Cigna Corp

Latest Cigna Corp News and Updates

  • How Can Changing Demographics Impact Investors?
    Macroeconomic Analysis

    How Can Changing Demographics Impact Investors?

    Changing demographics impact investors in many ways. The demand for bonds could increase, putting downward pressure on yields.

    By Rick Rieder
  • How Does Aetna Compare to Its Peers in Medical Care Ratio?
    Company & Industry Overviews

    How Does Aetna Compare to Its Peers in Medical Care Ratio?

    The medical care ratio of health insurance companies is calculated as the ratio of the total money spent in health care claims to premiums earned.

    By Margaret Patrick
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    Earnings Report

    What’s UnitedHealth Group’s outlook for 2015?

    It’s projected that UnitedHealth Group’s revenue and earnings growth in 2015 will be driven by the strong performance of the Optum segments.

    By Margaret Patrick
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    Earnings Report

    Enrollments decreased in UnitedHealth’s international business

    In the US, the private health insurance industry has been expanding its footprint in international markets. International markets are less penetrated and competitive.

    By Margaret Patrick
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    Earnings Report

    UnitedHealth Group’s Optum segment: Earnings rose in 2014

    UnitedHealth Group (UNH) operates Optum. It provides health services like health technology, health and well-being, and pharmacy services.

    By Margaret Patrick
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    Company & Industry Overviews

    How Does UNH’s Valuation Look in October?

    UnitedHealth Group is a leading managed healthcare firm in the United States.

    By Sarah Collins
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    Fund Managers

    Eminence Capital Reduces Position in Humana

    During the fourth quarter of 2014, Eminence Capital lowered its stake in Humana (HUM). The company accounted for 1.33% of the fund’s 4Q14 portfolio.

    By Diana Key
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    Earnings Report

    Humana’s core business: The Medicare Advantage program

    Humana’s total enrollment is mainly enrollments in the MA program, a substitute for the original Medicare program, via private insurance companies.

    By Margaret Patrick
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    Earnings Report

    Why UnitedHealth Group Plans to Reduce Its Public Exchange Exposure

    Given the high-risk profile of individual exchange enrollments, UnitedHealth Group has decided to offer plans only on a few public exchanges in 2017.

    By Margaret Patrick
  • What Are Leon Cooperman’s Top Holdings?
    Financials

    What Are Leon Cooperman’s Top Holdings?

    In Q3, billionaire investor Leon Cooperman’s top five holdings were Fiserv, Alphabet, United Continental, Chimera Investment, and Cigna.

    By Rabindra Samanta
  • uploads///CI ANTM EPS accretion
    Miscellaneous

    Is the Cigna–Anthem Merger a Setup?

    The Cigna–Anthem merger deal will be subject to all sorts of headlines that will affect the spread. You can make a decent return trading around the position by keeping your head .

    By Brent Nyitray, CFA, MBA
  • uploads///CI ANTM downside
    Miscellaneous

    The Risk-to-Reward Ratio of the Cigna–Anthem Merger

    If the Cigna–Anthem merger closes, you end up making about $35 a share. If the deal breaks, then you would have to cover at $52 a share.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    Decoding Humana’s Revenue Stream in 2015

    Humana reported revenues of about $54.3 billion in its 2015 results. This amounts to a 12% revenue growth in 2015, compared to ~$48.1 billion in 2014.

    By Mike Benson
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    Company & Industry Overviews

    UnitedHealth Group Goes Ex-Dividend Today

    UnitedHealth Group (UNH) has announced that its board of directors has authorized a cash dividend of $0.90 per share.

    By Sarah Collins
  • uploads///AGN PFE PFE basics
    Miscellaneous

    Allergan–Pfizer merger: What Does Pfizer Make besides Viagra?

    The Allergan–Pfizer merger will change Pfizer’s domicile to Dublin, Ireland, and allow them to gain access to overseas cash without a US repatriation tax.

    By Brent Nyitray, CFA, MBA
  • uploads///PCL WY comps
    Miscellaneous

    Could the Plum Creek Timber-Weyerhaeuser Merger Get Competitive?

    In the Plum Creek Timber-Weyerhaeuser merger, Weyerhaeuser is paying about 7.4x trailing-12-month revenues and 25.4x trailing-12-month EBITDA.

    By Brent Nyitray, CFA, MBA
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    Earnings Report

    UNH Stock Up 4.1% on Solid Q3 2018 Results, View Up

    UnitedHealth Group (UNH) released its Q3 2018 earnings today. UNH reported sales of $56.6 billion, up ~12.4% on a year-over-year basis.

    By Sarah Collins
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    Company & Industry Overviews

    Jefferies Raised Its Target Price on UNH Stock: What’s the Outlook?

    UnitedHealth Group (UNH) is one of the largest Fortune 500 companies.

    By Sarah Collins
  • uploads///CI ANTM downside
    Miscellaneous

    Is the Cigna-Anthem Merger a Setup?

    Cigna has been put ‘in play,’ which means other buyers will be taking a look. The spread is wide, but there are major unanswered questions. It makes sense to give this one a wide berth.

    By Brent Nyitray, CFA, MBA
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    Earnings Report

    How Is UNH’s Optum Business Positioned in the Industry?

    UnitedHealth Group is, by revenue, the largest healthcare company in the world.

    By Sarah Collins
  • uploads///CI ANTM combination
    Miscellaneous

    Anthem Files Bear Hug Letter for Cigna on June 21

    On June 21, Anthem (ANTM) filed a bear hug letter for Cigna (CI). A bear hug letter is a formal press release in which an acquiring company discloses its interest in a target company.

    By Brent Nyitray, CFA, MBA
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    Earnings Report

    UnitedHealth Group Reports Q2 2018 Earnings, Stock Down 1.9%

    Today, UnitedHealth Group (UNH) reported its earnings results for the second quarter of fiscal 2018. The company reported sales of $56.1 billion, up ~12% on a (year-over-year) basis.

    By Sarah Collins
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    Miscellaneous

    Negative Sentiment Will Impact Health Insurance Companies

    The healthcare bill’s failure had a negative impact on investor sentiment for health insurance carriers.

    By Margaret Patrick
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    Earnings Report

    UnitedHealth Group Posted 4Q15 Earnings: What You Should Know

    UnitedHealth Group (UNH) released its 4Q15 and full year 2015 earnings on January 19, 2015. The company registered diluted EPS attributable to common shareholders of $1.26 in 4Q15 and $6 for 2015.

    By Margaret Patrick
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    Company & Industry Overviews

    UnitedHealth Group Stock at 52-Week High, Up 22% Year-to-Date

    UnitedHealth Group (UNH) stock registered its 52-week high of $270.17 last week on August 30.

    By Sarah Collins
  • uploads///ITC FTS strategic rationale
    Miscellaneous

    What’s the Rationale for the ITC-Fortis Merger?

    Fortis (FRTSF) is buying ITC (ITC) in the largest Canadian purchase of a US utility. Fortis intends to sell a 19% stake in order to help finance the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///HOT MAR MAR basics
    Miscellaneous

    Rationale for the Starwood-Marriott Merger

    With the Starwood-Marriott merger, the companies expect to generate at least $200 million in annual cost savings beginning in the second year after the deal closes.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    UnitedHealth Group’s Recent Stock Performance

    On March 14, 2018, UnitedHealth Group (UNH) ended trading at $225.38 per share.

    By Sarah Collins
  • Medicare and Medicaid
    Healthcare

    ‘Medicare for All’ Is No Reason to Drop Healthcare Stocks

    While the media caters to Millennial preferences, there’s one economic sector that’s shifting to a more seasoned crowd: healthcare stocks.

    By David Moadel
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    Company & Industry Overviews

    This Rebate Decision Saw Health Insurers Soar Yesterday

    On Thursday, the Trump administration announced the withdrawal of the proposal to abolish rebates paid to pharmacy benefit managers by drugmakers.

    By Margaret Patrick
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    Company & Industry Overviews

    ANTM or CI: Comparing Their Revenue Growth in 2019

    In its fourth-quarter earnings press release, Anthem (ANTM) guided for 2019 operating revenue of $100 billion, a YoY (year-over-year) rise of $8.7 billion.

    By Margaret Patrick
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    Materials

    Dan Loeb Increased Third Point’s Position in These Stocks in Q4

    In Q4 2018, Third Point initiated a new position in Cigna (CI), which is an American healthcare services organization.

    By Anuradha Garg
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    Company & Industry Overviews

    United Health Group Stock Has Risen 28% in 2018

    On November 29, United Health Group’s (UNH) stock price closed at $282.55, which is ~8% growth from its close of $261.62 on November 23.

    By Daniel Collins
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    Healthcare

    Wall Street Expects 9% Upside Potential for UnitedHealth Stock

    As of September 24, ten of the 24 analysts covering UNH stock have given it a “strong buy” recommendation.

    By Sarah Collins
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    Company & Industry Overviews

    Analysts Raise Target Prices on UNH Stock in September

    Of the 23 analysts covering UNH stock, all of them have “buy” or “strong buy” recommendations for UnitedHealth Group.

    By Sarah Collins
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    Company & Industry Overviews

    BSX Focuses on Advancing Its Cardiac Rhythm Management Portfolio

    Boston Scientific expects the results from its UNTOUCHED trial by 2020.

    By Margaret Patrick
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    Earnings Report

    UnitedHealth Group Posted Strong 1Q18 Performance

    On April 17, UnitedHealth Group (UNH) reported its 1Q18 earnings results. UNH stock rose ~3.6% from its April 16 closing price.

    By Sarah Collins
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    Healthcare

    Cigna Expects Acquisition of Express Scripts by End of 2018

    On March 7, 2018, Cigna (CI) announced that it has entered into a definitive agreement to acquire Express Scripts (ESRX) for $67 billion.

    By Margaret Patrick
  • uploads///UHS revenue sources
    Company & Industry Overviews

    How Has Universal Health Services Fared Compared to Peers?

    Between November 22 and February 21, Universal Health Services stock has risen 19% to reach $117.

    By Kenneth Smith
  • uploads///Health care stocks
    Company & Industry Overviews

    How Amazon Could Upend the Healthcare Sector

    Amazon has joined forces with Berkshire Hathaway (BRK.A) and JPMorgan Chase (JPM) to create a not-for-profit healthcare company.

    By Sanmit Amin
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    Company & Industry Overviews

    WellCare Health Plans Expected to Report Solid Rise in EPS in 2017

    WellCare Health Plans has updated its earnings per share guidance from the previously estimated range of $6.00–$6.25 to the new range of $6.55–$6.80.

    By Margaret Patrick
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    Company & Industry Overviews

    WellCare Health Plans Expects Robust Revenue Performance in 2017

    In 1Q17, WellCare Health Plans (WCG) reported revenues of ~$3.9 billion, which totals year-over-year growth of around 11.7%.

    By Margaret Patrick
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    Earnings Report

    Centene Saw Robust Rise in Medicaid Enrollments in 1Q17

    In 1Q17, around 12.1 million members were enrolled in Centene’s (CNC) various healthcare plans, which is a year-over-year (or YoY) rise of around 600,000 beneficiaries.

    By Margaret Patrick
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    Earnings Report

    UnitedHealth Group Witnessed Robust Customer Growth in 1Q17

    In 1Q17, UnitedHealth Group’s (UNH) UnitedHealthcare business witnessed a 2.5 million year-over-year increase in customers.

    By Margaret Patrick
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    Company & Industry Overviews

    OptumRx Continues to Boost UnitedHealth’s Pharmacy Care Services

    In its bid to control healthcare costs, UnitedHealth Group’s (UNH) OptumRx segment has been actively deploying data analytics across its Optum platform.

    By Margaret Patrick
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    Company & Industry Overviews

    Optum360: Will It Become UnitedHealth’s Key Growth Driver?

    Optum360, UnitedHealth Group’s (UNH) hospital revenue cycle management solution, is expected to reach $60.0 billion in billings for clients and partner organizations.

    By Margaret Patrick
  • uploads///ARMH Softbank licensing
    Healthcare

    Will the ARM Holdings-Softbank Merger Attract Arbitrageurs?

    Arbitrageurs will certainly be interested in setting up the ARM Holdings (ARMH) spread, especially if they can get an 8% return using the ordinary shares.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank downside
    Healthcare

    Risk-Reward Ratio of the ARM Holdings-Softbank Merger

    ARM Holdings (ARMH) was trading at about $47 per share before the deal with Softbank was announced. The risk-reward ratio is about 12:1.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank comps
    Healthcare

    Could the ARM Holdings-Softbank Deal Get Competitive?

    Softbank is paying a pretty penny for ARM Holdings (ARMH). The premium to the prevailing share price was in the low 40%.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank key growth drivers
    Healthcare

    Regulatory Conditions to the Softbank-ARM Holdings Deal

    Softbank decided to waive any antitrust or regulatory conditions to the transaction. It doesn’t care if the regulators have issues—it’s buying the company.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank intro to ARM
    Healthcare

    What Are the Conditions for the ARM Holdings-Softbank Merger?

    ARM Holdings and Softbank are merging in a cash transaction. In an unusual step, there aren’t regulatory or antitrust conditions to the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank growth drivers
    Healthcare

    What’s the Rationale for the Softbank-ARM Holdings Merger?

    The Softbank-ARMS Holdings merger intends to increase Softbank’s growth so that it can position itself as a leader in Internet of Things.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank spread
    Healthcare

    Making a Big Splash: Softbank Acquires the UK’s ARM Holdings

    On July 18, Japan’s Softbank and the United Kingdom’s ARM Holdings (ARMH) announced a merger where Softbank will buy ARM for 1,700 pence in cash.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF library
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 3

    If the merger caused cable providers to drop Starz because they didn’t want to work with Lions Gate, it wouldn’t be a MAE (material adverse effect).

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF shareholder value
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 2

    According to the MAE (material adverse effect) clause of the Starz-Lions Gate deal, legislation that limits intellectual property protection wouldn’t be considered a MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF benefits of pairing
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 1

    In the merger deal between Lions Gate Entertainment (LGF) and Starz (STRZA), the MAE (material adverse effect) clause lays out the circumstances under which either party can back out of the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///EVHC AMSG transformative combination
    Miscellaneous

    The Amsurg-Envision Material Adverse Effect Clause: Part 2

    In this part of the series, we’ll look at the MAE clause of the Amsurg (AMSG) merger agreement with Envision Healthcare (EVHC) and how Amsurg could back out of the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE CRM enterprise retail
    Miscellaneous

    What Will Arbitrageurs Think of the Demandware Deal?

    Traditionally, arbitrage desks would have a portfolio of 40–50 “safe” transactions, and these make up the bread and butter of their returns.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE CRM downside
    Miscellaneous

    What Is the Risk-Reward of the Demandware Deal?

    Demandware (DWRE) was trading at about $48 per share before the deal was announced.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    What Does the Demandware-Salesforce Merger Entail?

    Salesforce.com (CRM) is buying e-commerce cloud computing firm Demandware (DWRE) in a $2.8 billion transaction. The merger is structured as a tender offer.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE DRM spread
    Miscellaneous

    Salesforce Buys Demandware to Increase Growth

    On June 1, Salesforce.com (CRM) announced it was buying Demandware (DWRE) in a $2.8 billion transaction.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    What’s the Rationale for the Bayer-Monsanto Deal?

    In the Monsanto-Bayer deal, Bayer’s shareholders should expect to see mid-single-digit accretion to core EPS (earnings per share) in the first year and double-digit accretion thereafter.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Pfizer Purchases Anacor in a $5.2 Billion Cash Deal

    On May 16, 2016, Pfizer (PFE) announced that it was acquiring dermatology pharma company Anacor (ANAC) in a transaction valued at $5.2 billion.

    By Brent Nyitray, CFA, MBA
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    Earnings Report

    Behind OptumHealth’s and OptumInsight’s Strong Revenue Growth in 1Q16

    UnitedHealth Group’s healthcare delivery business, OptumHealth, managed to earn $4 billion revenues in 1Q16, which represents a YoY growth of about 22%.

    By Margaret Patrick
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    Earnings Report

    What You’ll Want to Know about Anthem’s Guidance for 2016

    In its 1Q16 conference call, Anthem updated its 2016 revenue guidance to $81 billion–$82 billion—higher than the previous projection by about $1 billion.

    By Margaret Patrick
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    Miscellaneous

    Rationale for the St. Jude Medical-Abbott Merger Transaction

    Abbott Labs is buying St. Jude Medical for about $30 billion in cash, stock, and assumed debt to become a dominant player in the cardiovascular health space.

    By Brent Nyitray, CFA, MBA
  • uploads///STJ ABT spread
    Miscellaneous

    Abbott Buys St. Jude Medical for $85 per Share in Cash and Stock

    On April 28, Abbott Labs and St. Jude Medical announced an agreement where Abbott will buy St. Jude for $30 billion in cash, stock, and assumed debt.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Can the Samsonite-Tumi Merger Get Antitrust Approval?

    Samsonite will need to file for merger approval under the Hart-Scott-Rodino Antitrust Improvements Act. The companies will need to file for Canadian antitrust approval.

    By Brent Nyitray, CFA, MBA
  • uploads///Tumi Strategic Fit
    Miscellaneous

    What’s the Rationale for the Samsonite-Tumi Transaction?

    Hong Kong-based Samsonite is buying luxury brand Tumi (TUMI) in a $1.8 billion deal. Samsonite is mainly known as a utilitarian luggage company.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    DaVita’s Stock Reacts to the Merger with The Everett Clinic

    DaVita HealthCare Partners (DVA) was one of the biggest winners for the week ending March 4 with a return of 6.1%.

    By Peter Neil
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    Earnings Report

    Humana Acquisition Could Be Aetna’s Key Long-Term Growth Driver

    Aetna’s Humana acquisition is mainly aimed at increasing the combined companies’ exposure to the high-growth Medicare business. The deal is currently being scrutinized by antitrust regulators.

    By Margaret Patrick
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    Miscellaneous

    The Baxalta–Shire merger: Basics of Shire Pharmaceuticals

    Shire is a biopharmaceutical company that focuses on rare diseases. Shire is best known for its treatments in ADHD, and the market here is quite large.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Growth and Synergies Drive the Baxalta–Shire Merger

    The Baxalta–Shire merger could create the top platform for rare diseases in the world. Baxalta brings Advate, a treatment for hemophilia, a rare blood disease.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Parsing the Merger Material Adverse Effect Clause, Part 3

    The MAE (material adverse effect) clause is one of the first things arbitrageurs look at in a merger agreement. Let’s examine the Allergan–Pfizer merger’s MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///AGN PFE transaction overview
    Miscellaneous

    Parsing the Allergan–Pfizer Merger Material Adverse Effect Clause

    In the case of the Allergan–Pfizer merger, the MAE clause lays out the circumstances where Pfizer (PFE) can back out of its merger with Allergan (AGN).

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    IHF’s Large-Cap Stocks Gave Positive Returns

    The large-cap stocks of the iShares US Healthcare Providers ETF (IHF) rose marginally with a return of 0.35%. They outperformed IHF and SPY.

    By Peter Neil
  • uploads///AGN PFE downside
    Miscellaneous

    What Is the Risk-to-Reward Ratio of the Allergan-Pfizer Merger?

    If the Allergan-Pfizer merger closes, the spread goes to zero, and you make about $52. If the deal breaks, you lose about $70.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Allergan–Pfizer Merger: What Does Allergan Make Other than Botox?

    This is a second series related to the Allergan-Pfizer merger. We’ll discuss the background of the two companies and look at the Material Adverse Effect Clause.

    By Brent Nyitray, CFA, MBA
  • uploads///AGN PFE transaction overview
    Miscellaneous

    Rationale for the Allergan-Pfizer Merger

    The Allergan-Pfizer merger will generate estimated peak synergies of $2 billion per year, which will take about three years to realize.

    By Brent Nyitray, CFA, MBA
  • uploads///PCL WY winning combination
    Miscellaneous

    Will Arbitrageurs Set up the Plum Creek Timber-Weyerhaeuser Deal?

    Given the antitrust risk in the Plum Creek Timber-Weyerhaeuser merger, it probably should trade at a risk-to-reward ratio of about 5:1, which works out to a spread of $1.66 and an annualized spread of 9%.

    By Brent Nyitray, CFA, MBA
  • uploads///PCL WY downside
    Miscellaneous

    Risk-to-Reward Ratio of the Plum Creek Timber-Weyerhaeuser Merger

    The spread in the Plum Creek Timber-Weyerhaeuser merger is trading slightly negatively (about 6 cents), but the positive dividend carry gives the deal a positive spread.

    By Brent Nyitray, CFA, MBA
  • uploads///RAD_WBA RAD comps groth
    Miscellaneous

    Parsing the Rite Aid-Walgreens MAE Clause: Part 3

    The MAE (material adverse effect) clause lays out the circumstances under which Walgreens Boots Alliance (WBA) can back out of its merger with Rite Aid (RAD).

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Rite Aid-Walgreens Merger: What Does Rite Aid Bring to the Table?

    Rite Aid is the third largest retail drugstore chain in the United States based on both revenues and number of stores.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Rationale for the Plum Creek Timber-Weyerhaeuser Merger

    In the Plum Creek Timber-Weyerhaeuser merger, Weyerhaeuser (WY) and Plum Creek Timber (PCL) anticipate annual cost synergies of $100 million.

    By Brent Nyitray, CFA, MBA
  • uploads///PCL WY merger summary
    Miscellaneous

    Basics of the Plum Creek Timber-Weyerhaeuser Merger

    The equity value of the Plum Creek Timber-Weyerhaeuser merger is about $8.4 billion and $11.4 billion if you include debt.

    By Brent Nyitray, CFA, MBA
  • uploads///PCL WY spread
    Miscellaneous

    The Plum Creek Timber-Weyerhaeuser Merger

    In the Plum Creek Timber-Weyerhaeuser merger, Weyerhaeuser Company (WY) has agreed to buy Plum Creek Timber Company (PCL) for $8.4 billion in stock.

    By Brent Nyitray, CFA, MBA
  • uploads///RAD_WBA wellness store of the future
    Miscellaneous

    Rationale for the Rite Aid–Walgreens Merger

    The Rite Aid–Walgreens merger is expected to be accretive to Walgreens Boots Alliance’s adjusted earnings per share in the first year after completion.

    By Brent Nyitray, CFA, MBA
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    Earnings Report

    What Are UnitedHealth Group’s Growth Opportunities?

    To strengthen their presence in international markets, health insurance companies have been involved in mergers and acquisitions with local insurance companies in these markets.

    By Margaret Patrick
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    Earnings Report

    Why UnitedHealth Group’s Net Profit Margins Fell

    In 3Q15, despite a rise of total revenues by 27% year-over-year, which includes 10% organic growth, UnitedHealth Group reported a decline of about 1% in net profit margins.

    By Margaret Patrick
  • uploads///CI ANTM combination
    Miscellaneous

    Parsing the Cigna-Anthem Material Adverse Effect Clause: Part 1

    The MAE clause is one of the first things arbitrageurs look at in a merger deal. In the Cigna-Anthem deal, the MAE clause states when either company can back out of the deal.

    By Brent Nyitray, CFA, MBA
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    Miscellaneous

    Analyzing the Market’s Response to the Centene–Health Net Deal

    The Centene–Health Net deal is expected to be completed by early 2016, pending approval by the shareholders of both companies.

    By Margaret Patrick
  • uploads///CI ANTM summary
    Miscellaneous

    The Cigna-Anthem Situation: Different Than a Typical Deal

    The key to the merger between Cigna (CI) and Anthem (ANTM) is understanding the process companies go through when approached with an unsolicited proposal.

    By Brent Nyitray, CFA, MBA
  • uploads///CI ANTM spread
    Miscellaneous

    What’s the Expected Return on the Anthem-Cigna Deal?

    Anthem refers to the deal premium based on Cigna’s stock price on May 28. That date is as good as any to fix the Anthem stock ratio. On May 28, Anthem closed at $164.22.

    By Brent Nyitray, CFA, MBA
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    Macroeconomic Analysis

    Analyzing the Situation in Greece: Impact on Global Markets

    Markets in all of the major economies ended low on Monday, June 15. The bailout talks between Greece and its European creditors collapsed over the weekend.

    By Surbhi Jain
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    Earnings Report

    Humana’s Commercial Enrollments Face Pressure in 1Q15

    Humana’s (HUM) revenues from commercial enrollments increased by 28.4%, from $2.2 billion in 1Q14 to $2.8 billion in 1Q15.

    By Margaret Patrick
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    Earnings Report

    Key Takeaways from UnitedHealth Group 1Q15 Earnings

    UnitedHealth Group (UNH) posted its 1Q15 earnings on April 16, 2015. Following the release, UnitedHealth Group’s share price increased by 3.6%.

    By Margaret Patrick
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    Company & Industry Overviews

    What Are Centene’s Key Risks?

    Centene (CNC) faces a unique combination of business risks as well as risks specific to the health industry (IYH). Centene has a highly concentrated business mix.

    By Margaret Patrick
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    Company & Industry Overviews

    Anthem: Mergers and Acquisitions Target Medicaid, Medicare

    Anthem’s mergers and acquisitions strategy mainly targets the company’s government-sponsored business.

    By Margaret Patrick
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    Company & Industry Overviews

    Specialty Services: How Does Centene Manage Them?

    Aside from the standard healthcare policies, players—like Centene—in the private health insurance industry (IYH) also offer specialty insurance.

    By Margaret Patrick
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    Company & Industry Overviews

    Cigna Controls Risk-Based Capital Requirements

    The Cigna business model is more concentrated toward commercial enrollments but is diversified across various delivery platforms.

    By Margaret Patrick
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