5 Stocks to Sell Now According to Billionaire Ken Fisher

4. Cigna Corporation (NYSE:CI)

Number of Hedge Fund Holders: 66

The Connecticut-based Cigna Corporation (NYSE:CI) is a multinational managed healthcare and insurance company. By the end of Q1, Fisher Asset Management had added 947 shares of the company worth $227,000 to its portfolio. The firm sold off its entire position in Cigna Corporation (NYSE:CI) by the quarter ending on June 30. 

Cigna Corporation (NYSE:CI)’s EPS in the second quarter surpassed analyst estimates by 73 cents and grew by 18.7% YoY to $6.22. The revenue recorded a 5.45% YoY growth to $45.48 billion. In light of the reports, the company raised its revenue guidance by $1 billion for FY22 to at least $178 billion. On top of that, the company expects its full-year EPS to be at least $22.90, which is $0.30 above the prior guidance. 

The Insider Monkey database reveals that 66 hedge fund portfolios had a stake in Cigna Corporation (NYSE:CI) in Q2 2022. Glenview Capital held the most significant position in the company, with over 2 million shares worth $547.117 million.

Here is what Davis Funds had to say about Cigna Corporation (NYSE:CI) in its Q4 2021 investor letter:

“Healthcare is included in the portfolio both for company-specific reasons, as well as big picture trends. At the company level, we hold select companies in pharmaceuticals, healthcare services, and health insurance at attractive valuations. This is at a time when the average age of the U.S. population is fast approaching 40, older than Asia-Pacific and a little younger than the aged populations of Europe and Japan. The number of seniors in the U.S.—i.e., 65 years or older— now surpasses 54 million, or about 15% of the population. Seniors, on average, take a much greater number of medications and account for a large and disproportionate share of healthcare spending, and we expect that trend to continue due to both raw demographics and a proliferation in the number of available treatments and services available now, the latter being driven by innovation and investment in the healthcare industry. Representative holdings in the Fund include Cigna, United Health Group, Viatris and Quest Diagnostics.”