Humana Inc Intra Quarter Catch Up

研报英文原文证据摘录

Humana Inc Intra Quarter Catch Up

Global Research

14 June 2026ab

Humana Inc Equities

United StatesIntra Quarter Catch Up

Healthcare Providers

12-month rating Neutral

On Track for the Current Year

We had a chance to catch up with HUM (6/12) before the company enters its quiet 12m price target US$320.00

period. With HUM issuing its normal reaffirmation of guidance on the start of the third

month in the quarter, the company has seen utilization tracking in line to slightly better

Price (12 Jun 2026) US$379.22

than expectation for new and continuing members. May data would not have been

closed by June but an early look at the data would have been considered in the June RIC: HUM.N BBG: HUM US

reaffirmation. This quarter's guidance affirmation timing happens to fall in line with the

Trading data and key metrics

submission of MA bids for 2027. Seasonality related to pharmacy dynamics in Q4/Q1,

52-wk range US$379.22-163.67

including 90 day prescription fills in November and December, was anticipated in the

guidance and noticeable in the data. Market cap. US$45.8b

Shares o/s 121m (COM)

Bidding Outlook Free float 100%

HUM emphasized it is pricing for margin expansion in 2027. The improvement back to Avg. daily volume ('000) 409

3% target margins in MA will likely be split evenly between Stars recovery and Avg. daily value (m) US$97.3

underlying margin improvement. Given the possibility of improved Stars in 2028 that Common s/h equity (12/26E) US$18.3b

would limit benefit adjustments due to the total beneficiary cost (TBC) limitations, it P/BV (12/26E) 2.4x

would be reasonable for the company to weight underlying margin improvement Net debt to EBITDA (12/26E) 2.6x

toward 2027 a bit more than 2028. Given that approach to 2027 bids, management

EPS (UBS, diluted) (USD)