Wedbush analyst Sarah James attributes the pullbacks in shares of Molina Healthcare (MOH) and Triple-S (GTS) to concerns of rising costs related to the Zika virus after comments by Senator Marco Rubio and Puerto Rico's Health secretary were covered widely by the press. The analyst notes Molina and Triple-S are two of the largest providers of insurance in Puerto Rico. However, based on conversations with insurers, James believes Zika is unlikely to have caused a material issue in the quarter and views today's weakness in Molina as an overreaction. The firm keeps an Outperform rating on Molina shares.

The company states: "The consolidated MCR for the first quarter of 2024 was 88.5%, reflecting changes in member mix due to growth across all segments and continued, strong medical cost management, and is in line with the Company's expectation. The Medicaid MCR for the first quarter of 2024 was 89.7%, in line with the Company's expectation and normal quarter to quarter trend fluctuations within our guidance. The new store additions in California and Nebraska, as well as Iowa and the My Choice Wisconsin acquisition in late-2023, drove a higher reported MCR in the first quarter of 2024. The Medicare MCR for the first quarter of 2024 was 88.7%, in line with the Company's expectations. Utilization in the legacy portfolio was consistent with the second half of 2023, but was offset by operational improvements and benefit adjustments."

Reports Q1 revenue $9.93B, consensus $9.44B. "We are very pleased with our first quarter performance," said Joseph Zubretsky, CEO. "We delivered strong financial performance supported by excellent operating metrics across our business, while sustaining profitable growth consistent with our long-term targets."

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