Here Is What Hedge Funds Think About CIGNA Corporation (CI)

Seeing as CIGNA Corporation (NYSE:CI) has witnessed falling interest from the aggregate hedge fund industry, logic holds that there is a sect of funds who were dropping their entire stakes in the third quarter. It’s worth mentioning that Jeffrey Tannenbaum’s Fir Tree dropped the largest stake of the “upper crust” of funds tracked by Insider Monkey, comprising an estimated $142.1 million in stock, and Andreas Halvorsen’s Viking Global was right behind this move, as the fund sold off about $64.2 million worth of shares.

Let’s go over hedge fund activity in other stocks similar to CIGNA Corporation (NYSE:CI). These stocks are Brookfield Asset Management Inc. (USA) (NYSE:BAM), Monster Beverage Corp (NASDAQ:MNST), Capital One Financial Corp. (NYSE:COF), and Nokia Corporation (ADR) (NYSE:NOK). This group of stocks’ market valuations match CI’s market valuation.

As you can see these stocks had an average of 29 investors holding long positions and the average amount invested in these stocks was $1.21 billion. That figure was $3.15 billion in CIGNA’s case. Capital One Financial Corp. (NYSE:COF) is the most popular stock in this table. On the other hand Nokia Corporation (ADR) (NYSE:NOK) is the least popular one with only 16 investors reporting ownership of its stock. Compared to these stocks CIGNA Corporation (NYSE:CI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.