UBS Reiterates Buy as Centene (CNC) Completes Dialog with California Department of Insurance
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UBS reiterated a Buy rating and $80.00 price target on Centene (NYSE: CNC) as the company completes its ongoing dialog with the California Department of Insurance. Management submitted its final filing for 2017 benefit plan design and rate adjustments associated with the off-exchange PPO plans. The company plans to provide additional details and what the premium update and benefit design changes mean for 2017 following its 3Q release on 10/25.
Analyst A.J. Rice commented, "After the close, CNC filed an 8-K noting that the company has completed its ongoing dialog with the California Department of Insurance and has submitted its final filing for 2017 benefit plan design and rate adjustments associated with the off-exchange PPO plans. CNC shares closed down 5.5% on Monday on concerns around the lack of update on the company's CA PPO premium rate and benefit design changes. In a quick conversation with the company post its 8-K release, management notes that these design changes, along with other provider contracting and medical management initiatives, will significantly improve the performance of its CA off-exchange PPO plan in 2017 versus a loss of $125 mln recognized as PDR in 2016."
Shares of Centene closed at $63.31 yesterday.
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