Centene Corporation - CNC STOCK NEWS

Centene Corporation (NYSE: CNC) has announced three key executive leadership appointments to enhance its growth strategy. Jonathan Dinesman is appointed Executive Vice President of Government Relations, while Shannon Bagley and H. Robert Sanders are named Executive Vice Presidents of Human Resources. Dinesman has been with Centene since 2008, and Bagley and Sanders have extensive experience with the company since 2003. These appointments come as Centene aims to bolster its position as a leading healthcare enterprise committed to serving under-insured and uninsured individuals.

Centene Corporation's Indiana subsidiary, Managed Health Services (MHS), has been awarded a four-year contract by the Indiana Department of Administration to continue its Medicaid managed care services for Hoosier Care Connect members. This contract includes options for two additional one-year renewals. MHS, serving over 330,000 members in Indiana since 1995, focuses on providing tailored healthcare for individuals aged 65 and older or those with disabilities. The company emphasizes its local approach and commitment to improving healthcare access for vulnerable communities.

Centene Corporation (NYSE: CNC) reported its Q2 2020 financial results, achieving diluted EPS of $2.05 and adjusted diluted EPS of $2.40. Total revenues reached $27.7 billion, marking a 51% increase compared to Q2 2019, driven by increased membership to 24.6 million, up 64% year-over-year. A notable health benefits ratio of 82.1% reflects lower medical utilization due to COVID-19. The company forecasts 2020 revenues of $109 to $111.4 billion and maintains a strong balance sheet with $25.6 billion in cash and investments.

Centene Corporation (NYSE: CNC) and Quartet Health announced a nationwide expansion of their partnership on July 16, 2020, to enhance access to behavioral health care, particularly during the COVID-19 pandemic. This expansion builds on their initial collaboration that began in June 2019 in Illinois and Louisiana. The new initiative offers members access to virtual care options, addressing the rising behavioral health needs as highlighted by recent surveys indicating increased anxiety and depression among Americans. The partnership aims to streamline referrals and improve care management through advanced technology integration.

Centene Corporation (NYSE: CNC) will announce its second quarter financial results for 2020 on July 28, 2020, at 6 a.m. ET. Following the release, a conference call is scheduled for 8:30 a.m. ET, hosted by CEO Michael Neidorff and CFO Jeffrey Schwaneke. Investors can join the call by dialing U.S. number 1-877-883-0383 or via a live webcast on Centene's website. A replay will be available post-call for 12 months. Centene serves a diverse customer base, focusing on integrated healthcare services for under-insured individuals, alongside its commitment to long-term growth.

Centene Corporation (NYSE: CNC) announced plans to establish a new East Coast headquarters in Charlotte, North Carolina, with construction starting in August 2020. This initiative aims to create 6,000 new jobs and represents a $1 billion investment in the local community. The facility will span over 1 million square feet, including spaces for childcare, dining, and corporate training. The campus will be developed in phases, with the first accommodating 3,000 employees by late 2022. Centene currently employs nearly 600 staff in North Carolina and aims to hire at least 3,200 people over 12 years.

Centene Corporation's Illinois subsidiary, Meridian Health Plan, has entered into a Member Transfer Agreement to acquire 100% of NextLevel Health Partners, bringing in approximately 54,000 Medicaid members from Cook County. This agreement includes a care coordination contract with NLHP to ensure continuity of care. Centene previously supported NLHP's establishment and has helped operationally since its inception in 2017. The transaction is anticipated to close in July 2020, pending regulatory approvals, enhancing Centene's footprint in the Illinois Medicaid market.

Centene Corporation (NYSE: CNC) has been notified of an unsolicited mini-tender offer by TRC Capital Investment Corporation to purchase 2,000,000 shares of its common stock at $59.00 per share, about 4.75% lower than the last closing price of $61.94 on June 12, 2020. Centene does not endorse this offer and recommends stockholders reject it, highlighting that the offer is below market value and subject to conditions. Additionally, TRC Capital's offer seeks less than 5% of outstanding shares to avoid many SEC disclosure requirements, raising potential investor caution.

Health Net Federal Services, a subsidiary of Centene Corporation (CNC), has achieved the prestigious Center of Excellence certification for its call center operations for the eighth consecutive year. This recognition, awarded by BenchmarkPortal, underscores HNFS's commitment to customer service excellence. Only 10% of evaluated call centers receive this certification, reflecting rigorous standards. HNFS serves approximately 2.9 million TRICARE beneficiaries, providing managed health care programs for military families. This certification validates HNFS's effective business practices and dedication to quality service.