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Centene Corp reported quarterly revenue and profit ahead of analysts' estimates, helped by growth in its Obamacare individual business and as the health insurer's efforts to turn around recently acquired Health Net paid off. Centene's shares, which have fallen about 4 percent since the U.S. presidential election on Nov. 8, rose 8.25 percent to $68.88 in morning trading on Tuesday. The company has benefited from the expansion of Medicaid under the Affordable Care Act like other health insurers that focus on government-sponsored plans for the under-insured or uninsured.
A new leader took the reins at St. Louis’ largest public company in 2016. Tim Wentworth officially added the title of CEO to his role as president of Express Scripts, the pharmacy benefits manager that had 2015 revenue of $101.8 billion, in May. He succeeded George Paz, who announced in 2015 that he would be stepping down.Paz, who became Express Scripts’ CEO in 2005, continues to serve as chairman of the company. Another local public company in the health care industry also had big news in 2016: Centene closed in March on its $6 billion acquisition of California-based Health Net Inc .
Health insurer Centene Corp reported a lower-than-expected quarterly profit, largely weighed down by the Health Net acquisition. Centene, which acquired the smaller rival earlier in the year, set aside a $300 million reserve in July related to Health Net's operations. Analysts have said Centene's investors could grow frustrated over Health Net's performance, which has been below expectations so far.