Welcome to our dedicated page for Centene Corporation news (Ticker: CNC), a resource for investors and traders seeking the latest updates and insights on Centene Corporation stock.
Centene Corporation (NYSE: CNC), a Fortune 500 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government-sponsored healthcare programs. The company focuses on under-insured and uninsured individuals, offering benefits under Medicaid, including the State Children's Health Insurance Program (CHIP), aged, blind or disabled (ABD), foster care, long-term care (LTC), and other state-sponsored/hybrid programs as well as Medicare (special needs plans).
Centene operates local health plans and offers an array of health insurance solutions. It contracts with other healthcare and commercial organizations to deliver specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, in-home health services, life and health management, managed vision, pharmacy benefits management, specialty pharmacy, and telehealth services. As of June 2023, Centene served approximately 24 million medical members, with a significant portion enrolled in Medicaid (67%), individual exchanges (14%), and Medicare Advantage (6%) plans.
Recently, Centene has been recognized for its contributions in tackling social issues. For instance, on April 8, 2024, Health Net, a Centene subsidiary, contributed $1.3 million to the Mayor's Fund for Los Angeles' We Are LA program, which aims to prevent evictions and combat homelessness. The program has served over 32,000 individuals and families, helping them avoid eviction and maintain stable housing. Moreover, Centene's financial results for the first quarter of 2024 highlighted the company's robust performance, with medical claims liabilities totaling $18.1 billion and a strategic plan for growth focused on increasing access to affordable, high-quality healthcare.
Furthermore, Centene has entered into significant partnerships to improve healthcare accessibility. For example, in Uvalde, Texas, Centene's subsidiary Superior HealthPlan invested $250,000 to allow students access to virtual healthcare through Hazel Health until the 2028–2029 school year. The company has also initiated the MHS Serves program in Indiana, a $12 million health equity initiative aimed at reducing health disparities.
Centene continues to innovate and expand its healthcare solutions, ensuring that under-insured and uninsured individuals receive comprehensive healthcare services. The company's latest strategic moves and partnerships underscore its commitment to transforming healthcare delivery and improving health outcomes for millions of Americans.
Centene Corporation (NYSE: CNC) has signed a definitive agreement to sell its Spanish and Central European businesses to Vivalto Santé, as part of its strategic portfolio review. This transaction includes Ribera Salud, a healthcare provider in Spain, and Pro Diagnostics Group, which operates clinics in Slovakia and the Czech Republic. Centene plans to use most of the net proceeds for stock repurchases and the remainder to reduce debt. The transaction is expected to be neutral to adjusted diluted earnings per share over the 12 months following its closing, anticipated by year-end 2022.
Health Net has awarded a $120,000 grant to the Vouchers 4 Veggies program to help combat food insecurity in San Joaquin, Sutter, and Yuba counties. This initiative aims to provide low-income families with access to fresh produce. Since November 2021, over 250 households have benefited from food vouchers. This grant is part of Health Net's broader effort to enhance community health and tackle food insecurity affecting millions in California.
Centene Corporation (NYSE: CNC) has completed the divestiture of its pharmacy business, PANTHERx, to Vistria Group, General Atlantic, and Nautic Partners as part of its ongoing value creation strategy.
Proceeds from the sale will primarily be used for stock repurchases and debt reduction. The divestiture allows Centene to concentrate on its core business, enhancing its focus on delivering integrated, high-quality healthcare services.
Centene Corporation announced the intent to award a contract to its subsidiary, Delaware First Health, to manage Medicaid services in Delaware, marking its 30th state in the Medicaid managed care sector. The contract, effective January 1, 2023, includes providing integrated services for physical and behavioral health. With nearly 40 years of Medicaid experience, Centene aims to enhance health outcomes for Delaware residents while focusing on value-based care.
Centene Corporation (NYSE: CNC) announced the release of its 2022 second quarter financial results on July 26, 2022, at 6 a.m. Eastern Time. A conference call will follow at 8:30 a.m. Eastern Time to discuss the results. Interested parties can participate by calling 1-877-883-0383 in the U.S. or via international dialing. The call will also be available as a live audio webcast on Centene's website, with a replay accessible for 12 months. Centene, a Fortune 500 company, focuses on delivering integrated healthcare services, particularly to under-insured individuals.
Centene Corporation (NYSE: CNC) has updated its 2022 guidance, increasing Premium and Service Revenues by $2.0 billion to a range of $134.3 billion to $136.3 billion and Adjusted Diluted EPS guidance to $5.55 to $5.70. The company plans to reduce its real estate footprint, anticipating one-time costs of $1.5 to $1.65 billion but expects to cut annualized leased real estate expenses by $180 million to $200 million. Additionally, the Board has authorized a $3 billion increase to its stock repurchase program and a $1 billion debt repurchase program.
Health Net, a leading Medi-Cal partner in California, has announced a collaboration with MedArrive to provide in-home COVID-19 vaccinations for vulnerable members and their families. This initiative targets areas like Los Angeles, Sacramento, and Fresno, facilitating access for those facing social and economic barriers. Eligible members can schedule home visits with licensed healthcare professionals. The program is part of Health Net's broader efforts to enhance health equity and increase vaccination rates among underserved populations in California.
Centene Corporation (NYSE: CNC) will hold a virtual Investor Meeting on June 17, 2022. The meeting will feature insights from senior management and will be live-streamed on the Centene website under the Investors section. Centene, a Fortune 25 healthcare leader, focuses on providing high-quality and cost-effective services to under-insured and uninsured individuals. The company serves nearly 1 in 15 people in the U.S. and operates in international markets, ensuring long-term growth and value creation for its members and community.
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