NEW YORK (TheStreet) -- Shares of Cigna (CI) - Get Report are sliding 5.14% to $129 on Friday morning after the health insurer posted lower-than-anticipated results for the 2016 second quarter and slashed its forecast for the full year.

Before today's market open, the Bloomfield, CT-based company reported adjusted earnings of $1.98 per share, below analysts' estimates of $2.39 per share. Last year, the company earned $2.55 per share.

Revenue for the quarter was $9.96 billion, while analysts were looking for revenue of $9.97 billion.

"Cigna's second quarter financial results reflect solid performance in global health care and global supplemental benefits, with a current headwind in group disability and life that pressured overall results," CEO David Cordani said in a statement.

He added that the company is taking a "series of corrective actions" to stabilize and improve group disability results.

Cigna had 15.14 million total medical customers by the end of the period compared to 14.77 million last year, the Wall Street Journal noted.

For 2016, Cigna now expects earnings per share between $7.75 and $8.10 vs. its prior view of $8.95 to $9.35 per share. Analysts are modeling earnings of $9.29 per share for the full year.

Last week, the Justice Department sued to block the proposed merger between Anthem (ANTM) and Cigna. 

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and notable return on equity.

The team believes its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CI

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