Health Net Inc
Centene believes that if all its existing markets adopt Medicaid expansion, it would result in 4 million additional members becoming eligible for Medicaid.
Centene posted its 4Q15 and 2015 earnings on February 09 and reported diluted operating EPS attributable to common shareholders of about $2.89 for 2015.
Centene has reported net revenue of $5,821 million in 3Q15, an increase of 5.7% compared to $5,506 million in 2Q15. Operating revenue increased 5.8% in 3Q15.
The Centene–Health Net deal is expected to be completed by early 2016, pending approval by the shareholders of both companies.
Centene projects that Health Net’s acquisition will help Centene realize pre-tax synergies worth $150 million by the end of the second year after the closure of the deal.
On July 2, Centene announced the acquisition of Health Net for a combination of cash and shares amounting to $6.8 billion. This includes the assumption of Health Net’s $500 million debt.
Eminence Capital started a position in Cognizant Technology Solutions (CTSH) during 3Q14. The position accounts for 1.13% of the fund’s 3Q14 portfolio.
Iridian lowered its position in Avis Budget Group, Inc. (CAR), which now accounts for 2.46% of the fund’s third-quarter portfolio.
Energy & Utilities
Iridian exited its position in Philips 66 (PSX), which accounts for 3.20% of the fund’s third quarter portfolio.
Iridian sold its position in Tyco International Ltd. (TYC), which accounts for 1.90% of the fund’s second quarter portfolio.