Molina Healthcare, Inc. - MOH STOCK NEWS

Molina Healthcare (NYSE: MOH) has announced the pricing of $750 million in senior notes due 2033, with a 6.250% interest rate. The notes will be sold privately to qualified institutional buyers and will be payable semi-annually starting July 15, 2025. After deducting fees, the company expects net proceeds of approximately $740 million, which will be used for general corporate purposes including debt repayment, acquisitions, share repurchases, capital expenditures, working capital, and capital contributions to health plan subsidiaries.

Molina Healthcare (NYSE: MOH) has announced plans to privately offer $500 million in senior notes due 2033. The offering will be made to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S. The notes will not be guaranteed by company subsidiaries at issuance. Net proceeds will be used for general corporate purposes, including potential debt repayment, acquisitions, share repurchases, capital expenditures, working capital, and capital contributions to health plan subsidiaries for statutory requirements.

Molina Healthcare (NYSE: MOH) reported strong Q3 2024 financial results with GAAP earnings of $5.65 per diluted share, up 34% year-over-year, and adjusted earnings of $6.01 per diluted share, up 19%. Premium revenue reached $9.7 billion, an 18% increase, driven by new contract wins and acquisitions. The company serves approximately 5.6 million members, an 8% increase from 2023. The Medical Care Ratio was 89.2%, while the G&A ratio improved to 6.5%. Molina reaffirmed its full year 2024 guidance, expecting premium revenue of $38 billion and adjusted earnings of at least $23.50 per diluted share.

Molina Healthcare, Inc. (NYSE: MOH) has announced that its subsidiary, Molina Healthcare of Michigan, has been awarded a contract by the Michigan Department of Health and Human Services (MDHHS) to provide a Highly Integrated Dual Eligible Special Needs Plan (HIDE SNP). This new benefit plan, called MI Coordinated Health, will serve individuals enrolled in both Medicare and Medicaid.

Key points:

• Molina was awarded the contract in six service regions
• The company currently serves two regions in Michigan's existing Health Link program
• The new contract is expected to go live on January 1, 2026
• The contract duration is set for seven years, with three one-year optional extensions

Molina Healthcare (NYSE: MOH) has announced key dates for its third quarter 2024 financial results and investor events. The company will release its Q3 2024 earnings after market close on October 23, 2024, followed by a conference call and webcast on October 24, 2024, at 8:00 a.m. Eastern Time. Investors can access the call by dialing (877) 883-0383 with confirmation number 7014206.

Additionally, Molina will host its 2024 Investor Day on November 8, 2024, in New York City, starting at 9:30 a.m. Eastern Time. The event will be publicly webcast, with in-person attendance by invitation only. Both the earnings call and Investor Day will be available for replay on the company's investor relations website.

Molina Healthcare (NYSE: MOH) has announced an expanded role for Senior Executive Vice President and CFO Mark Keim. In addition to his current responsibilities, Keim will now lead the company's Medicaid Health Plans and Marketplace business. Keim, 59, joined Molina in January 2018 and became CFO in February 2021. CEO Joe Zubretsky praised Keim's leadership in finance, strategic development, and operations, describing the expansion of his role as a natural evolution. Zubretsky also highlighted the strong operating team led by Keim and COO Jim Woys as a key factor in Molina's success.

Molina Healthcare (NYSE: MOH) has announced a contract amendment with President and CEO Joe Zubretsky, securing his leadership through at least the end of 2027. The Board of Directors has awarded Zubretsky, who joined Molina in November 2017, a special one-time stock grant that will vest at the end of 2027, contingent upon achieving certain financial targets. His annual compensation remains unchanged.

Chairman Dale Wolf expressed delight in Zubretsky's continued leadership, citing the company's right strategy, great execution, and significant value creation for shareholders under his tenure. This move demonstrates Molina's commitment to maintaining stable leadership and pursuing long-term financial goals.

Molina Healthcare (NYSE: MOH) announced Q2 2024 financial results, revealing GAAP earnings per diluted share of $5.17 and adjusted earnings of $5.86. Key figures include:

Premium Revenue: $9.4 billion, up 17% YoY.

Total Revenue: $9.88 billion, up from $8.33 billion in Q2 2023.

Net Income: GAAP net income at $301 million, down from $309 million in Q2 2023.

EPS: GAAP EPS at $5.17, down 3% YoY; Adjusted EPS at $5.86, up 4% YoY.

Molina served around 5.6 million members, an 8% increase YoY. The company reaffirmed its full-year 2024 guidance, expecting approximately $38 billion in premium revenue and adjusted EPS of at least $23.50. Notably, the Medical Care Ratio (MCR) stood at 88.6%, with Medicaid MCR at 90.8%, Medicare MCR at 84.9%, and Marketplace MCR at 71.6%.

Molina Healthcare (NYSE: MOH) has announced a definitive agreement to acquire ConnectiCare for $350 million, representing 25% of ConnectiCare's expected 2024 premium revenue of $1.4 billion. ConnectiCare, a leading health plan in Connecticut, serves approximately 140,000 members across Marketplace, Medicare, and certain commercial products. This acquisition expands Molina's presence into Connecticut and is expected to add $1.00 per share to new store embedded earnings.

The transaction aligns with Molina's strategy of acquiring stable revenue streams and deploying capital efficiently. Molina plans to fund the purchase with cash on hand. The deal is subject to regulatory approvals and is expected to close in the first half of 2025.