Intrinsic value of Humana - HUM

Previous Close

$317.01

  Intrinsic Value

$263.13

stock screener

  Rating & Target

hold

-17%

Previous close

$317.01

 
Intrinsic value

$263.13

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of HUM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 43.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  56,670
  59,708
  62,887
  66,215
  69,699
  73,349
  77,172
  81,178
  85,377
  89,778
  94,392
  99,230
  104,304
  109,625
  115,207
  121,062
  127,205
  133,650
  140,413
  147,509
  154,956
  162,772
  170,975
  179,584
  188,620
  198,106
  208,062
  218,514
  229,485
  241,002
Variable operating expenses, $m
  54,839
  57,761
  60,819
  64,020
  67,371
  70,882
  74,560
  78,413
  82,452
  86,685
  90,796
  95,449
  100,330
  105,448
  110,817
  116,449
  122,358
  128,557
  135,062
  141,889
  149,052
  156,570
  164,460
  172,741
  181,434
  190,557
  200,134
  210,188
  220,741
  231,820
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  54,839
  57,761
  60,819
  64,020
  67,371
  70,882
  74,560
  78,413
  82,452
  86,685
  90,796
  95,449
  100,330
  105,448
  110,817
  116,449
  122,358
  128,557
  135,062
  141,889
  149,052
  156,570
  164,460
  172,741
  181,434
  190,557
  200,134
  210,188
  220,741
  231,820
Operating income, $m
  1,831
  1,947
  2,068
  2,195
  2,328
  2,467
  2,612
  2,765
  2,925
  3,093
  3,597
  3,781
  3,974
  4,177
  4,390
  4,613
  4,847
  5,092
  5,350
  5,620
  5,904
  6,202
  6,515
  6,843
  7,187
  7,548
  7,928
  8,326
  8,744
  9,183
EBITDA, $m
  2,497
  2,631
  2,771
  2,918
  3,071
  3,232
  3,400
  3,577
  3,762
  3,956
  4,159
  4,372
  4,596
  4,830
  5,076
  5,334
  5,605
  5,889
  6,187
  6,500
  6,828
  7,172
  7,533
  7,913
  8,311
  8,729
  9,168
  9,628
  10,112
  10,619
Interest expense (income), $m
  185
  273
  323
  375
  429
  486
  546
  608
  674
  743
  814
  890
  969
  1,052
  1,138
  1,229
  1,325
  1,425
  1,530
  1,641
  1,757
  1,878
  2,005
  2,139
  2,280
  2,427
  2,582
  2,744
  2,915
  3,094
  3,281
Earnings before tax, $m
  1,558
  1,624
  1,693
  1,765
  1,841
  1,921
  2,004
  2,091
  2,182
  2,278
  2,707
  2,812
  2,923
  3,039
  3,160
  3,288
  3,422
  3,562
  3,709
  3,864
  4,026
  4,196
  4,375
  4,563
  4,760
  4,966
  5,183
  5,411
  5,650
  5,901
Tax expense, $m
  421
  438
  457
  477
  497
  519
  541
  565
  589
  615
  731
  759
  789
  820
  853
  888
  924
  962
  1,002
  1,043
  1,087
  1,133
  1,181
  1,232
  1,285
  1,341
  1,400
  1,461
  1,526
  1,593
Net income, $m
  1,137
  1,185
  1,236
  1,289
  1,344
  1,402
  1,463
  1,526
  1,593
  1,663
  1,976
  2,053
  2,134
  2,218
  2,307
  2,400
  2,498
  2,600
  2,708
  2,821
  2,939
  3,063
  3,194
  3,331
  3,475
  3,626
  3,784
  3,950
  4,125
  4,308

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  23,922
  25,204
  26,546
  27,950
  29,421
  30,962
  32,576
  34,267
  36,039
  37,897
  39,845
  41,887
  44,029
  46,275
  48,631
  51,103
  53,696
  56,416
  59,271
  62,266
  65,410
  68,709
  72,172
  75,806
  79,620
  83,624
  87,827
  92,239
  96,870
  101,732
Adjusted assets (=assets-cash), $m
  23,922
  25,204
  26,546
  27,950
  29,421
  30,962
  32,576
  34,267
  36,039
  37,897
  39,845
  41,887
  44,029
  46,275
  48,631
  51,103
  53,696
  56,416
  59,271
  62,266
  65,410
  68,709
  72,172
  75,806
  79,620
  83,624
  87,827
  92,239
  96,870
  101,732
Revenue / Adjusted assets
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
  2.369
Average production assets, $m
  3,344
  3,523
  3,710
  3,907
  4,112
  4,328
  4,553
  4,790
  5,037
  5,297
  5,569
  5,855
  6,154
  6,468
  6,797
  7,143
  7,505
  7,885
  8,284
  8,703
  9,142
  9,604
  10,087
  10,595
  11,129
  11,688
  12,276
  12,892
  13,540
  14,219
Working capital, $m
  -5,610
  -5,911
  -6,226
  -6,555
  -6,900
  -7,262
  -7,640
  -8,037
  -8,452
  -8,888
  -9,345
  -9,824
  -10,326
  -10,853
  -11,405
  -11,985
  -12,593
  -13,231
  -13,901
  -14,603
  -15,341
  -16,114
  -16,926
  -17,779
  -18,673
  -19,612
  -20,598
  -21,633
  -22,719
  -23,859
Total debt, $m
  5,981
  6,944
  7,952
  9,007
  10,111
  11,268
  12,480
  13,750
  15,081
  16,477
  17,939
  19,473
  21,082
  22,768
  24,538
  26,394
  28,341
  30,385
  32,528
  34,778
  37,139
  39,617
  42,217
  44,946
  47,811
  50,818
  53,974
  57,287
  60,765
  64,417
Total liabilities, $m
  17,965
  18,928
  19,936
  20,991
  22,095
  23,252
  24,464
  25,734
  27,065
  28,461
  29,923
  31,457
  33,066
  34,752
  36,522
  38,378
  40,325
  42,369
  44,512
  46,762
  49,123
  51,601
  54,201
  56,930
  59,795
  62,802
  65,958
  69,271
  72,749
  76,401
Total equity, $m
  5,956
  6,276
  6,610
  6,960
  7,326
  7,709
  8,111
  8,532
  8,974
  9,436
  9,921
  10,430
  10,963
  11,522
  12,109
  12,725
  13,370
  14,048
  14,758
  15,504
  16,287
  17,109
  17,971
  18,876
  19,825
  20,822
  21,869
  22,967
  24,121
  25,331
Total liabilities and equity, $m
  23,921
  25,204
  26,546
  27,951
  29,421
  30,961
  32,575
  34,266
  36,039
  37,897
  39,844
  41,887
  44,029
  46,274
  48,631
  51,103
  53,695
  56,417
  59,270
  62,266
  65,410
  68,710
  72,172
  75,806
  79,620
  83,624
  87,827
  92,238
  96,870
  101,732
Debt-to-equity ratio
  1.000
  1.110
  1.200
  1.290
  1.380
  1.460
  1.540
  1.610
  1.680
  1.750
  1.810
  1.870
  1.920
  1.980
  2.030
  2.070
  2.120
  2.160
  2.200
  2.240
  2.280
  2.320
  2.350
  2.380
  2.410
  2.440
  2.470
  2.490
  2.520
  2.540
Adjusted equity ratio
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,137
  1,185
  1,236
  1,289
  1,344
  1,402
  1,463
  1,526
  1,593
  1,663
  1,976
  2,053
  2,134
  2,218
  2,307
  2,400
  2,498
  2,600
  2,708
  2,821
  2,939
  3,063
  3,194
  3,331
  3,475
  3,626
  3,784
  3,950
  4,125
  4,308
Depreciation, amort., depletion, $m
  666
  684
  703
  723
  743
  765
  788
  812
  837
  863
  563
  591
  622
  653
  687
  721
  758
  796
  837
  879
  923
  970
  1,019
  1,070
  1,124
  1,181
  1,240
  1,302
  1,368
  1,436
Funds from operations, $m
  1,803
  1,869
  1,939
  2,011
  2,088
  2,167
  2,251
  2,338
  2,430
  2,526
  2,539
  2,644
  2,755
  2,871
  2,993
  3,121
  3,256
  3,397
  3,545
  3,700
  3,863
  4,033
  4,213
  4,401
  4,599
  4,806
  5,024
  5,252
  5,492
  5,744
Change in working capital, $m
  -287
  -301
  -315
  -329
  -345
  -361
  -379
  -397
  -416
  -436
  -457
  -479
  -502
  -527
  -553
  -580
  -608
  -638
  -670
  -703
  -737
  -774
  -812
  -852
  -895
  -939
  -986
  -1,035
  -1,086
  -1,140
Cash from operations, $m
  2,091
  2,170
  2,254
  2,341
  2,433
  2,529
  2,629
  2,735
  2,846
  2,962
  2,995
  3,123
  3,257
  3,398
  3,546
  3,701
  3,864
  4,035
  4,214
  4,402
  4,600
  4,807
  5,025
  5,253
  5,493
  5,745
  6,010
  6,287
  6,579
  6,885
Maintenance CAPEX, $m
  -321
  -338
  -356
  -375
  -395
  -415
  -437
  -460
  -484
  -509
  -535
  -563
  -591
  -622
  -653
  -687
  -721
  -758
  -796
  -837
  -879
  -923
  -970
  -1,019
  -1,070
  -1,124
  -1,181
  -1,240
  -1,302
  -1,368
New CAPEX, $m
  -161
  -179
  -188
  -196
  -206
  -215
  -226
  -236
  -248
  -260
  -272
  -285
  -299
  -314
  -329
  -345
  -362
  -380
  -399
  -419
  -439
  -461
  -484
  -508
  -533
  -560
  -587
  -617
  -647
  -680
Cash from investing activities, $m
  -482
  -517
  -544
  -571
  -601
  -630
  -663
  -696
  -732
  -769
  -807
  -848
  -890
  -936
  -982
  -1,032
  -1,083
  -1,138
  -1,195
  -1,256
  -1,318
  -1,384
  -1,454
  -1,527
  -1,603
  -1,684
  -1,768
  -1,857
  -1,949
  -2,048
Free cash flow, $m
  1,608
  1,653
  1,710
  1,770
  1,832
  1,898
  1,967
  2,039
  2,114
  2,193
  2,188
  2,275
  2,367
  2,463
  2,563
  2,669
  2,780
  2,896
  3,019
  3,147
  3,281
  3,423
  3,571
  3,727
  3,890
  4,061
  4,242
  4,431
  4,629
  4,837
Issuance/(repayment) of debt, $m
  920
  963
  1,008
  1,055
  1,105
  1,157
  1,212
  1,270
  1,331
  1,395
  1,463
  1,534
  1,608
  1,687
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,361
  2,478
  2,600
  2,729
  2,865
  3,007
  3,156
  3,313
  3,478
  3,651
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  920
  963
  1,008
  1,055
  1,105
  1,157
  1,212
  1,270
  1,331
  1,395
  1,463
  1,534
  1,608
  1,687
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,361
  2,478
  2,600
  2,729
  2,865
  3,007
  3,156
  3,313
  3,478
  3,651
Total cash flow (excl. dividends), $m
  2,528
  2,616
  2,718
  2,825
  2,937
  3,055
  3,179
  3,309
  3,445
  3,589
  3,651
  3,809
  3,975
  4,150
  4,333
  4,525
  4,727
  4,940
  5,162
  5,396
  5,642
  5,900
  6,171
  6,456
  6,755
  7,068
  7,398
  7,744
  8,107
  8,489
Retained Cash Flow (-), $m
  -307
  -319
  -334
  -350
  -366
  -384
  -402
  -421
  -441
  -463
  -485
  -509
  -533
  -559
  -587
  -615
  -646
  -677
  -711
  -746
  -783
  -821
  -862
  -905
  -950
  -997
  -1,047
  -1,099
  -1,153
  -1,211
Prev. year cash balance distribution, $m
  4,193
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  6,414
  2,297
  2,384
  2,475
  2,571
  2,671
  2,777
  2,888
  3,004
  3,126
  3,166
  3,300
  3,442
  3,590
  3,746
  3,910
  4,082
  4,262
  4,452
  4,651
  4,859
  5,079
  5,309
  5,551
  5,805
  6,071
  6,351
  6,645
  6,954
  7,278
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  6,149
  2,103
  2,074
  2,038
  1,993
  1,939
  1,876
  1,805
  1,726
  1,639
  1,503
  1,408
  1,309
  1,205
  1,100
  994
  888
  785
  685
  591
  503
  421
  348
  283
  226
  177
  136
  103
  76
  55
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Humana Inc. is a health and well-being company. The Company's segments include Retail, Group and Specialty, Healthcare Services and Individual Commercial. The Retail segment consists of Medicare benefits, as well as individual commercial fully insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products. The Group and Specialty segment consists of employer group commercial fully insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health. The Healthcare Services segment includes services offered to its health plan members, as well as to third parties, including pharmacy solutions, provider services, home-based services and clinical programs, as well as services and capabilities to manage population health. The Individual Commercial segment includes Individual Commercial products marketed under the HumanaOne brand.

FINANCIAL RATIOS  of  Humana (HUM)

Valuation Ratios
P/E Ratio 77.1
Price to Sales 0.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 33.6
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 35.5%
Total Debt to Equity 40.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 60.4%
Eff/ Tax Rate - 3 Yr. Avg. 51.7%
Payout Ratio 28.8%

HUM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUM stock intrinsic value calculation we used $53767 million for the last fiscal year's total revenue generated by Humana. The default revenue input number comes from 0001 income statement of Humana. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HUM stock valuation model: a) initial revenue growth rate of 5.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HUM is calculated based on our internal credit rating of Humana, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Humana.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HUM stock the variable cost ratio is equal to 96.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HUM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Humana.

Corporate tax rate of 27% is the nominal tax rate for Humana. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HUM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HUM are equal to 5.9%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Humana operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HUM is equal to -9.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9842 million for Humana - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 137.763 million for Humana is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Humana at the current share price and the inputted number of shares is $43.7 billion.

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COMPANY NEWS

▶ Insurers shun state health care website in Florida   [07:25AM  American City Business Journals]
▶ Humana gives University of Houston $15M for new med school, related colleges   [Sep-25-18 02:24PM  American City Business Journals]
▶ Humana in multimillion-dollar deal with University of Houston   [01:04PM  American City Business Journals]
▶ Humana CFO: 'What we're trying to do with health care is fundamental transformation'   [Sep-20-18 11:44AM  American City Business Journals]
▶ Humana tax break in doubt after past wage allegations surface   [Sep-19-18 07:53PM  American City Business Journals]
▶ Humana's Broussard to sell millions in company stock   [Sep-11-18 01:17PM  American City Business Journals]
▶ Humana plans new analytics division   [Aug-28-18 12:29PM  American City Business Journals]
▶ Humana plans new analytics division here's where it's going   [10:29AM  American City Business Journals]
▶ Why Humana revamped CEO Bruce Broussard's contract   [Aug-24-18 11:12AM  American City Business Journals]
▶ Humana CEO Broussard is just behind Donald Trump on this list   [Aug-21-18 02:11PM  American City Business Journals]
▶ Yahoo Finance Live: Market Movers - Aug 21st, 2018   [07:20AM  Yahoo Finance Video]
▶ Humanas Go365® To Launch Grand Prize Contest   [Aug-20-18 11:02AM  Business Wire]
▶ NYU plans free tuition for medical school students   [Aug-17-18 02:24PM  Yahoo Finance Video]
▶ How Financially Strong Is Humana AB (STO:HUM)?   [05:12AM  Simply Wall St.]
▶ One of Humana's major shareholders slashed its position by 70 percent   [Aug-14-18 02:44PM  American City Business Journals]
▶ Humana just sued some of the biggest names in pharma over price-fixing allegations   [Aug-08-18 02:26PM  American City Business Journals]
▶ Two Humana execs sell more than $6M in company stock   [Aug-07-18 01:43PM  American City Business Journals]
▶ Yahoo Finance Live: Market Movers - Aug 7th, 2018   [07:20AM  Yahoo Finance Video]
▶ Health Insurance Carriers Headed for New Highs   [Aug-03-18 09:35AM  Investopedia]
▶ [$$] Humana Profit Falls   [08:31AM  The Wall Street Journal]
▶ Humana: 2Q Earnings Snapshot   [07:08AM  Associated Press]
▶ Health insurers have a new ACA fear: political unpredictability   [Jul-27-18 05:55AM  American City Business Journals]
▶ Walmart hires former Humana exec to lead health segment   [Jul-17-18 01:55PM  American City Business Journals]
▶ Analyst: Why Humana shares hit another high   [07:34AM  American City Business Journals]
▶ Humana, private equity firms complete $1.4B acquisition of Curo Health   [Jul-11-18 02:42PM  American City Business Journals]
▶ Humana forced by feds to pay out back wages   [Jul-09-18 02:38PM  American City Business Journals]

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