Cramer's 'Mad Money' Recap: A Clear Cigna to Buy

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Market players need to invest in companies that have big share-buyback programs and that are in the hot nonpharmaceutical health care sector, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

There is one stock, said Cramer, that has both areas covered: Cigna (CI Quote).

"Buybacks protect you," Cramer said. "Nothing is more reassuring than a company that believes in itself."

Because news headlines are so relentlessly negative, they tend to frighten people out of the game. But Cramer said he is not going to join the "bearish chorus," because he doesn't believe it's a good time to flee the market.

"When I tell you there's always a bull market somewhere, I mean it," he said. "Right now, the single biggest bull market is in the nonpharmaceutical health care sector."

On Stockpickr.com, a site owned in part by TheStreet.com(TSCM Quote), there are thousands of different portfolios, Cramer said. One portfolio Cramer wants people to take a look at is Mad Money Buybacks, which is where he said he found Cigna.

Even though Cramer hasn't always been a fan of the stock, it turns out he was wrong to not like it. Not only does Cigna have a great buyback program, but it also is in the nonpharma health care sector.

While most buybacks are "meaningless," Cigna's "is shrinking its share count so rapidly it's practically going private," Cramer said. In fact, since 2004, Cigna has bought back more than 20% of the company.

This kind of buyback does not come along every week, Cramer said. "I would be buying."

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