Today, we are going to take some more profits from HX Trader!
We have another position that we entered after the previous earnings season.
Here is the update…
The company is managed healthcare and insurance company The Cigna Group (NYSE: CI).
The company was formed in 1982 through the merger of Connecticut General Life Insurance Company and INA Corporation. The company name "CIGNA" is a combination of the names of these two predecessor companies.
Today, the company is on track to generate almost $240 billion in revenue for 2024 and employs over 70,000 full-time employees. It is one of the largest insurers in the USA.
The company reported earnings back at the beginning of August and beat numbers nicely. They did so again in late October.
As you may recall, in August, one of their main competitors, Elevance Health, Inc. (NYSE: ELV), reported poor numbers, which caused a dramatic selloff in related companies, including Cigna.
We have seen this happen before. We were confident the shares would rally once they issued another positive earnings report. Which they did on October 31st, easily beating expectations.
We predicted this would happen as the company has strong operating momentum.
We will take advantage of the strength in the shares and book our profits!
ACTION TO TAKE: Sell shares of The Cigna Group (NYSE: CI) for a gain of +7.2% in 19 days or +138.1% annualized.
