340
  82,271
  86,399
  90,732
  95,281
  100,056
  105,070
  110,334
  115,860
  121,662
  127,754
  134,150
  140,866
  147,916
  155,319
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  36,724
  38,025
  39,930
  41,929
  44,026
  46,225
  48,534
  50,956
  53,498
  56,166
  58,966
  61,306
  64,391
  67,629
  71,027
  74,595
  78,340
  82,271
  86,399
  90,732
  95,281
  100,056
  105,070
  110,334
  115,860
  121,662
  127,754
  134,150
  140,866
  147,916
  155,319
Operating income, $m
  2,979
  3,703
  3,921
  4,151
  4,392
  4,645
  4,910
  5,188
  5,480
  5,787
  6,109
  7,044
  7,399
  7,771
  8,161
  8,571
  9,002
  9,453
  9,928
  10,425
  10,948
  11,497
  12,073
  12,678
  13,313
  13,980
  14,679
  15,414
  16,186
  16,996
  17,847
EBITDA, $m
  3,589
  4,462
  4,689
  4,927
  5,177
  5,439
  5,714
  6,003
  6,306
  6,624
  6,958
  7,308
  7,676
  8,062
  8,467
  8,893
  9,339
  9,808
  10,300
  10,816
  11,359
  11,928
  12,526
  13,153
  13,812
  14,504
  15,230
  15,992
  16,793
  17,633
  18,516
Interest expense (income), $m
  244
  242
  353
  470
  593
  722
  858
  1,000
  1,149
  1,305
  1,469
  1,641
  1,822
  2,012
  2,211
  2,420
  2,640
  2,870
  3,112
  3,366
  3,632
  3,912
  4,206
  4,514
  4,838
  5,178
  5,535
  5,910
  6,303
  6,716
  7,150
Earnings before tax, $m
  2,979
  3,461
  3,568
  3,681
  3,799
  3,922
  4,052
  4,189
  4,332
  4,482
  4,639
  5,403
  5,577
  5,759
  5,950
  6,151
  6,362
  6,583
  6,816
  7,060
  7,316
  7,585
  7,867
  8,163
  8,475
  8,801
  9,144
  9,505
  9,883
  10,280
  10,697
Tax expense, $m
  1,136
  934
  963
  994
  1,026
  1,059
  1,094
  1,131
  1,170
  1,210
  1,253
  1,459
  1,506
  1,555
  1,607
  1,661
  1,718
  1,777
  1,840
  1,906
  1,975
  2,048
  2,124
  2,204
  2,288
  2,376
  2,469
  2,566
  2,668
  2,776
  2,888
Net income, $m
  1,867
  2,527
  2,605
  2,687
  2,773
  2,863
  2,958
  3,058
  3,162
  3,272
  3,387
  3,944
  4,071
  4,204
  4,344
  4,490
  4,644
  4,806
  4,975
  5,154
  5,341
  5,537
  5,743
  5,959
  6,187
  6,425
  6,675
  6,938
  7,214
  7,504
  7,809

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  59,360
  62,373
  65,548
  68,879
  72,373
  76,039
  79,886
  83,923
  88,159
  92,605
  97,271
  102,168
  107,309
  112,705
  118,369
  124,314
  130,555
  137,107
  143,986
  151,206
  158,787
  166,746
  175,101
  183,874
  193,084
  202,753
  212,905
  223,565
  234,756
  246,506
  258,843
Adjusted assets (=assets-cash), $m
  59,360
  62,373
  65,548
  68,879
  72,373
  76,039
  79,886
  83,923
  88,159
  92,605
  97,271
  102,168
  107,309
  112,705
  118,369
  124,314
  130,555
  137,107
  143,986
  151,206
  158,787
  166,746
  175,101
  183,874
  193,084
  202,753
  212,905
  223,565
  234,756
  246,506
  258,843
Revenue / Adjusted assets
  0.000
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
Average production assets, $m
  2,031
  2,128
  2,236
  2,350
  2,469
  2,594
  2,726
  2,863
  3,008
  3,160
  3,319
  3,486
  3,661
  3,845
  4,039
  4,241
  4,454
  4,678
  4,913
  5,159
  5,418
  5,689
  5,974
  6,274
  6,588
  6,918
  7,264
  7,628
  8,010
  8,411
  8,831
Working capital, $m
  0
  292
  307
  323
  339
  356
  374
  393
  413
  434
  456
  478
  503
  528
  554
  582
  611
  642
  674
  708
  744
  781
  820
  861
  904
  949
  997
  1,047
  1,099
  1,154
  1,212
Total debt, $m
  5,032
  7,360
  9,802
  12,363
  15,050
  17,869
  20,827
  23,932
  27,189
  30,608
  34,196
  37,963
  41,916
  46,065
  50,420
  54,993
  59,792
  64,831
  70,120
  75,673
  81,502
  87,623
  94,048
  100,794
  107,876
  115,312
  123,119
  131,316
  139,922
  148,958
  158,445
Total liabilities, $m
  45,637
  47,965
  50,407
  52,968
  55,655
  58,474
  61,432
  64,537
  67,794
  71,213
  74,801
  78,568
  82,521
  86,670
  91,025
  95,598
  100,397
  105,436
  110,725
  116,278
  122,107
  128,228
  134,653
  141,399
  148,481
  155,917
  163,724
  171,921
  180,527
  189,563
  199,050
Total equity, $m
  13,723
  14,408
  15,142
  15,911
  16,718
  17,565
  18,454
  19,386
  20,365
  21,392
  22,470
  23,601
  24,788
  26,035
  27,343
  28,717
  30,158
  31,672
  33,261
  34,929
  36,680
  38,518
  40,448
  42,475
  44,602
  46,836
  49,181
  51,643
  54,229
  56,943
  59,793
Total liabilities and equity, $m
  59,360
  62,373
  65,549
  68,879
  72,373
  76,039
  79,886
  83,923
  88,159
  92,605
  97,271
  102,169
  107,309
  112,705
  118,368
  124,315
  130,555
  137,108
  143,986
  151,207
  158,787
  166,746
  175,101
  183,874
  193,083
  202,753
  212,905
  223,564
  234,756
  246,506
  258,843
Debt-to-equity ratio
  0.367
  0.510
  0.650
  0.780
  0.900
  1.020
  1.130
  1.230
  1.340
  1.430
  1.520
  1.610
  1.690
  1.770
  1.840
  1.920
  1.980
  2.050
  2.110
  2.170
  2.220
  2.270
  2.330
  2.370
  2.420
  2.460
  2.500
  2.540
  2.580
  2.620
  2.650
Adjusted equity ratio
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,867
  2,527
  2,605
  2,687
  2,773
  2,863
  2,958
  3,058
  3,162
  3,272
  3,387
  3,944
  4,071
  4,204
  4,344
  4,490
  4,644
  4,806
  4,975
  5,154
  5,341
  5,537
  5,743
  5,959
  6,187
  6,425
  6,675
  6,938
  7,214
  7,504
  7,809
Depreciation, amort., depletion, $m
  610
  759
  767
  776
  785
  795
  804
  815
  826
  837
  849
  264
  277
  291
  306
  321
  337
  354
  372
  391
  410
  431
  453
  475
  499
  524
  550
  578
  607
  637
  669
Funds from operations, $m
  5,381
  3,286
  3,372
  3,463
  3,558
  3,658
  3,763
  3,873
  3,988
  4,109
  4,236
  4,208
  4,348
  4,495
  4,650
  4,812
  4,982
  5,160
  5,348
  5,544
  5,751
  5,968
  6,196
  6,435
  6,686
  6,949
  7,226
  7,516
  7,821
  8,141
  8,478
Change in working capital, $m
  1,355
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
Cash from operations, $m
  4,026
  3,272
  3,357
  3,447
  3,542
  3,641
  3,745
  3,854
  3,968
  4,088
  4,214
  4,185
  4,324
  4,470
  4,623
  4,784
  4,952
  5,130
  5,315
  5,511
  5,715
  5,931
  6,156
  6,394
  6,642
  6,904
  7,178
  7,466
  7,769
  8,086
  8,420
Maintenance CAPEX, $m
  0
  -154
  -161
  -169
  -178
  -187
  -197
  -206
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -453
  -475
  -499
  -524
  -550
  -578
  -607
  -637
New CAPEX, $m
  -461
  -97
  -108
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -246
  -259
  -272
  -285
  -299
  -314
  -330
  -346
  -364
  -382
  -401
  -421
Cash from investing activities, $m
  -2,574
  -251
  -269
  -283
  -297
  -312
  -328
  -344
  -362
  -380
  -398
  -418
  -439
  -461
  -484
  -509
  -534
  -561
  -589
  -618
  -650
  -682
  -716
  -752
  -789
  -829
  -870
  -914
  -960
  -1,008
  -1,058
Free cash flow, $m
  1,452
  3,021
  3,088
  3,164
  3,244
  3,329
  3,417
  3,509
  3,607
  3,709
  3,816
  3,767
  3,885
  4,009
  4,139
  4,275
  4,418
  4,569
  4,726
  4,892
  5,066
  5,249
  5,440
  5,642
  5,853
  6,075
  6,308
  6,552
  6,809
  7,079
  7,362
Issuance/(repayment) of debt, $m
  -148
  2,328
  2,441
  2,561
  2,687
  2,819
  2,958
  3,104
  3,258
  3,419
  3,588
  3,766
  3,953
  4,149
  4,356
  4,572
  4,800
  5,038
  5,289
  5,553
  5,830
  6,120
  6,425
  6,746
  7,082
  7,436
  7,807
  8,197
  8,606
  9,036
  9,487
Issuance/(repurchase) of shares, $m
  -103
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -225
  2,328
  2,441
  2,561
  2,687
  2,819
  2,958
  3,104
  3,258
  3,419
  3,588
  3,766
  3,953
  4,149
  4,356
  4,572
  4,800
  5,038
  5,289
  5,553
  5,830
  6,120
  6,425
  6,746
  7,082
  7,436
  7,807
  8,197
  8,606
  9,036
  9,487
Total cash flow (excl. dividends), $m
  1,217
  5,349
  5,529
  5,725
  5,931
  6,148
  6,375
  6,614
  6,864
  7,128
  7,404
  7,533
  7,838
  8,158
  8,494
  8,847
  9,218
  9,607
  10,016
  10,445
  10,896
  11,369
  11,866
  12,388
  12,935
  13,511
  14,115
  14,749
  15,415
  16,115
  16,849
Retained Cash Flow (-), $m
  -1,688
  -685
  -733
  -769
  -807
  -847
  -889
  -932
  -979
  -1,027
  -1,078
  -1,131
  -1,187
  -1,246
  -1,308
  -1,373
  -1,442
  -1,514
  -1,589
  -1,668
  -1,751
  -1,838
  -1,930
  -2,026
  -2,128
  -2,234
  -2,345
  -2,462
  -2,585
  -2,714
  -2,850
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4,664
  4,796
  4,956
  5,124
  5,301
  5,486
  5,681
  5,886
  6,101
  6,326
  6,402
  6,650
  6,911
  7,186
  7,474
  7,776
  8,093
  8,427
  8,777
  9,144
  9,530
  9,936
  10,361
  10,808
  11,277
  11,770
  12,287
  12,830
  13,400
  13,999
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  4,454
  4,355
  4,259
  4,146
  4,015
  3,868
  3,705
  3,526
  3,334
  3,130
  2,844
  2,630
  2,410
  2,189
  1,967
  1,750
  1,538
  1,336
  1,146
  969
  808
  663
  535
  425
  331
  253
  189
  139
  99
  69
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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. Its Global Health Care segment aggregates the commercial and Government operating segments. Its commercial operating segment encompasses the United States commercial and certain international healthcare businesses serving employers and their employees, other groups, and individuals. Its Global Supplemental Benefits segment offers supplemental health, life and accident insurance products in selected international markets and in the United States. Its Group Disability and Life segment provides group long-term and short-term disability insurance, group life insurance, accident and specialty insurance and related services.

FINANCIAL RATIOS  of  Cigna (CI)

Valuation Ratios
P/E Ratio 30.4
Price to Sales 1.4
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 15.9
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 34.7%
Total Debt to Equity 36.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 10.4%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

CI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CI stock intrinsic value calculation we used $39703 million for the last fiscal year's total revenue generated by Cigna. The default revenue input number comes from 2016 income statement of Cigna. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CI stock valuation model: a) initial revenue growth rate of 5.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for CI is calculated based on our internal credit rating of Cigna, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cigna.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CI stock the variable cost ratio is equal to 91.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Cigna.

Corporate tax rate of 27% is the nominal tax rate for Cigna. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CI are equal to 5.1%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Cigna operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CI is equal to 0.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $13723 million for Cigna - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 249.151 million for Cigna is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cigna at the current share price and the inputted number of shares is $55.0 billion.

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MOH Molina Healthc 91.97 147.20  str.buy
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GTS Triple-S Manag 24.10 17.67  sell

COMPANY NEWS

▶ Whats Expected to Drive UnitedHealth Groups Revenue in 4Q17   [Jan-15-18 10:52AM  Market Realist]
▶ Cigna CEO on CVS-Aetna Merger, M&A, Health Care   [Jan-10-18 10:35AM  Bloomberg Video]
▶ Top Ranked Growth Stocks to Buy for January 8th   [Jan-08-18 08:52AM  Zacks]
▶ ETFs with exposure to Cigna Corp. : December 29, 2017   [Dec-29-17 11:43AM  Capital Cube]
▶ 3 Top Health Insurance Stocks to Buy   [Dec-24-17 08:15AM  Motley Fool]
▶ ObamaCare Isn't Dead Yet: Enrollment Tops Soft Expectations   [Dec-21-17 05:15PM  Investor's Business Daily]
▶ ETFs with exposure to Cigna Corp. : December 18, 2017   [Dec-18-17 03:10PM  Capital Cube]
▶ [$$] Cigna Acquires Digital-Tool Maker Brighter   [07:04AM  The Wall Street Journal]
▶ Price hikes push health insurance shoppers into hard choices   [Dec-10-17 10:28AM  Associated Press]
▶ ETFs with exposure to Cigna Corp. : December 7, 2017   [Dec-07-17 01:15PM  Capital Cube]
▶ Trump may eliminate health provision in tax bill   [11:40AM  Yahoo Finance Video]
▶ Obamacare enrollment soars in first 11 days   [11:52AM  Yahoo Finance Video]
▶ GOP tax plan takes aim at Obamacare   [Nov-15-17 11:10AM  Yahoo Finance Video]
▶ GOP sets sights on crucial Obamacare mandate   [09:15AM  Yahoo Finance]
▶ Anthem CEO Joseph Swedish to Step Down   [Nov-03-17 10:59PM  The Wall Street Journal]
▶ [$$] Anthem Readies CEO Succession   [09:34PM  The Wall Street Journal]
▶ Anthem CEO Joseph Swedish to Step Down   [06:37PM  The Wall Street Journal]
▶ Cigna beats Street 3Q forecasts   [06:19AM  Associated Press]
▶ Yahoo Finance Live: Market Movers - Oct 20th, 2017   [Oct-20-17 07:20AM  Yahoo Finance Video]
▶ Trump denounces health care bipartisan deal   [10:46AM  Yahoo Finance Video]
▶ How Kansas, Missouri health markets will respond to Trump orders   [Oct-16-17 04:10PM  American City Business Journals]
▶ Lawmakers clash over big changes to Obamacare   [11:46AM  Yahoo Finance Video]
▶ New Strong Buy Stocks for October 12th   [Oct-12-17 10:04AM  Zacks]
▶ 4 HMOS for Gains Amid Constant Regulatory Chaos   [Oct-09-17 03:11PM  Zacks]
▶ Will benefit managers jump in with Cigna's move to pull OxyContin?   [Oct-05-17 06:15PM  American City Business Journals]
Financial statements of CI
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