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CNC

Centene

$96.04

5.16 (5.68%)

, AET

Aetna

$162.59

-0.2422 (-0.15%)

11:32
09/13/17
09/13
11:32
09/13/17
11:32

Centene jumps after expanding to NY market with accretive Fidelis acquisition

Health insurer Centene (CNC) is advancing on Wednesday after the Medicaid coverage provider announced Tuesday night a "highly accretive" acquisition of Fidelis Care for $3.75B. Fidelis Care is a health plan that offers affordable health insurance coverage in New York. EXECUTING ON ACA EXCHANGES: As other healthcare insurers like Aetna (AET) and UnitedHealth (UNH) step back from the Affordable Care Act's challenged insurance exchanges, Centene, which specializes in the state and federal Medicaid programs for less advantaged and underserved, continues to execute on the ACA's public insurance exchange, even as President Trump warns of the imminent collapse of the ACA and its exchanges. As of June 30, the company almost doubled the number of its clients in plans purchases on ACA exchanges to 1.1M compared to 617,000 at the same time period in 2016. EXPANDS TO NY WITH FIDELIS: In the Fidelis deal, Centene will now have a "leadership" position in New York, the country's second largest managed care state by membership. The health insurer now will have a leadership position in the country's four largest managed care states by membership -- California, Florida, New York, and Texas. Fidelis Care is a not-for-profit corporation that is a diversified leader in government programs, serving over 1.6M members as of June 30. "We believe our over 30 years of experience, our local approach to the provision of healthcare, and our expertise and capabilities in caring for underserved populations will support the next generation of leadership in government programs in New York State," said Michael F. Neidorff, Chairman, President and CEO of Centene. With the Fidelis acquisition, Centene expects to generate 2018 pro-forma total revenues of over $60B assuming a January 1, 2018 closing date. The transaction is expected to generate immediate accretion to year one GAAP earnings per share, high single-digit and low- to mid-teens percentage accretion to adjusted earnings per share in year one and year two, respectively. Centene expects to achieve $25M of pre-tax net synergies in year one and $100M run-rate synergies beginning in Year two. Synergies will come from areas primarily attributable to reduced medical costs through the use of Centene's systems and medical management, said the company in a statement. ANALYSTS APPLAUD: On the heels of the announcement, Leerink analyst Ana Gupte raised her price target for Centene to $90 from $78 as she is positive on it after the announcement. The analyst reiterated a Market Perform rating on the shares. Cantor analyst Steven Halper also raised his price target for Centene shares to $107 this morning, keeping an Overweight rating on Centene. Fidelis Care is a strong fit, both culturally and in terms of business mix, for Centene, said Morgan Stanley analyst Zack Sopcak, calling the acquisition a deal "in Centene's wheelhouse." PRICE ACTION: Centene is op over 6% to $96.51 per share in morning trading.

CNC

Centene

$96.04

5.16 (5.68%)

AET

Aetna

$162.59

-0.2422 (-0.15%)

UNH

UnitedHealth

$198.49

1.02 (0.52%)

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CNC Centene
$96.04

5.16 (5.68%)

09/13/17
LEER
09/13/17
NO CHANGE
Target $90
LEER
Market Perform
Centene price target raised to $90 from $78 at Leerink
Leerink analyst Ana Gupte raised her price target for Centene to $90 from $78 as she is positive on it after the announcement of the Fidelis AMC acquisition. The analyst reiterates a Market Perform rating on the shares.
07/26/17
PIPR
07/26/17
NO CHANGE
Target $105
PIPR
Overweight
Piper says double down on Centene, ups target to $105
Piper Jaffray analyst Sarah James attributes yesterday's post-earnings pullback in shares of Centene to the macro backdrop and the company's spending bump that she believes fuels the bear concern that constant spending for growth pressures margins. The analyst "strongly" disagrees and believe this is when investors should double down on Centene shares. The company will see the greatest multiple expansion in the group and has the highest potential for earnings upside, James tells investors in a research note. She raised her price target for the shares to $105 from $85 and keeps an Overweight rating on the name.
09/13/17
MSCO
09/13/17
NO CHANGE
Target $94
MSCO
Overweight
Deal for Fidelis 'in Centene's wheelhouse,' says Morgan Stanley
Morgan Stanley analyst Zack Sopcak sees Fidelis Care as a strong fit, both culturally and in terms of business mix, for Centene, calling the acquisition a deal "in Centene's wheelhouse." The analyst, who views the downside to the deal as limited given what he sees as modest synergy targets, keeps an Overweight rating and $94 price target on Centene shares.
09/13/17
CANT
09/13/17
NO CHANGE
Target $107
CANT
Overweight
Centene price target raised to $107 from $100 at Cantor
Cantor Fitzgerald analyst Steven Halper raised his price target for Centene shares to $107 following the company's acquisition of Fidelis Care. The analyst views the acquisition positively, both from a strategic and financial perspective. He keeps an Overweight rating on Centene.
AET Aetna
$162.59

-0.2422 (-0.15%)

07/14/17
PIPR
07/14/17
NO CHANGE
Target $18
PIPR
Overweight
Piper views updated Aetna policy as disappointing for Natera
Piper Jaffray analyst William Quirk views Aetna's (AET) updated non-invasive prenatal testing medical policy, where it decided to continue covering the test only in high risk, as "disappointing." Upside for Natera (NTRA) in the second half of 2017 now falls on Medicaid and microdeletion reimbursement progress, and less so commercial payers flipping to cover average risk, Quick tells investors in a research note. He keeps an Overweight rating on Natera shares with an $18 price target.
09/12/17
ARGS
09/12/17
NO CHANGE
ARGS
Aetna price target raised to $185 from $165 at Argus
Argus analyst David Toung believes that Aetna reported "strong" Q2 results. The analyst remains upbeat on the company's 2H17 outlook and keeps a Buy rating on the shares.
06/28/17
06/28/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Altaba (AABA) initiated with an Overweight at JPMorgan. 2. Aetna (AET) and Humana (HUM) were initiated with a Buy at Citi. The firm also added Aetna to its Focus List. 3. CVS Health (CVS) and Walgreens Boots Alliance (WBA) were initiated with a Hold at Needham. 4. Oaktree Capital (OAK) initiated with a Hold at Jefferies. 5. General Motors (GM) resumed with an Overweight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/13/17
FBCO
07/13/17
NO CHANGE
Target $165
FBCO
Outperform
Aetna price target raised to $165 from $160 at Credit Suisse
Credit Suisse analyst Scott Fidel raised his price target for Aetna to $165 from $160 ahead of Q2 results. He reiterates an Outperform rating on the shares.
UNH UnitedHealth
$198.49

1.02 (0.52%)

08/11/17
COWN
08/11/17
NO CHANGE
Target $220
COWN
Outperform
UnitedHealth price target raised to $220 from $175 at Cowen
Cowen analyst Christine Arnold raised her price target on UnitedHealth to $220 from $175. The analyst believes the company can achieve its long-term growth targets in 2018, citing Medicare Advantage enrollment growth, operating efficiencies, commercial market penetration, and OptumRx and OptumInsight earnings gains. Arnold reiterated her Outperform rating on UnitedHealth shares.
08/16/17
PIPR
08/16/17
NO CHANGE
PIPR
Overweight
UnitedHealth made 'solid choice' in new CEO, says Piper Jaffray
Piper Jaffray analyst Sarah James views UnitedHealth's promotion of David Wichmann as a "solid choice and not a surprise." The analyst expects business as usual for the company as it continues to push into technology including artificial intelligence. She has an Overweight rating on the shares.
08/29/17
PIPR
08/29/17
NO CHANGE
Target $54.29
PIPR
Neutral
Piper says Advisory Board deal should be marginally accretive to UnitedHealth
Piper Jaffray analyst Sean Wieland said Advisory Board's (ABCO) deal to merge its healthcare business with United Healthcare's (UNH) OptumInsights should be marginally accretive to UnitedHealth and add to his confidence in his FY18 OptumInsights growth estimates. He keeps a Neutral rating on Advisory Board shares and raised his price target on the stock to $54.29 from $51 to reflect the combined estimated amount being paid to shareholders by Optum and Vista Equity, the buyers of Advisory's education business.
08/30/17
ADAM
08/30/17
DOWNGRADE
Target $54
ADAM
Hold
The Advisory Board downgraded to Hold from Buy at Canaccord
Canaccord analyst Richard Close downgraded The Advisory Board (ABCO) to Hold from Buy based on the announced transaction to split the company by selling the Healthcare business to UnitedHealth's (UNH) Optum unit and the Education Business to Vista Equity Partners. Close lowered his price target to $54.29 on Advisory Board shares.

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KBR

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