Morningstar

Morningstar, Inc.

Equity Bottom-Up

UnitedHealth Group posted second-quarter results that came in modestly ahead of our expectations on the back of strong growth at Optum and steady profitability at the nation's largest health insurer. Management raised its full-year EPS guidance to $14.70 to $14.90, ahead of our current $14.65 estimate, reflecting a combination of the firm's year-to-date strength and a favorable outlook for the quarters ahead. After incorporating the second-quarter results and the recently acquired DMG assets…

UnitedHealth has long pursued a strategy meaningfully different than its peers, which we believe has been critical to the formation of its wide economic moat. In our view, scale is the thread that connects its different businesses and drives the competitive advantages that allow the company to earn excess returns over time. Under one roof, United houses the largest private health insurer, a leading ambulatory care and health analytics franchise, and the soon-to-be second-largest pharmacy benefit…

First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors…

After market close on June 19, the Federal Trade Commission released the details of its complaint and the agreed-to settlement between DaVita and UnitedHealth Group satisfying antitrust concerns stemming from United's purchase of DaVita Medical Group. This announcement brings the roughly year-and-a-half transaction process to a close, with DaVita receiving a reported sale price of $4.34 billion for the assets. We anticipate this cash infusion will go toward debt reduction and share repurchases…

Quest Diagnostics posted first-quarter results that generally met our expectations, and we’re standing firm on our fair value estimate. Overall, Quest saw a mixed bag of factors that we have incorporated in our estimates for the full year. As expected, the PAMA-led reimbursement pressure continues to exert itself in 2019, and we do not expect this to let up until 2021 when the next three-year cycle of setting the Medicare clinical lab fee schedule begins to roll out. On the other hand, Quest’s…

United States

UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally.  The Company provides employers products and resources to plan and administer employee benefit programs.  UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

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