It will be interesting to see the Q3 earnings /losses on October 26th. A few weeks after the last reported earnings/losses there was a layoff. Just a few weeks ago Centene had to settle to pay $56 mil to the State of Illinois for a pharmacy benefit investigation. I wouldn’t be surprised if they report millions in losses and target to let go some of the associates who haven’t been vaccinated.
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https://weownit.org.uk/blog/here-are-gp-practices-taken-over-us-health-insurance-giant-centene
Centene is greedy!
Only reason to sell off non-core assets to raise cash is to prep for another acquisition —OR make CNC books look good so it can be bought. More cash on hand…less complexity to manage = easier for another company to acquire what’s left of CNC.
I would guess they want to shed Fidelis, Envolve, and any HIX product. Focus on core Caid and Care.
Molina's purchase of that piece of Magellan has been in the works for some time. That is not the bulk of the company, which Centene is set to close on during the second half of 2021. Two separate buys.
Centene missed their 3rd Q earnings per share estimate, but made revenue.
"Centene Corp. (CNC) on Tuesday reported third-quarter earnings of $584 million.
The St. Louis-based company said it had profit of 99 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.26 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.
The healthcare company posted revenue of $32.41 billion in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $31.82 billion."
https://www.wsiltv.com/news/missouri/centene-q3-earnings-snapshot/article_f517cb55-f739-5a11-866a-c1e352cc31f2.html
Molina closed on the purchase of Magellan Complete Care in January 2021
For those that listened in to their earnings call, did any of you catch Sarah talk about selling non core assets to raise cash? What specific "non core assets" are they referring to? Buildings? Business units?
In response to the above post regarding Centene acquiring Magellan. I was recently informed by a Magellan associate that they’re merging with Molina Healthcare.
Post ID: @3ygg+1drvcCxs please provide documentation from a newsworthy source that anyone can collect unemployment if they refuse to follow rules set forth by their employers. Most companies, if you do not comply with the vaccine mandate, are looking at this like you did not follow the company rules, therefore you have willingly resigned. Therefore, no unemployment or severance will be forthcoming.
Not completely accurate. Washington State, Tennessee, South Dakota, Texas, Idaho , Florida, Michigan and a few others, are all states that will allow employees to collect unemployment if they are let go for not taking the "shot". This thread is riddled with inaccurate information to scare employees into complying. This is manipulation and coercion! Is this the reputation Centene wants ?
They are going to let go of most of the unvaccinated; not hard to outsource a lot of this work. They also paid out $15 million to AR at the same time they paid off IL. It was a total of almost $72 million paid in total for AR and IL. And have they actually closed on Magellan yet? That was supposed to be in the second half of 2021. You can bet on a significant layoff. Thing is they don't have to pay the anti vaxers any severance or unemployment.
I agree. I would not be surprised one bit.