Stocks On The Rise: 5 Best To Buy Now

3. Cigna Corporation (NYSE:CI)

Year-to-Date Return as of November 4: 37.54%

Number of Hedge Fund Holders: 66

Cigna Corporation (NYSE:CI) is a leading American health services company that offers a broad range of health insurance and related products and services, including medical, dental, behavioral health, pharmacy, vision, and other health services. The company has a diversified customer base, which includes individuals, families, and businesses of all sizes. The company has a strong brand and reputation, as well as a long history of financial stability and profitability.

Cigna Corporation (NYSE:CI) has a strong cash position which has allowed it to make strategic investments in research and development and maintain its top position. Cigna Corporation (NYSE:CI) has free cash flows of $8.4 billion and is offering shareholders a forward dividend yield of 1.39%, as of November 4. The stock is ranked among the stocks to buy now that are on the rise, and as of November 4, has gone up by 37.5% year to date.

On November 4, Oppenheimer analyst Michael Wiederhorn raised his price target on Cigna Corporation (NYSE:CI) to $360 from $320 and reiterated an Outperform rating on the shares.

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

As of June 30, Glenview Capital is the top shareholder in Cigna Corporation (NYSE:CI) and has disclosed a stake worth $547 million in the company.

Here is what Aristotle Capital Management, LLC had to say about Cigna Corporation (NYSE:CI) in its second-quarter 2022 investor letter:

“Cigna Corporation (NYSE:CI) contributed to performance in the second quarter, outpacing the benchmark Health Care sector return. We believe Cigna benefited from investors seeking relative “safety” in the managed care sector and the stock’s attractive valuation at just over 10 times next year’s earnings. During the quarter, Cigna reported an earnings beat due to a better-than-expected medical loss ratio.”