Stock Update (NYSE:CI): Cigna says Anthem deal could close in 2017, not 2016-filing

[Reuters] – Health insurer Cigna Corp , which announced plans to be bought by larger Anthem Inc 10 months ago, on Friday said the deal may close in 2017 rather than 2016 due to the complexity of the regulatory process, according to a filing with the Securities and Exchange Commission. The U.S. Department of Justice is currently reviewing the Cigna-Anthem deal, which would create the nation’s largest health insurer, offering Medicare, Medicaid and commercial health insurance. Cigna said it continues to target closing in the second half of 2016 but said in its quarterly financial report with regulators that the closing hinges on regulators’ timing and approval. Read more on this. Cigna Corp. (CI) , with a current market cap of $33.47B, opened this morning at $137.00. Today, shares have traded between $129.05 and $137.00 per share and has traded between $123.54 and $170.68 over the past year. Priced at 14.70x this year’s forecasted earnings, CI shares are relatively expensive compared to the industry’s 11.12x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $0.04 per share annually in dividends, yielding 0.03%. According to a consensus of 16 analysts, the earnings estimate of $2.15 per share would be $0.19 better than the year-ago quarter and a $0.01 sequential decrease. The full-year EPS estimate is $9.18, which would be a $0.52 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $10.00 Billion. If reported, that would be a 6.50% 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. The average price target for CI shares by the analysts covering it is $169.58, which is 23.78% above where the stock opened. See more in (NYSE:CI) Similar Articles: Stock Update: Cigna Corp (NYSE:CI) – Cigna Takes the Mystery out of Picking a Dentist and Getting Dental Care with New Online and Mobile Tools Stock Update: Cigna Corp (NYSE:CI) – SHAREHOLDER ALERT: Rosen Law Firm Reminds Cigna Corporation Investors of Important April 6, 2016 Deadline in Class Action – CI Company Update (NYSE:CI): U.S. hospital group warns of Blue Cross dominance if Anthem buys Cigna