Upgrading Humana to Narrow Moat, Affirming Anthem's Strong Competitive Footing; Raising FVEs
As we continue to refresh our managed-care coverage, we're upgrading Humana to a narrow moat rating while raising our moat trend outlook for both Humana and Anthem to stable from negative. We've reaffirmed Anthem's narrow moat rating and have raised our fair value estimates for both firms.We think Humana has been successful in carving out competitive advantages in its market niche of Medicare Advantage. The firm has garnered market share levels that approach nearly a third of MA enrollees in th...
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.
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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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