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Cigna Corp CI Stock Quote

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Cigna Turns in Strong Q3; Raising Fair Value Estimate on Recent Cash Flows

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Cigna turned in better-than-expected third-quarter operating results that allowed management to boost its 2022 outlook a bit. After incorporating recently generated cash flows (primarily) and mildly stronger recent trends (secondarily), we are raising our fair value estimate in the midsingle digits on a percentage basis. Shares appear about fairly valued, in our opinion.

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Company Profile CI

Business Description

Cigna primarily provides pharmacy benefit management and health insurance services. Its PBM services, which were greatly expanded by its 2018 merger with Express Scripts, are mostly sold to health insurance plans and employers. Its largest PBM contract is the Department of Defense. In health insurance and other benefits, Cigna mostly serves employers through self-funding arrangements, but it also operates in government programs, such as Medicare Advantage. The company operates mostly in the U.S. with 18 million medical members covered as of the end of September 2022.

900 Cottage Grove Road
Bloomfield, CT, 06002
T +1 860 226-6000
Industry Healthcare Plans
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 73,700

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