Humana's Dominant Presence in Medicare Advantage Is Deserving of a Narrow Economic Moat
Humana reported full-year results that largely tracked our expectations and provided 2019 outlook that appears to bracket our and consensus' projections. While we don’t intend to make any sizable changes to our model as a result of today's release, we may update our fair value estimate as we reassess the competitive landscape in the managed-care industry following the mergers of CVS/Aetna and Cigna/Express Scripts. For now, we intend to leave our no-moat and negative trend ratings for Humana in ...Humana is a holding company. Through its subsidiaries, the company is a health and well-being company. The company manages its business with three segments: Retail, which consists of products sold on a retail basis to individuals including medical and supplemental benefit plans, such as Medicare and state-based Medicaid Contracts; Group and Specialty, which consists of employer group commercial fully-insured medical and specialty health insurance benefits, including dental, vision and life insurance benefits, as well as administrative services only; and Healthcare Services, which includes pharmacy solutions, provider services, clinical care services, and predictive modeling and informatics services
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