Centene Corporation (CNC) jumped 6% on 09/13/17: This is why

Centene Corporation (CNC) Entry level: 95.3 | Exit level: 99.8 | Stop level: 93.2  jumped 6% as a result of Bullish news signal: Centene Corporation announced today that it has signed a definitive agreement under which Fidelis Care will become Centene’s health plan in New York State.  Under the terms of the agreement, Centene will acquire substantially all of the assets of Fidelis Care for $3.75 billion, subject to certain adjustments. The addition of Fidelis Care will expand Centene’s national leadership in government-sponsored healthcare with a leadership position in New York, the country’s second largest managed care state by membership. With the addition of New York, Centene will have a leadership position in the country’s four largest managed care states by membership – CaliforniaFloridaNew York and Texas. Fidelis Care is a not-for-profit corporation that is a diversified leader in government programs, serving over 1.6 million members as of June 30, 2017, with total revenue of $4.8 billion for the six months ended June 30, 2017.

finviz dynamic chart for  cnc

“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. “Centene’s and Fidelis Care’s missions are fully aligned in terms of promoting health through high quality, accessible care and services for all and advocating for health policy that accords true dignity and respect for all people, especially the underserved. Through this transaction we can further enhance the well-being of Fidelis Care’s members and continue to build linkages and systems for the coordination of care and services among healthcare, behavioral and social services while doing so at an appropriate level of cost.  We look forward to partnering with the state of New York’s healthcare professionals as we continue to deliver on our mission of transforming the health of the community, one person at a time.”

Strategic and Financial Benefits of the Transaction

  • Addition of Incremental Scale to Drive Profitable Growth: With this acquisition, Centene expects to generate 2018 pro-forma total revenues of over $60 billion assuming a January 1, 2018closing date, solidifying its position as the largest Medicaid managed care organization in the country. The combined company anticipates driving profitable growth by leveraging Centene’s local approach that provides members access to high quality and culturally sensitive healthcare services. The transaction will provide Centene with a leadership position in New York’sMedicaid and other State sponsored businesses, Medicare Advantage and dual eligible programs, as well as the Qualified Health Plan and Essential Plan.  On a combined basis, Centene and Fidelis Care served approximately 13.8 million members as of June 30, 2017.
  • Highly Accretive to Earnings with Revenue Growth Opportunity: The transaction is expected to generate immediate accretion to Year 1 GAAP earnings per share, high single-digit and low- to mid-teens percentage accretion to adjusted earnings per share in Year 1 and Year 2, respectively. Centene expects to achieve $25 million of pre-tax net synergies in Year 1 and $100 million run-rate synergies beginning in Year 2.  Synergies will come from areas primarily attributable to reduced medical costs through the use of Centene’s systems and medical management programs, integration of a range of specialty services and efficiencies in G&A.
  • Opportunity to Leverage Centene’s Capabilities: Centene has made investments in a broad portfolio of capabilities including the suite of specialty services under envolve, the TruCare case management platform, the Centelligence data and analytics tools, and multiple award winning clinical programs. We look forward to the opportunity to bring these assets to New York in order to further build on and enhance the existing capabilities of Fidelis Care.

PR Newswire 

Explanation:

Why Bullish? the buyout will set a stock rally.  The stock has been impacted by the bullish news and jumped by 6%. It is very common that these type of news (i.e. buyout) will impact the stock in a bullish manner. Therefore, we provide this stock a  short-term bullish signal

  Jordan Mizrahi

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Centene Corporation (CNC) jumped 6% on 09/13/17: This is why

Centene Corporation (CNC) Entry level: 95.3 | Exit level: 99.8 | Stop level: 93.2  jumped 6% as a result of Bullish news signal: Centene Corporation announced today that it has signed a definitive agreement under which Fidelis Care will become Centene’s health plan in New York State.  Under the terms of the agreement, Centene will acquire substantially all of the assets of Fidelis Care for $3.75 billion, subject to certain adjustments. The addition of Fidelis Care will expand Centene’s national leadership in government-sponsored healthcare with a leadership position in New York, the country’s second largest managed care state by membership. With the addition of New York, Centene will have a leadership position in the country’s four largest managed care states by membership – CaliforniaFloridaNew York and Texas. Fidelis Care is a not-for-profit corporation that is a diversified leader in government programs, serving over 1.6 million members as of June 30, 2017, with total revenue of $4.8 billion for the six months ended June 30, 2017.

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