|Bid||0.00 x 1400|
|Ask||0.00 x 800|
|Day's Range||54.70 - 56.69|
|52 Week Range||45.44 - 74.49|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||21.24|
|Earnings Date||Jul 23, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||73.50|
The $17.3 billion planned merger of Centene Corp. and WellCare Health Plans received approval Monday by shareholders of both companies – leaving the deal to now face federal and state regulators before it can be finalized.
The $15.27 billion buyout of smaller rival WellCare would help Centene bulk up its government-backed Medicare and Medicaid businesses. As the Trump administration steps up its efforts to strike down the healthcare law introduced by former President Barack Obama, the merger would also help Centene reduce its exposure to Obamacare healthcare exchanges. Analysts have noted that the health insurer would be among the most vulnerable companies if the law were to be overturned as Centene's Obamacare business accounts for about 40% of its earnings.
Shareholders of Centene Corp and WellCare Health Plans Inc voted in favor of a merger of the health insurers, setting the stage for the creation of a major new player in government-sponsored healthcare plans. The $15.27 billion buyout of smaller rival WellCare would help Centene bulk up its government-backed Medicare and Medicaid businesses. As the Trump administration steps up its efforts to strike down the healthcare law introduced by former President Barack Obama, the merger would also help Centene reduce its exposure to Obamacare healthcare exchanges.
ST. LOUIS and TAMPA, Fla., June 24, 2019 /PRNewswire/ -- Centene Corporation (CNC) ("Centene") and WellCare Health Plans, Inc. (WCG) ("WellCare") today announced that the stockholders of both companies approved all proposals regarding Centene's pending acquisition of WellCare pursuant to the definitive merger agreement between the parties. At the special meeting of Centene's stockholders held today in St. Louis, Centene stockholders voted to approve proposals of the pending transaction with WellCare.
President Donald Trump will sign an executive order aimed at requiring hospitals to be more transparent about prices before charging patients for healthcare services, Secretary of Health and Human Services Alex Azar said on Monday. The executive order will direct HHS to issue a rule that will mandate hospitals to disclose in an "easy-to-read, patient-friendly format" what prices patients and insurers will actually end up paying, Azar said. The order will ultimately require healthcare providers and insurers to provide patients with information about the out-of-pocket costs they'll face before they receive healthcare services, he said.
The U.S. Supreme Court on Monday agreed to decide whether insurers can seek $12 billion from the federal government under a program set up by the Obamacare law aimed at encouraging them to offer medical coverage to previously uninsured Americans. The justices will hear an appeal by a group of insurers of a lower court's ruling that Congress had suspended the government's obligation to make such payments. The insurers have said that ruling, if allowed to stand, would let the government pull a "bait-and-switch" and withhold money the companies were promised.
(Bloomberg) -- Cable provider Altice USA will keep its offices in the New York skyscraper that Amazon.com Inc. had planned to move into before abandoning a deal to build a major campus in the city.The television company has been at One Court Square since 2017, but would have been booted to make room for Amazon. When the online retailer backed out of New York in February, there was speculation over whether Altice would still find a new home, or stay put in the 53-story office tower in the Long Island City neighborhood of Queens.Altice and Savanna, the building’s owner, said in a statement Friday that the cable company has signed a lease for 103,133 square feet (9,581 square meters) at One Court Square, and has the option to expand into additional floors in the future.“Moving to Long Island City has exceeded our expectations, and we’re thrilled to solidify plans to remain in One Court Square for the long term,” Altice Chief Procurement Officer Yossi Benchetrit said in the statement. “The vibrancy of this neighborhood, along with access to the wider pool of talent in the metropolitan area, has been great for our business and our culture.”Amazon, based in Seattle, announced in November that it would build additional headquarters in Long Island City and northern Virginia. Part of the plan was to lease a million square feet at One Court Square. A few months later, the e-commerce giant withdrew from New York following fierce public criticism of tax breaks promised to the company, and concerns about the impact on housing costs and transportation.The move sent shock waves through the community, which had been counting on Amazon to bring as many as 40,000 high-paying jobs and dozens of other businesses to the city. Savanna was quick to start filling the hole left by the online retailer at One Court Square. Health-care provider Centene Corp., which last year acquired insurer Fidelis Care, recently agreed to lease as much as 500,000 square feet in the 1.5 million-square-foot tower, according to people with knowledge of the matter.One Court Square, also known as the Citigroup building, was built in 1989 to house employees of the bank. Savanna has detailed plans to invest in a number of upgrades to the property, including a modernized lobby and a redesigned retail annex that will feature a 17,000-square-foot food hall.Citigroup Inc. has been moving workers out and consolidating them into its Tribeca headquarters ahead of its 2020 lease expiration in Long Island City.To contact the reporter on this story: Lily Katz in New York at email@example.comTo contact the editors responsible for this story: Debarati Roy at firstname.lastname@example.org, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WellCare Health Plans Inc. What the company does: Founded in Tampa, WellCare Health Plans Inc. is one of Tampa Bay's largest public companies. The company (NYSE: WCG) focuses primarily on providing government-sponsored managed care services to families, children, seniors and individuals with complex medical needs primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, as well as individuals in the Health Insurance Marketplace. On March 27, Centene Corp. (NYSE: CNC) acquired WellCare in a $17.3 billion deal.
ST. LOUIS , June 20, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today issued a reminder that it will release its 2019 second quarter financial results at approximately 6 a.m. (Eastern Time) on ...
ST. LOUIS , June 19, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today it will present at the BMO Capital 2019 Prescriptions for Success Healthcare Conference, to be held June 25, 2019 ...
WellCare Health Plans’ top leaders have accepted executive roles with Centene Corp., the St. Louis-based health care giant that announced in March that it would acquire the Tampa-based company in a $17.3 billion cash and stock transaction. Kenneth Burdick, CEO of WellCare (NYSE: WCG) and Drew Asher, chief financial officer, have signed two-year agreements with Centene to serve as executive vice presidents. The CEO, under the terms of Centene’s Stock Incentive Plan, will receive a target amount equal to $7 million.
Today we'll evaluate Centene Corporation (NYSE:CNC) to determine whether it could have potential as an investment...
In his second "Executive Decision" segment of "Mad Money" last Friday, Jim Cramer again sat down with Michael Neidorff, chairman, president and CEO of Centene Corp. Cramer's favorite managed-care provider. Neidorff said Centene continues on its mission to improve patient outcomes by modernizing healthcare and expanding its ecosystem.
Centene Corp., the Clayton-based provider of health services under Medicare and Medicaid, led a $60 million funding round by behavioral health tech company Quartet.
A prominent proxy firm on Wednesday recommended that shareholders vote in favor of Centene Corp.’s $17.3 billion acquisition of WellCare Health Plans.
Senior Judge Richard Leon sent shares in drug store chain CVS (NYSE:CVS) lower after saying he might try to stop its $69 billion merger with Aetna (NYSE:AET), a health insurer. CVS announced the deal in December 2017. Since then, CVS stock is down over 25%. It was due to open for trade June 12 at about $54 per share. CVS' market cap of $70 billion is now just 36% of its 2018 revenue, which was $194 billion.Source: Mike Mozart via FlickrLeon told CVS' and Aetna's lawyers to "cancel their summer vacation," arguing the Department of Justice barely considered what adding 21 million customers could do for CVS' Caremark, a Pharmacy Benefit Manager (PBM).Oral arguments will be held July 17, a ruling coming shortly after. CVS has already agreed to sell its Medicare Part D plan, the only overlap with Aetna, to Wellcare, which in turn is being bought by Centene (NYSE:CNC).InvestorPlace - Stock Market News, Stock Advice & Trading Tips The Question of CostsCentene's involvement begs the main question raised by the merger, which is whether the deal can cut healthcare costs.Centene's market advantage is cost visibility. Its business model is to profit in Medicare and Medicaid by owning clinics and other facilities its covered patients use. It was a big winner on the Obamacare exchanges, where it could offer much lower prices than standard insurance plans.The American Hospital Association opposes the CVS-Aetna merger, while supporting mergers between hospital groups, arguing that hospitals aren't the cause of health care inflation. * 10 Stocks That Every 30-Year-Old Should Buy and Hold Forever They're right. Drugs are. Combining PBMs and insurers is how the industry is fighting drug costs.CVS plans to turn 1,500 stores into "HealthHubs," after the merger, with labs, nurses and dieticians to treat chronic conditions like diabetes, representing 75% of America's health care bill.CVS has been preparing itself for a favorable outcome since February, when it reached the agreement with the Department of Justice Judge Leon is now reviewing. The Question of CompetitionLeon's objections are centered on Caremark, but that unit's problems were behind the merger in the first place.The PBM model was upended four years ago when UnitedHealth Group (NYSE:UNH), the largest private insurer, bought Catamaran, another PBM, for its own OptumRx unit.The deal made the stand-alone PBM market untenable. Since then, Express Scripts, the largest PBM, was acquired by Cigna (NYSE:CI), an Aetna rival. That merger, and the CVS-Aetna tie-up, followed failed attempts by Aetna to merge with Humana (NYSE:HUM) and by Cigna to merger with Anthem (NASDAQ:ANTM). Having failed at horizontal mergers because of their size (despite UnitedHealth being bigger than either combination), the second-tier players moved toward vertical mergers, hoping to compete through cost control.Thus, Leon seems intent on stopping a train that has already left the station. UnitedHealth, Centene and Cigna own PBMs, and he's going to stop CVS-Aetna because CVS owns one? The Bottom Line on CVS StockNot all mergers work. CVS' own acquisition of Omnicare, a long-term care provider, caused it take a $3.9 billion write-down in the second quarter of last year, and a net loss for all of 2018. * 7 U.S. Stocks to Buy With Limited Trade War Exposure But given how far insurers have gone along the road to matching income with outgo, the Aetna merger was looking like a winner. The delays have pushed CVS shares down enough to give its 50 cent per share dividend a yield of 3.82%, even though absent of write-offs, it covers that dividend with earnings two to three times over each year.The Leon delay looks like a good opportunity for income investors to grab a bargain.Dana Blankenhorn is a financial and technology journalist. He is the author of the mystery thriller, The Reluctant Detective Finds Her Family, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Quality Cheap Stocks to Buy With $10 * 7 U.S. Stocks to Buy With Limited Trade War Exposure * 6 Growth Stocks That Could Be the Next Big Thing Compare Brokers The post Can CVS Stock Overcome the Latest Wrench in Its Aetna Merger? appeared first on InvestorPlace.
Institutional Shareholder Services has shown support for Centene Corporation's planned acquisition of smaller rival WellCare Health Plans Inc by recommending shareholders favor the deal, the health insurers said on Wednesday. Centene in March said it would buy WellCare for $15.27 billion, in a move to bulk up its government-backed Medicare and Medicaid businesses while reducing exposure to Obamacare healthcare exchanges. "We expect, in the short term Centene stock will be volatile, with risk arbitrage funds shorting the name," she added.
ST. LOUIS and TAMPA, Fla., June 12, 2019 /PRNewswire/ -- Centene Corporation (CNC) ("Centene") and WellCare Health Plans, Inc. (WCG) ("WellCare") today announced that leading independent proxy advisory firm Institutional Shareholder Services ("ISS") recommends that Centene and WellCare stockholders vote "FOR" all transaction-related proposals at the respective special meetings of stockholders regarding Centene's pending acquisition of WellCare. As previously announced, the Centene Special Meeting of stockholders to vote on the shares of Centene common stock to be issued in connection with the transaction is scheduled to take place on June 24, 2019, at 10 a.m. Central Time and will be held at Centene Plaza, 7700 Forsyth Boulevard, St. Louis, Missouri.
Riding high on a robust revenue stream and solid streamlining measures, Molina (MOH) holds immense potential to garner benefits for investors.
Centene Corp NYSE:CNCView full report here! Summary * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is low for CNC with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding CNC totaled $7.69 billion. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Healthcare sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive […]