Cigna is an American health services organization. It provides health insurance services, Medicare products, Medicaid products, and pharmacy benefit management services. The company’s merger with Express Scripts in 2018 allows Cigna to significantly expand its pharmacy benefit management services. Cigna, in fact, has its largest PBM contract with the Department of Defense. Cigna is ranked No. 13 in the Fortune 500 list of 2020. It is among the best health insurance stocks 2020.
A Brief Background Of Cigna Corporation
Cigna Corporation is a result of a 1982 merger between Connecticut General Life Insurance (CG) and INA Corporation. The letters from both those companies make up Cigna Corporation’s name. Cigna is headquartered in Bloomington, Connecticut with operations in China, Scotland, Belgium, and across the US. Cigna also has sales offices in the Middle East.
Cigna Corporation is estimated to have some 17 million medical customers globally and over 1.5 million relationships with healthcare clinics and facilities throughout the world. Its business segments are US Commercial (coverage sponsored by US employers), US Government (Medicare), Evernorth (PBM), and International. Cigna currently trades at a P/E of 14.7.
Performances of The Best Health Insurance Stocks To Buy Right Now
Some of the major players in the healthcare services sector include Cigna Corporation, HCA Healthcare, and Anthem Inc. Cigna Corporation’s stock is up 15% in the past one month. The price of the stock closed at $210 on 24th November 2020. The stock has been flat during 2020, having risen by close to 2.5%. However, the stock is up 61% since the March market crash.
HCA Healthcare, meanwhile, is up 14.5% in the past month and up 5% for the year 2020. The stock has gained a strong 127% since hitting a low in March. Anthem Inc is up 4.7% in the past month and up 4.3% since the start of the year 2020. However, since the March market fall, Anthem’s stock has gained 79%.