Billionaire Leon Cooperman is Talking About These 2 Stocks

Published on September 23, 2022 at 4:02 pm by Omer Farooq in Hedge Funds, News

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1. Cigna Corporation (NYSE:CI)

Number of Hedge Fund Holders: 66

Cigna Corporation (NYSE:CI) is a leading global healthcare and insurance company. Leon Cooperman said that Cigna Corporation (NYSE:CI) is a “well-managed” company that buys back 5% to 6% of its common shares annually. In addition to that, Mr. Cooperman likes the company because it is undervalued. As of September 22, Cigna Corporation (NYSE:CI) is trading at a PE multiple of 16x and is offering a forward dividend yield of 1.57%, which the company supports with free cash flows of $8.4 billion.

On August 4, Cigna Corporation (NYSE:CI) announced market-beating earnings for the second quarter of fiscal 2022. The company reported sales of $45.4 billion, up 5.4% year over year, and beat expectations by $1 billion. The company reported earnings per share of $6.22 and beat estimates by $0.73. As of September 22, Cigna Corporation (NYSE:CI) has gained 21% year to date.

Wall Street analysts see material upside to Cigna Corporation (NYSE:CI). This August, Credit Suisse analyst A.J. Rice raised his price target on Cigna Corporation (NYSE:CI) to $329 from $315 and maintained a buy-side Outperform rating on the shares. On August 8, UBS analyst Kevin Caliendo raised his price target on Cigna Corporation (NYSE:CI) to $330 from $310 and reiterated a Buy rating on the shares.

As of June 30, Glenview Capital owns more than 2 million shares of Cigna Corporation (NYSE:CI) which amounts to a stake of $547 million. The investment covers 13.68% of billionaire Larry Robbins’ 13F portfolio.

At the close of Q2 2022, 66 hedge funds disclosed ownership of stakes in Cigna Corporation (NYSE:CI). The total value of these stakes amounted to $3.19 billion. This is compared to 63 positions in the previous quarter with stakes worth $2.69 billion. The hedge fund sentiment for the stock is positive.

You can also take a look at 7 Oil and Gas Stocks to Buy According to Billionaire Leon Cooperman and Billionaire Leon Cooperman Is Buying These 10 Stocks.