Managed healthcare and insurance company Cigna Group (NYSE:CI) gained in trading after announcing stellar fourth-quarter results. The company reported adjusted earnings of $6.79 per share, beating Street estimates of $6.54 per share.
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Cigna posted adjusted revenues of $51.1 billion, up by 11.7% year-over-year and above consensus estimates of $48.91 billion.
Moreover, the company declared a quarterly dividend of $1.40 per share to be paid on March 21 to shareholders of record on March 6, 2024. This equates to a 14% increase over its 2023 quarterly dividend of $1.23 per share.
In FY24, Cigna expects adjusted revenues of at least $235 billion, with adjusted earnings of at least $28.25 per share compared to its prior estimate of $28 per share.
Is Cigna Stock a Good Buy?
Analysts remain cautiously optimistic about CI with a Moderate Buy consensus rating based on nine Buys and five Holds. Over the past year, CI has gone up more than 8%, and the average CI price target of $372.83 implies an upside potential of 14.4% at current levels.
