We View a CVS/Aetna Merger as an Operational Positive for Both, In Line With Our H/C Services Thesis
On Oct. 28, several media outlets reported that CVS was in talks to acquire Aetna. If these reports are correct, we believe it will largely be an operational positive for both firms despite some concerns. However, from a valuation perspective, we continue to see strong upside to CVS with the market underappreciating its well-positioned PBM business, but we view Aetna as overvalued because of excessive growth expectations. With that said, we are keeping our $109 fair value estimate and wide-moat ...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
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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