5 Latest Earnings That Surprised Wall Street

4. Cigna Corporation (NYSE:CI)

Number of Hedge Fund Holders: 66

Cigna Corporation (NYSE:CI) recently delivered an impressive financial performance for the third quarter and raised its profit outlook for the full year. The company attributed the results to solid contributions from its Evernorth and Cigna Healthcare segments.

The health service giant earned $6.04 per share on an adjusted basis, crushing expectations of $5.71 per share. In addition, Cigna Corporation (NYSE:CI) posted revenue of $45.3 billion, up 2.4 percent versus last year and above estimates of $44.76 billion.

Looking forward, Cigna Corporation (NYSE:CI) now expects adjusted earnings of at least $23.10 per share for the full year, versus its previous earnings guidance of at least $22.90 per share. The updated forecast is better than the consensus of $23 per share.

Earlier this year, investment management firm Aristotle Capital Management briefly discussed Cigna Corporation (NYSE:CI) in its second-quarter 2022 investor letter. Here’s what the firm said:

“Cigna Corporation (NYSE:CI) contributed to performance in the second quarter, outpacing the benchmark Health Care sector return. We believe Cigna benefited from investors seeking relative “safety” in the managed care sector and the stock’s attractive valuation at just over 10 times next year’s earnings. During the quarter, Cigna reported an earnings beat due to a better-than-expected medical loss ratio.”