Health insurance company Cigna (NYSE: CI) will be reporting results this Thursday before the bell. Here’s what to expect.
Cigna beat analysts’ revenue expectations by 7.9% last quarter, reporting revenues of $67.13 billion, up 11% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ revenue estimates and customer base in line with analysts’ estimates. It lost -9,000 customers and ended up with a total of 16.36 million.
Is Cigna a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Cigna’s revenue to grow 5.7% year on year to $67.35 billion, slowing from the 29.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $7.64 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Cigna has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 4.9% on average.
Looking at Cigna’s peers in the health insurance providers segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Elevance Health delivered year-on-year revenue growth of 11%, meeting analysts’ expectations, and Molina Healthcare reported revenues up 11%, topping estimates by 4.7%. Elevance Health traded down 2.5% following the results while Molina Healthcare was also down 17.3%.
Read our full analysis of Elevance Health’s results here and Molina Healthcare’s results here.
There has been positive sentiment among investors in the health insurance providers segment, with share prices up 6.1% on average over the last month. Cigna is up 7.8% during the same time and is heading into earnings with an average analyst price target of $366.50 (compared to the current share price of $309).
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