Intrinsic value of Humana - HUM

Previous Close

$324.62

  Intrinsic Value

$214.34

stock screener

  Rating & Target

sell

-34%

Previous close

$324.62

 
Intrinsic value

$214.34

 
Up/down potential

-34%

 
Rating

sell

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 2017), $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 46.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  54,842
  56,104
  57,546
  59,164
  60,958
  62,926
  65,069
  67,389
  69,888
  72,570
  75,440
  78,501
  81,761
  85,226
  88,902
  92,798
  96,922
  101,284
  105,892
  110,757
  115,891
  121,305
  127,012
  133,025
  139,358
  146,026
  153,044
  160,429
  168,199
  176,371
Variable operating expenses, $m
  53,081
  54,294
  55,681
  57,238
  58,963
  60,857
  62,918
  65,149
  67,553
  70,133
  72,565
  75,510
  78,646
  81,979
  85,515
  89,262
  93,229
  97,424
  101,857
  106,537
  111,475
  116,683
  122,173
  127,956
  134,048
  140,462
  147,212
  154,316
  161,790
  169,651
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
  53,081
  54,294
  55,681
  57,238
  58,963
  60,857
  62,918
  65,149
  67,553
  70,133
  72,565
  75,510
  78,646
  81,979
  85,515
  89,262
  93,229
  97,424
  101,857
  106,537
  111,475
  116,683
  122,173
  127,956
  134,048
  140,462
  147,212
  154,316
  161,790
  169,651
Operating income, $m
  1,762
  1,810
  1,865
  1,926
  1,995
  2,070
  2,151
  2,240
  2,335
  2,437
  2,874
  2,991
  3,115
  3,247
  3,387
  3,536
  3,693
  3,859
  4,035
  4,220
  4,416
  4,622
  4,839
  5,069
  5,310
  5,564
  5,831
  6,113
  6,409
  6,720
EBITDA, $m
  2,583
  2,643
  2,711
  2,787
  2,871
  2,964
  3,065
  3,174
  3,292
  3,418
  3,553
  3,698
  3,851
  4,014
  4,187
  4,371
  4,565
  4,771
  4,988
  5,217
  5,459
  5,714
  5,983
  6,266
  6,564
  6,878
  7,209
  7,557
  7,923
  8,307
Interest expense (income), $m
  185
  258
  277
  298
  323
  351
  381
  415
  452
  492
  534
  580
  629
  682
  738
  797
  860
  927
  997
  1,072
  1,151
  1,234
  1,322
  1,415
  1,513
  1,616
  1,724
  1,839
  1,959
  2,085
  2,218
Earnings before tax, $m
  1,504
  1,533
  1,566
  1,603
  1,644
  1,688
  1,736
  1,788
  1,843
  1,903
  2,294
  2,362
  2,433
  2,510
  2,590
  2,676
  2,766
  2,862
  2,963
  3,069
  3,181
  3,300
  3,424
  3,556
  3,694
  3,839
  3,993
  4,154
  4,323
  4,502
Tax expense, $m
  406
  414
  423
  433
  444
  456
  469
  483
  498
  514
  619
  638
  657
  678
  699
  722
  747
  773
  800
  829
  859
  891
  925
  960
  997
  1,037
  1,078
  1,122
  1,167
  1,215
Net income, $m
  1,098
  1,119
  1,143
  1,170
  1,200
  1,232
  1,267
  1,305
  1,346
  1,389
  1,675
  1,724
  1,776
  1,832
  1,891
  1,953
  2,019
  2,089
  2,163
  2,240
  2,322
  2,409
  2,500
  2,596
  2,697
  2,803
  2,915
  3,032
  3,156
  3,286

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
  23,447
  23,986
  24,603
  25,295
  26,062
  26,903
  27,819
  28,811
  29,879
  31,026
  32,253
  33,562
  34,956
  36,437
  38,009
  39,674
  41,438
  43,302
  45,272
  47,352
  49,547
  51,862
  54,302
  56,873
  59,580
  62,431
  65,431
  68,589
  71,910
  75,404
Adjusted assets (=assets-cash), $m
  23,447
  23,986
  24,603
  25,295
  26,062
  26,903
  27,819
  28,811
  29,879
  31,026
  32,253
  33,562
  34,956
  36,437
  38,009
  39,674
  41,438
  43,302
  45,272
  47,352
  49,547
  51,862
  54,302
  56,873
  59,580
  62,431
  65,431
  68,589
  71,910
  75,404
Revenue / Adjusted assets
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
  2.339
Average production assets, $m
  4,936
  5,049
  5,179
  5,325
  5,486
  5,663
  5,856
  6,065
  6,290
  6,531
  6,790
  7,065
  7,359
  7,670
  8,001
  8,352
  8,723
  9,116
  9,530
  9,968
  10,430
  10,917
  11,431
  11,972
  12,542
  13,142
  13,774
  14,439
  15,138
  15,873
Working capital, $m
  -11,901
  -12,175
  -12,487
  -12,839
  -13,228
  -13,655
  -14,120
  -14,623
  -15,166
  -15,748
  -16,370
  -17,035
  -17,742
  -18,494
  -19,292
  -20,137
  -21,032
  -21,979
  -22,978
  -24,034
  -25,148
  -26,323
  -27,562
  -28,866
  -30,241
  -31,688
  -33,211
  -34,813
  -36,499
  -38,272
Total debt, $m
  5,123
  5,523
  5,980
  6,494
  7,063
  7,687
  8,367
  9,103
  9,896
  10,746
  11,657
  12,628
  13,662
  14,761
  15,927
  17,163
  18,472
  19,855
  21,317
  22,860
  24,489
  26,207
  28,017
  29,924
  31,933
  34,049
  36,275
  38,618
  41,083
  43,675
Total liabilities, $m
  17,398
  17,798
  18,255
  18,769
  19,338
  19,962
  20,642
  21,378
  22,171
  23,021
  23,932
  24,903
  25,937
  27,036
  28,202
  29,438
  30,747
  32,130
  33,592
  35,135
  36,764
  38,482
  40,292
  42,199
  44,208
  46,324
  48,550
  50,893
  53,358
  55,950
Total equity, $m
  6,049
  6,188
  6,347
  6,526
  6,724
  6,941
  7,177
  7,433
  7,709
  8,005
  8,321
  8,659
  9,019
  9,401
  9,806
  10,236
  10,691
  11,172
  11,680
  12,217
  12,783
  13,380
  14,010
  14,673
  15,372
  16,107
  16,881
  17,696
  18,553
  19,454
Total liabilities and equity, $m
  23,447
  23,986
  24,602
  25,295
  26,062
  26,903
  27,819
  28,811
  29,880
  31,026
  32,253
  33,562
  34,956
  36,437
  38,008
  39,674
  41,438
  43,302
  45,272
  47,352
  49,547
  51,862
  54,302
  56,872
  59,580
  62,431
  65,431
  68,589
  71,911
  75,404
Debt-to-equity ratio
  0.850
  0.890
  0.940
  1.000
  1.050
  1.110
  1.170
  1.220
  1.280
  1.340
  1.400
  1.460
  1.510
  1.570
  1.620
  1.680
  1.730
  1.780
  1.830
  1.870
  1.920
  1.960
  2.000
  2.040
  2.080
  2.110
  2.150
  2.180
  2.210
  2.250
Adjusted equity ratio
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,098
  1,119
  1,143
  1,170
  1,200
  1,232
  1,267
  1,305
  1,346
  1,389
  1,675
  1,724
  1,776
  1,832
  1,891
  1,953
  2,019
  2,089
  2,163
  2,240
  2,322
  2,409
  2,500
  2,596
  2,697
  2,803
  2,915
  3,032
  3,156
  3,286
Depreciation, amort., depletion, $m
  822
  833
  846
  861
  877
  894
  914
  935
  957
  981
  679
  707
  736
  767
  800
  835
  872
  912
  953
  997
  1,043
  1,092
  1,143
  1,197
  1,254
  1,314
  1,377
  1,444
  1,514
  1,587
Funds from operations, $m
  1,920
  1,952
  1,989
  2,031
  2,077
  2,127
  2,181
  2,240
  2,303
  2,370
  2,354
  2,430
  2,512
  2,599
  2,691
  2,788
  2,892
  3,001
  3,116
  3,237
  3,365
  3,500
  3,643
  3,793
  3,951
  4,117
  4,292
  4,476
  4,670
  4,874
Change in working capital, $m
  -233
  -274
  -313
  -351
  -389
  -427
  -465
  -503
  -542
  -582
  -623
  -664
  -707
  -752
  -798
  -845
  -895
  -946
  -1,000
  -1,056
  -1,114
  -1,175
  -1,238
  -1,305
  -1,374
  -1,447
  -1,523
  -1,603
  -1,686
  -1,773
Cash from operations, $m
  2,153
  2,226
  2,302
  2,382
  2,466
  2,554
  2,646
  2,743
  2,845
  2,952
  2,976
  3,095
  3,220
  3,351
  3,489
  3,634
  3,786
  3,947
  4,116
  4,293
  4,479
  4,675
  4,881
  5,098
  5,325
  5,564
  5,815
  6,079
  6,356
  6,647
Maintenance CAPEX, $m
  -482
  -494
  -505
  -518
  -532
  -549
  -566
  -586
  -607
  -629
  -653
  -679
  -707
  -736
  -767
  -800
  -835
  -872
  -912
  -953
  -997
  -1,043
  -1,092
  -1,143
  -1,197
  -1,254
  -1,314
  -1,377
  -1,444
  -1,514
New CAPEX, $m
  -115
  -114
  -130
  -146
  -161
  -177
  -193
  -209
  -225
  -241
  -258
  -276
  -293
  -312
  -331
  -351
  -371
  -393
  -415
  -438
  -462
  -487
  -514
  -541
  -570
  -600
  -632
  -665
  -699
  -736
Cash from investing activities, $m
  -597
  -608
  -635
  -664
  -693
  -726
  -759
  -795
  -832
  -870
  -911
  -955
  -1,000
  -1,048
  -1,098
  -1,151
  -1,206
  -1,265
  -1,327
  -1,391
  -1,459
  -1,530
  -1,606
  -1,684
  -1,767
  -1,854
  -1,946
  -2,042
  -2,143
  -2,250
Free cash flow, $m
  1,556
  1,619
  1,668
  1,719
  1,772
  1,828
  1,887
  1,949
  2,014
  2,082
  2,065
  2,140
  2,220
  2,303
  2,391
  2,483
  2,580
  2,682
  2,789
  2,902
  3,021
  3,145
  3,276
  3,413
  3,558
  3,710
  3,869
  4,037
  4,213
  4,398
Issuance/(repayment) of debt, $m
  353
  400
  457
  514
  569
  624
  680
  736
  793
  851
  910
  971
  1,034
  1,099
  1,166
  1,236
  1,308
  1,384
  1,462
  1,543
  1,629
  1,718
  1,810
  1,907
  2,009
  2,115
  2,226
  2,343
  2,465
  2,592
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  
  353
  400
  457
  514
  569
  624
  680
  736
  793
  851
  910
  971
  1,034
  1,099
  1,166
  1,236
  1,308
  1,384
  1,462
  1,543
  1,629
  1,718
  1,810
  1,907
  2,009
  2,115
  2,226
  2,343
  2,465
  2,592
Total cash flow (excl. dividends), $m
  1,909
  2,019
  2,125
  2,232
  2,341
  2,452
  2,567
  2,685
  2,806
  2,933
  2,975
  3,112
  3,254
  3,402
  3,557
  3,719
  3,888
  4,066
  4,251
  4,446
  4,649
  4,863
  5,086
  5,321
  5,567
  5,825
  6,096
  6,380
  6,677
  6,990
Retained Cash Flow (-), $m
  -109
  -139
  -159
  -179
  -198
  -217
  -236
  -256
  -276
  -296
  -317
  -338
  -360
  -382
  -406
  -430
  -455
  -481
  -508
  -537
  -566
  -597
  -629
  -663
  -699
  -735
  -774
  -815
  -857
  -901
Prev. year cash balance distribution, $m
  3,902
  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
  161
  165
  168
  173
  177
  183
  189
  195
  202
  210
  218
  226
  236
  245
  256
  267
  278
  291
  304
  318
  332
  348
  364
  381
  399
  418
  438
  459
  481
  505
Cash available for distribution, $m
  5,701
  1,880
  1,966
  2,054
  2,143
  2,235
  2,330
  2,429
  2,531
  2,637
  2,659
  2,774
  2,894
  3,020
  3,152
  3,289
  3,434
  3,585
  3,743
  3,909
  4,083
  4,265
  4,457
  4,658
  4,868
  5,089
  5,321
  5,565
  5,820
  6,089
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
  5,466
  1,721
  1,711
  1,691
  1,661
  1,622
  1,574
  1,518
  1,454
  1,382
  1,263
  1,184
  1,100
  1,014
  925
  836
  747
  660
  576
  497
  422
  354
  292
  237
  189
  148
  114
  86
  64
  46
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 78.9
Price to Sales 0.9
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 25
Price to Free Cash Flow 34.4
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 2017 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 2% 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 0.3%.

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 9%.

Life of production assets of 10 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 -21.7%. 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 143 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 $46.4 billion.

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COMPANY NEWS

▶ 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]
▶ Here's how much Kindred execs made from sale to Humana-led consortium   [07:01AM  American City Business Journals]
▶ 10 Best Blue-Chip Stocks to Buy in July   [Jul-03-18 02:25PM  InvestorPlace]
▶ Humana-led consortium closes $4.1 billion Kindred acquisition   [Jul-02-18 12:33PM  American City Business Journals]
▶ Heritage Financial Set to Join S&P SmallCap 600   [Jun-27-18 06:04PM  PR Newswire]
▶ Go365 Adds Audible as a Reward Option   [Jun-26-18 10:00AM  Business Wire]
▶ Top Ranked Momentum Stocks to Buy for June 22nd   [Jun-22-18 09:34AM  Zacks]
▶ INSIDE LOOK: Humana opens its new high-tech downtown gym (PHOTOS)   [07:46AM  American City Business Journals]
▶ Does Humana Incs (NYSE:HUM) Recent Track Record Look Strong?   [Jun-21-18 09:34AM  Simply Wall St.]
▶ Walgreens to Open Senior Care Centers With Humana   [Jun-19-18 03:52PM  Fortune]
▶ Humana exec's biggest stock sale of the season tops $8 million   [Jun-18-18 01:39PM  American City Business Journals]
▶ Humana executive offloads over $7M in stock as price soars   [Jun-14-18 02:41PM  American City Business Journals]
▶ Humana faces anti-kickback, False Claims Act suit over diabetes testing equipment   [Jun-12-18 10:27AM  American City Business Journals]
▶ Humana Inc (NYSE:HUM): Time For A Financial Health Check   [Jun-05-18 05:06PM  Simply Wall St.]
▶ Humana exec offloads millions in company stock   [11:42AM  American City Business Journals]
▶ 4 Healthcare Stocks for a Declining Rate Environment   [May-29-18 12:06PM  TheStreet.com]
▶ Check out which Louisville executives were recognized for their diversity efforts   [May-23-18 02:58PM  American City Business Journals]
▶ Broussard on why Humana invested in primary care startup   [12:36PM  American City Business Journals]
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