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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.

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Latest Ratings for CI

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

View the Latest Analyst Ratings

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

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