2019-12-11 06:31:39 CI Cigna
12/11/19 12/1106:31 12/11/1906:31 | Cigna potential unit sale more substantive than PillPack news, says CitiHeadlines around Blue Cross Blue Shield's PillPack announcement and potential policy changes related to pharmacy benefit management spread pricing and rebates weighed on Cigna shares yesterday, but the Wall Street Journal report suggesting New York Life is a leading bidder to acquire the company's group disability and life business for upwards of $6B is potentially more substantive, Citi analyst Ralph Giacobbe tells investors in a research note. The analyst continues to believe Cigna doesn't get much credit for the GD&L segment, "making a sale easier at the right price." Further, the proceeds from a sale could provide financial flexibility for debt pay down or share repurchase over the near-term, says Giacobbe, who keeps a Buy rating on Cigna shares. |
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