Jeffrey Altman’s Owl Creek Asset Management reported 13.90 million shares in Cigna Corp (CI) today, representing a 5.14% passive stake. This is a 65% expansion in its position from the second quarter, when Owl Creek Asset Management had 8.40 million shares in CI. CI was hammered by the Greek sovereign debt in August. Owl Creek Asset Management might have already begun to purchase in early October, when CI realized a recovery from its previous downturn. The entry price is probably around $42. Now CI has returned 24% and is closed at $47.37.
CI is a popular stock among the healthcare plan stocks. It was owned by 42 hedge funds in the second quarter. Beside Jeffrey Altman’s Owl Creek Asset Management’s largest stake, Larry Robbins’ Glenview Capital had 3.06 million shares; Andreas Halvorsen’s Viking Global had 2.76 million shares; Steven Cohen’s Sac Capital Advisors had 787 thousand shares.
Owl Creek Asset Management, L.P. invests in the public equity and fixed income markets, including Healthcare, Financial, Technology, and other sectors. The firm implements a distressed equity strategy along with a capital-structure arbitrage strategy as hedging techniques. The firm had a 13F portfolio of more than $6 billion at the end of Q2.
CIGNA Corporation is a holding company. It’s a global health service organization with medical, dental, disability, life and accident insurance and related products and services in the United States and selected international markets. CIGNA offers insurance products, health care coverage and services to businesses, governmental and non-governmental organizations and individuals. The company also has a run-off reinsurance segment. The company operates in five segments: Health Care, Disability and Life, International, Run-off Reinsurance, and Other Operations, including Corporate-owned Life Insurance. The company was founded in 1792 and is based in Bloomfield, Connecticut.