Anthem's 2Q Characterized by Weak MLR, but Launch of PBM Is Tracking Ahead of Expectations
Narrow-moat Anthem posted second-quarter results that largely tracked our full-year estimates. We don’t anticipate a substantial change to our $306 fair value estimate as we update our model. We view shares as only slightly undervalued after today's mid-single-digit sell-off.The firm reported strong revenue growth that surpassed consensus expectations, helped by better-than-anticipated membership growth in Medicare Advantage and a commercial risk segment that held up well compared with enrollme...
Anthem is an insurance holding company. Through its subsidiaries, the company is a health benefits company, serving medical members through its affiliated health plans. The company has three segments: Commercial & Specialty Business, which provides fully-insured health products, managed care services to self-funded customers, and other insurance products and services; Government Business, which includes Medicare and Medicaid businesses, its subsidiary, National Government Services, and services provided to the federal government in connection with its Federal Health Products and Services business; and Other, which includes pharmacy benefits management business and integrated health services business.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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