We Believe Aetna’s Merger With CVS Is a Positive and Will Drive Shareholder Value
We are reiterating our $181 fair value estimate and narrow moat rating for Aetna after it reported decent quarterly results. While there were no major surprises reported by the MCO, it did execute on reorganizing its operations in order to prepare for its merger with CVS. Aetna has reorganized its operations by combining all healthcare related activities under one segment and has divested its other nonhealthcare insurance businesses. The firm also acquired 279,000 new Medicare members as it look...Aetna is a health care benefits company. The company conducts its operations in three business segments: Health Care, which provides medical, pharmacy benefit management services, dental, behavioral health and vision plans provided on both an insured basis and an employer-funded basis and businesses products and services that complement its medical products; Group Insurance, which primarily includes group life insurance and group disability products and long-term care products; and Large Case Pensions, which manages a variety of retirement products (including pension and annuity products) primarily for tax-qualified pension plans.
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