Welcome to our dedicated page for Molina Hlthcare news (Ticker: MOH), a resource for investors and traders seeking the latest updates and insights on Molina Hlthcare stock.
Molina Healthcare, Inc. reports developments tied to its managed healthcare business under Medicaid, Medicare and state insurance marketplace programs. Recurring updates include quarterly and annual results, premium revenue, medical care ratio trends, earnings guidance and commentary on state-program rates, medical cost management and product performance.
Company news also covers operating initiatives across Molina's service areas, including access-to-care and home health workforce programs, as well as capital actions such as senior note financing and credit-related activity. Coverage reflects a business model driven by government-program contracts, health plan membership, acquisitions, benefit costs and administrative expense control.
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.
Molina Healthcare (NYSE: MOH) has been awarded a new Medicaid managed care contract by the Florida Agency for Healthcare Administration (AHCA). The contract, awarded to Molina's subsidiary Molina Healthcare of Florida, Inc., covers Miami-Dade and Monroe Counties and is expected to serve approximately 90,000 Medicaid beneficiaries. The contract term is set to begin on January 1, 2025, and run through December 31, 2030, spanning a six-year period. This new contract represents a significant expansion of Molina's presence in Florida's Medicaid market and potentially strengthens its position in the state's healthcare sector.
Molina Healthcare (NYSE: MOH) has announced its earnings release for the second quarter ending June 30, 2024. The release will occur after market close on Wednesday, July 24, 2024.
A conference call and webcast to discuss these earnings will be held on Thursday, July 25, 2024, at 8:00 a.m. Eastern Time. Interested parties can join the teleconference by dialing (877) 883-0383 and entering the confirmation number, 8508329. For those unable to attend, a telephonic replay will be available until August 1, 2024, by dialing (877) 344-7529 and entering confirmation number, 5266367. Additionally, a live webcast and a 30-day online replay will be accessible via Molina's website.
Molina Healthcare (NYSE: MOH) announced that the Wisconsin Department of Health Services intends to award a new contract for Region 5 to Molina Healthcare of Wisconsin. The contract is set to begin on January 1, 2025, for two years, with options for three, two-year extensions. The program, branded as My Choice Wisconsin, currently serves 5,600 members in the Family Care and Family Care Partnership programs, out of the 55,000 total members in Wisconsin.
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