Michael Burry Stock Portfolio: 5 Stocks He Sold

3. Cigna Corporation (NYSE:CI)

Number of Hedge Fund Holders: 76  

Decline in Share Price Year-to-Date: 6%  

Cigna Corporation (NYSE:CI) provides insurance and related products and services in the United States. On November 3, Cigna Corp posted earnings for the third quarter of 2022, reporting earnings per share of $6.04, beating market estimates by $0.33. The revenue over the period was $45.28 billion, up 2.2% compared to the revenue over the same period last year and beating market estimates by $570 million. The firm was part of a wide group of stocks sold off by Burry completely in the second quarter of 2022. 

On November 8, Wells Fargo analyst Stephen Baxter maintained an Overweight rating on Cigna Corporation (NYSE:CI) stock and raised the price target to $370 from $319, highlighting that the company reported strong third quarter results.    

At the end of the third quarter of 2022, 76 hedge funds in the database of Insider Monkey held stakes worth $3.1 billion in Cigna Corporation (NYSE:CI), compared to 66 in the preceding quarter worth $3.2 billion. 

In its Q2 2022 investor letter, Aristotle Capital Management, LLC, an asset management firm, highlighted a few stocks and Cigna Corporation (NYSE:CI) was one of them. Here is what the fund said:

“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.”