Cigna Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Cigna Corporation (NYSE:CI) reported Q4 2023 sales of $51.15 billion, a 12% increase Y/Y, surpassing consensus estimates. Adjusted EPS was $6.79, beating Wall Street's expectation of $6.53. The company also announced a 14% increase in its quarterly dividend to $1.40 per share and provided a strong FY 2024 revenue outlook of at least $235 billion with an adjusted EPS of at least $28.25. Following the report, Cigna's shares rose 5.4%. Analysts from Cantor Fitzgerald and RBC Capital raised their price targets on Cigna, upgrading the stock to Overweight and Outperform, respectively.
February 05, 2024 | 1:15 pm
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Cigna Corporation reported strong Q4 2023 results with a significant Y/Y sales increase and a higher-than-expected adjusted EPS. The company also raised its quarterly dividend and provided an optimistic FY 2024 revenue and EPS outlook. Analyst upgrades followed.
Cigna's better-than-expected Q4 earnings and positive FY 2024 outlook, along with an increased dividend and analyst upgrades, are likely to boost investor confidence and drive short-term stock price appreciation.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100