Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Cigna Analysts Increase Their Forecasts After Upbeat Earnings

Published 05/02/2024, 13:15
Updated 05/02/2024, 14:40
© Reuters.  Cigna Analysts Increase Their Forecasts After Upbeat Earnings

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Cigna Corporation (NYSE: CI) reported better-than-expected fourth-quarter results and issued a strong revenue outlook on Friday.

Cigna reported fourth-quarter 2023 sales of $ 51.15 billion, up 12% Y/Y, beating the consensus of $48.89 billion, reflecting strong growth across Evernorth Health Services and Cigna Healthcare. Cigna Healthcare’s fourth quarter adjusted sales increased 17% Y/Y to $13 billion. The adjusted EPS of $6.79, up from $5.02 a year ago, beat the Wall Street estimate of $6.53, according to data from Benzinga Pro.

Cigna declared a cash quarterly dividend of $1.40 per share to be paid on March 21, 2024, to shareholders of record as of the close of trading on March 6, 2024. This reflects a 14% increase from the 2023 cash quarterly dividend of $1.23 per share.

Cigna said it sees fiscal year 2024 revenues of at least $235 billion and adjusted EPS of at least $28.25 versus consensus of $229.24 billion and $28.26, respectively.

Cigna shares rose 5.4% to close at $323.84 on Friday.

These analysts made changes to their price targets on Cigna after the company reported quarterly results.

  • Cantor Fitzgerald raised the price target on Cigna from $334 to $372. Cantor Fitzgerald analyst Sarah James upgraded the stock from Neutral to Overweight.
  • RBC Capital increased Cigna price target from $327 to $354. RBC Capital analyst Frank Morgan upgraded the stock from Sector Perform to Outperform.

Read This Next: McDonald's, Caterpillar And 3 Stocks To Watch Heading Into Monday

Latest Ratings for CI

Mar 2022MizuhoMaintainsBuy
Feb 2022SVB LeerinkMaintainsMarket Perform
Feb 2022Morgan StanleyMaintainsEqual-Weight
View More Analyst Ratings for CI

View the Latest Analyst Ratings

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.