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Cigna Corporation Reports Better Than Expected Q2 Results

Cigna Corporation (NYSE:CI) reported its Q2 results, with EPS of $6.22 coming in above the Street estimate of $5.49. Revenue came in at $45.5 billion, beating the Street estimate of $44.49 billion.
According to the analysts at Oppenheimer, the quarterly results were driven largely by Cigna HC, which is successfully re-pricing its business that should continue to drive results into 2023.
Given favorable trends around margins and retention rates, management appears comfortable applying the 10–13% long-term EPS growth target range to the current 2022 guidance of $22.90, better than the Street estimate of $22.72.
The analysts raised their 2022/2023/2024 EPS estimates to $22.93/$25.40/$27.68 from $22.65/ $25.35/$27.60 and their price target to $320 from $310.

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