Cigna Corporation is among the largest health insurance businesses in the US. As of September 2020, the company had a total of 189702 customer relationships. This number includes 86,604 pharmacy relationships. Cigna also happens to be a PBM provider for the US Department of Defense. Many of Cigna’s customers are based in the US. However, Cigna does business in more than 30 countries around the world. Cigna is based in Connecticut and offers medical, disability, dental, life, and accident insurance. It also offers other insurance and pharmacy benefits management-related services.
3Q2020 Revenues Up For Cigna
Cigna Corporation reported its 3Q2020 earnings in November 2020. Revenues for the quarter were up from $38.9 billion in 3Q2019 to $40.9 billion. Adjusted revenues were up from $35.8 billion to $40.8 billion on a Y-o-Y basis. Adjusted income from operations per share came in at $4.41, below last year’s corresponding figure of $4.54 per share. Overall, Cigna’s management believed that the third-quarter 2020 results were positive and were driven by stronger fundamental performance across multiple business segments of the company. The Evernorth segment, especially, was a standout performer for the company. The results of the third quarter of 2020 also demonstrate the trend of medical utilization gradually coming back to normal levels.
Healthcare stocks have been robust performers in recent times, especially since the pandemic broke out. However, not every business in the healthcare sector was a winner. Certain pockets are where all the action was happening. Cigna’s stock closed at $211 on 10th February 2021 and is down 1.86% over the preceding 12 months. At the close of day on 10th February 2021, the stock traded at a 1.89% dividend yield. Cigna is up almost 20% since October 2020. Another well-known health insurance company is Anthem Inc. Its stock closed at $298 on 10th February 2021. That stock was up 6.5% on a 1-year basis and was trading at a 1.52% dividend yield.