Cigna Group Prepares to Announce Q4 Earnings, Analysts Predict Strong Growth
The Cigna Group (CI), boasting a market cap of $79.2 billion, is a leading health services provider based in Bloomfield, Connecticut. Noteworthy for its wide array of insurance offerings—including medical, dental, disability, life, and accident insurance—the company is set to release its fiscal Q4 earnings report on Thursday, Jan. 30, before the market opens.
Analysts Predict Solid Profit Growth
In anticipation of the earnings report, analysts project that CI will announce a profit of $7.83 per share, reflecting a 15.3% increase from last year’s $6.79 per share. Remarkably, Cigna has surpassed Wall Street’s earnings per share (EPS) estimates in its last four quarterly reports. Recently, the company reported adjusted earnings of $7.51 per share for the last quarter, which exceeded the consensus estimate by 4%.
Outlook for Fiscal 2024 Shows Continued Growth Potential
For fiscal 2024, analysts are predicting an EPS of $28.50 for CI, representing a 13.6% increase from the $25.09 recorded in fiscal 2023.
Stock Performance Compared to Broader Market
Over the past 52 weeks, Cigna’s shares have seen a decline of 6.7%. This performance lags behind the S&P 500 Index’s gain of 24.4% and the modest rise of the Healthcare Select Sector SPDR Fund (XLV) during the same period.
Recent Earnings Report Indicated Strong Revenue Performance
On Oct. 31, Cigna’s shares experienced a slight uptick after releasing its Q3 results. The company reported an adjusted EPS of $7.51, outpacing Wall Street expectations of $7.22. Additionally, its adjusted revenue reached $63.7 billion, which also surpassed analyst forecasts that estimated $59.8 billion.
Analysts Remain Bullish on Cigna Stock
Analysts hold a highly favorable view of CI stock, with an overall “Strong Buy” rating. Among 23 analysts following the stock, 17 recommend a “Strong Buy,” two suggest a “Moderate Buy,” and four advise a “Hold.” The average price target set by analysts is $395.23, indicating a potential upside of 38.9% from current share prices.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.