Company Update: Cigna Corp (NYSE:CI) – Cigna plans to cut opioid use among U.S. customers by 25 pct

[Reuters] – Health insurer Cigna Corp plans to cut its customers’ prescriptions for opioid treatments by 25 percent over the next three years, putting its weight behind a U.S. government battle against addictive painkillers. Cigna, whose plan to be acquired by Anthem Inc would make it part of the nation’s largest health insurer, said on Thursday it is backing efforts by state governments to require doctors to check state databases for high-risk customers before prescribing opioid drugs for longer than 21 days. U.S. President Barack Obama earlier this year asked Congress for $1.1 billion in new funding over two years to expand treatment for a spreading heroin and prescription pain killer epidemic. Read more on this. Cigna Corp. (CI) , valued at $32.98B, started the session at $128.60. Looking at the equity, the company’s one day range is $128.02 to $129.95 and has traded between $123.54 and $170.68 over the past year. CI shares are currently priced at 14.06x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.95x earnings multiple. And for passive income investors, the company pays shareholders $0.04 per share annually in dividends, yielding 0.03%. Consensus earnings for the current quarter by the 17 sell-side analysts covering the stock is an estimate of $2.40 per share, which would be $0.15 worse than the year-ago quarter and a $0.21 sequential decrease. The full-year EPS estimate is $9.28, which would be a $0.62 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $9.97 Billion. If reported, that would be a 5.28% increase over the year-ago quarter. More recently, Jefferies upgraded CI from Hold to Buy (Jan 8, 2016). Previously, Citigroup Initiated CI at to Buy. Given all the information above, we should disclose to readers that the average price target is $168.42, which is 30.96% above than it opened this morning. See more in (NYSE:CI) Similar Articles: Company Update: Cigna Corp (NYSE:CI) – For the 22nd Time, Cigna Marches for Babies Market Update: Cigna Corp (NYSE:CI) – SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces the Commencement of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of Cigna Corp. — CI Company Update: Cigna Corp (NYSE:CI) – INVESTOR ALERT: Levi & Korsinsky, LLP Announces the Commencement of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of Cigna Corp. — CI