Cigna to acquire Express Scripts for $67 billion
- Author: Wendy Palmer Mar 16, 2018,
Mar 16, 2018, 0:49
Net income in the quarter surged 72% to $94 million or 52 cents per diluted share from $54.6 million or 30 cents in the same quarter a year ago.
"Express Scripts was under some pressure" by investors to do a deal as well, Sperling added.
Express Scripts Holding Company (ESRX) has declined -1.56% and closed its last trading session at $73.42. Geode Ltd Company reported 6.58 million shares stake. Columbia Asset Management holds 10,110 shares. 131,308 are owned by Pinebridge Invs Lp.
The transaction, which is expected to be completed by 31 December 2018, is subject to the approval of Cigna and Express Scripts shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. Leavell Investment Mgmt Inc has 3,285 shares for 0.03% of their portfolio. Bronson Point Management Llc owns 100,000 shares or 1.54% of their United States portfolio.
USA Financial Portformulas Corp acquired a new position in shares of Express Scripts Holding (NASDAQ:ESRX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission.
The TTM operating margin for the company stands at 5.5%. Moreover the Company's Year To Date performance was -1.63%. Express Scripts now has an average rating of "Hold" and an average price target of $80.91. Company insiders own 0.68% of the company's stock. According to today's trading volume Express Scripts Holding Company is ABOVE its 20-Day Avg. volume with the stock showing ABOVE Abnormal volume in the past 150 days. About 5.41M shares traded or 28.00% up from the average. It has underperformed by 33.62% the S&P500.
Express Scripts Holding Company (NASDAQ:ESRX) received a Buy rating from 3 analysts. Therefore 46% are positive. Express Scripts has $96 highest and $57 lowest target.
The company's stock is now moving with a +ve distance from the 200 day SMA of approximately 11.2%, and has a solid year to date (YTD) performance of -1.63% which means that the stock is constantly adding to its value from the previous fiscal year end price. Deutsche Bank started coverage on shares of Express Scripts in a research report on Monday, December 4th. On Thursday, June 1 the stock rating was maintained by Credit Suisse with "Buy". Girard Partners has invested 0.05% in Express Scripts Holding Company (NASDAQ:ESRX). Six analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company's stock. Cowen & Co upgraded the stock to "Outperform" rating in Monday, April 4 report. The rating was initiated by UBS with "Neutral" on Thursday, October 6.
In the deal announced Thursday, Cigna said it would pay approximately $52 billion in cash and stock and assume $15 billion in Express Scripts' debt.
USA health insurer Cigna Corporation has entered into a definitive agreement to acquire pharmacy benefit manager Express Scripts for a cash and stock transaction of approximately $67 billion, including about $15 billion in Express Scripts' debt.
Meanwhile, Express Scripts is dealing with a lawsuit brought by its biggest client Anthem in early 2016 alleging the PBM didn't pass along billions in savings from negotiated drug prices. The company has market cap of $46.62 billion. Until then, the two companies will continue to operate independently. In the past 13-year record, this ratio went down as low as 0.13 and as high as 1.62.