Why Is Health Insurance Plan Provider Cigna Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Cigna Corporation (NYSE:CI) reported Q4 2023 sales of $51.15 billion, a 12% increase Y/Y, surpassing consensus estimates. The growth was driven by Evernorth Health Services and Cigna Healthcare, with the latter seeing a 17% rise in adjusted sales to $13 billion. The company's medical cost ratio improved to 82.2% from 83.8% a year ago. Total premiums and the number of medical customers also saw significant increases. Cigna's adjusted EPS of $6.79 beat Wall Street estimates, and it declared a higher quarterly dividend of $1.40 per share. The company forecasts FY 2024 revenues of at least $235 billion and an adjusted EPS of at least $28.25. CI shares rose 4.16% in premarket trading.
February 02, 2024 | 1:15 pm
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Cigna Corporation reported a strong Q4 2023 performance with sales and EPS beating estimates, an improved medical cost ratio, and a higher quarterly dividend. The company also provided a positive FY 2024 revenue and EPS forecast.
Cigna's Q4 performance exceeded expectations with significant growth in sales and EPS, alongside an improved medical cost ratio and an increased dividend, indicating strong operational efficiency and financial health. The positive FY 2024 guidance further supports the potential for continued growth, making it likely that the stock price will experience short-term positive momentum.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100