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Health Net awarded Medi-Cal dental contract in California

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ST. LOUIS – Centene Corporation (NYSE: NYSE:), a prominent healthcare enterprise, announced today that its subsidiary, Health Net Community Solutions, has been selected by the California Department of Health Care Services to provide managed dental health care services to Medi-Cal beneficiaries in Los Angeles and Sacramento counties starting July 1, 2025. The contract spans 54 months and marks the continuation of Health Net’s role as a provider of both medical and dental coverage in these regions.

Health Net, currently the sole Medi-Cal plan in the aforementioned counties that offers integrated medical and dental care, manages a network of over 1,000 dental providers. The company serves nearly 385,000 dental members and supports the health care needs of approximately 2.2 million Californians, including more than 1.5 million Medi-Cal members.

Centene CEO Sarah M. London expressed gratitude for the opportunity to support Medi-Cal members’ dental health needs through Health Net’s new contract. Health Net Plan President and CEO Brian Ternan also conveyed the organization’s commitment to improving community health and providing essential dental services.

The selection of Health Net is part of a broader strategy to address social determinants of health, aiming to reduce health disparities, enhance outcomes, and improve access to quality care. Health Net’s whole-person care model is designed to meet the comprehensive needs of its members.

Centene Corporation, a Fortune 500 company, focuses on serving under-insured and uninsured individuals through a variety of government-sponsored and commercial healthcare programs. The company’s approach emphasizes local brands and teams to deliver integrated, high-quality, and cost-effective services.

The information in this article is based on a press release statement.

In other recent news, Centene Corporation reported strong second-quarter earnings, with an adjusted diluted earnings per share (EPS) of $2.42, marking a 15% increase from the previous year. The company also raised its full-year premium and service revenue expectations to between $141 billion and $143 billion, indicating optimism about future growth.

In terms of analyst interactions, Jefferies maintained a Hold rating on Centene but lowered its price target to $72.00 from the previous $74.00, reflecting adjustments to the earnings forecasts for the next two years. Wells Fargo, on the other hand, upgraded its price target for Centene from $81.00 to $93.00, maintaining an Overweight rating on the stock. Similarly, TD Cowen increased Centene’s price target from $80.00 to $89.00, also reaffirming a Buy rating on the stock.

In other company news, Centene expanded its Board of Directors with the appointment of Thomas R. Greco, a seasoned leader with over 40 years of experience in public companies. This appointment is expected to enhance Centene’s consumer marketing expertise, aiding the company’s mission to improve the health of its members. These developments highlight Centene’s commitment to its growth strategy, focusing on improving Medicaid operations and marketplace innovation.

InvestingPro Insights

As Centene Corporation (NYSE: CNC) secures a new contract to provide managed dental health care services in California, the company’s financial health remains a key focus for investors. Centene’s aggressive share buyback program indicates strong confidence from management in the company’s value, which is an important consideration for shareholders.

Moreover, Centene’s position as a prominent player in the Healthcare Providers & Services industry is bolstered by its high shareholder yield, a metric that combines dividend payments and share repurchases to show the total payout to shareholders. Although Centene does not pay a dividend, the share repurchases contribute to this yield, rewarding investors and potentially signaling undervalued stock. With a market capitalization of $39.64 billion and a price-to-earnings (P/E) ratio of 14.26, the company is trading at a valuation that reflects its profitability over the last twelve months.

InvestingPro data provides additional context, showing that Centene is trading at a low revenue valuation multiple, with a price-to-book ratio in the last twelve months as of Q2 2024 at 1.45. This ratio suggests that the stock may be reasonably priced relative to the company’s book value. Additionally, Centene has demonstrated a revenue growth of 4.32% in the same period, showcasing its ability to increase earnings over time.

Investors interested in Centene’s future performance should note that 7 analysts have revised their earnings estimates downwards for the upcoming period, which could impact the stock’s near-term trajectory. Nonetheless, Centene’s fundamental strength is evident in its recent profitability and the expectation of analysts for the company to remain profitable this year.

For those seeking deeper financial analysis and more InvestingPro Tips, there are 11 additional tips available on Centene Corporation at https://www.investing.com/pro/CNC, providing valuable insights for making informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Israeli strikes kill dozens in Gaza over 48 hours, Palestinian officials say

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By Nidal al-Mughrabi

CAIRO (Reuters) -Israeli military strikes across the Gaza Strip have killed at least 120 Palestinians over the last 48 hours and hit a hospital on the northern edge of the enclave, wounding medical staff and damaging equipment, Palestinian medics said on Saturday.

Among the dead were seven members of one family whose house was hit overnight in the Zeitoun suburb of Gaza City, the health officials said. The rest were killed in separate Israeli strikes in central and southern Gaza.

At the same time, Israeli forces deepened their incursion and bombardment of the northern edge of the enclave, their main offensive since early last month.

A spokesperson for the armed wing of Hamas said a female Israeli hostage in the group’s custody had been killed in a northern area under attack by Israeli forces.

“The life of another female prisoner who used to be with her remains in imminent danger,” spokesperson Abu Ubaida added, accusing the government of Israeli Prime Minister Benjamin Netanyahu of being to blame.

An Israeli military spokesperson said it was investigating the Hamas report.

“At this point, we are unable to confirm or deny it,” the spokesperson said. “Hamas continues to engage in psychological terrorism and act in a cruel manner.”

A group representing hostages’ families did not immediately reply to a request for comment.

DAMAGE, INJURIES AT HOSPITAL

Israel’s military says its operations in northern Gaza aim to prevent Hamas fighters from carrying out attacks and regrouping. Local residents say they fear the goal is to permanently depopulate a strip of territory as a buffer zone, something Israel denies.

At Kamal Adwan Hospital, one of three medical facilities on the northern edge of Gaza that is barely operational, director Hussam Abu Safiya said the ongoing Israeli bombardment in the area appeared aimed at forcing hospital staff to evacuate – something they have refused to do since the incursion began.

“Yesterday (Friday), from the afternoon until midnight, the bombardment directly targeted the entrance to the emergency and reception area several times,” he said in a statement, adding that 12 staff members including doctors and nurses were injured.

The strike also caused significant damage that disrupted the electrical generator, oxygen supply network and water supply, he added.

Asked to comment on Abu Safiya’s statement, the Israeli military said that following an initial review it was “not aware of a strike in the area of the Kamal Adwan Hospital”, adding that it does everything possible to avoid harming civilians.

Israel says Hamas uses hospitals and civilians as human shields, and has made public videos and photos to support that claim. Hamas rejects the allegations and says it does not use the civilian population or facilities for military purposes.

Israel’s 13-month campaign in Gaza has killed more than 44,000 people and displaced nearly all the enclave’s population at least once, according to Gaza officials.

The war was launched in response to an attack by Hamas-led fighters who killed 1,200 people and captured more than 250 hostages in Israel on Oct. 7, 2023, Israel has said.

© Reuters. A Palestinian man inspects a house hit in an Israeli strike, amid the ongoing conflict between Israel and Hamas, in Gaza City November 21, 2024. REUTERS/Mahmoud Issa

Months of attempts to negotiate a ceasefire have yielded scant progress and negotiations are now on hold, with mediator Qatar having suspended its efforts until the sides are prepared to make concessions.

Hamas wants a deal that ends the conflict, and leads to the release of Israeli and foreign hostages held captive in Gaza as well as Palestinians jailed by Israel, while Netanyahu has said the war can end only once Hamas is eradicated.

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Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

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WASHINGTON (Reuters) -U.S. President-elect Donald Trump is expected to pick Brooke Rollins (NYSE:), president of the America First Policy Institute, to be agriculture secretary, the Wall Street Journal reported on Saturday.

If confirmed, Rollins would lead a 100,000-person agency with offices in every county in the country, whose remit includes farm and nutrition programs, forestry, home and farm lending, food safety, rural development, agricultural research, trade and more. It had a budget of $437.2 billion in 2024.

Trump’s transition team did not immediately respond to a request for comment.

The nominee’s agenda would carry implications for American diets and wallets, both urban and rural. Department of Agriculture officials and staff negotiate trade deals, guide dietary recommendations, inspect meat, fight wildfires and support rural broadband, among other activities.

The America First Policy Institute is a right-leaning think tank whose personnel have worked closely with Trump’s campaign to help shape policy for his incoming administration. She chaired the Domestic Policy Council during Trump’s first term.

If confirmed, Rollins would advise the administration on how and whether to implement clean fuel tax credits for biofuels at a time when the sector is hoping to grow through the production of sustainable aviation fuel.

The nominee would also guide next year’s renegotiation of the U.S.-Mexico-Canada trade deal, in the shadow of disputes over Mexico’s attempt to bar imports of genetically modified corn and Canada’s dairy import quotas.

© Reuters. Brooke Rollins, President and CEO of the America First Policy Institute speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., October 27, 2024. REUTERS/Andrew Kelly/File Photo

Trump has said he again plans to institute sweeping tariffs that are likely to affect the farm sector.

He was considering offering the role to former U.S. Senator Kelly Loeffler, a staunch ally whom he chose to co-chair his inaugural committee, CNN reported on Friday.

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ICC warrants are binding, EU cannot pick and choose, EU’s Borrell says

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By Michele Kambas

NICOSIA (Reuters) – European Union governments cannot pick and choose whether to execute arrest warrants issued by the International Criminal Court against two Israeli leaders and a Hamas commander, the EU’s foreign policy chief said on Saturday.

The ICC issued the warrants on Thursday against Israeli Prime Minister Benjamin Netanyahu, his former defence minister Yoav Gallant and Hamas leader Ibrahim Al-Masri, for alleged crimes against humanity.

All EU member states are signatories to the ICC’s founding treaty, called the Rome Statute.

Several EU states have said they will meet their commitments under the statute if needed, but Hungarian Prime Minister Viktor Orban has invited Netanyahu to visit his country, assuring him he would face no risks if he did so.

“The states that signed the Rome convention are obliged to implement the decision of the court. It’s not optional,” Josep Borrell, the EU’s top diplomat, said during a visit to Cyprus for a workshop of Israeli and Palestinian peace activists.

Those same obligations were also binding on countries aspiring to join the EU, he said.

“It would be very funny that the newcomers have an obligation that current members don’t fulfil,” he told Reuters.

The United States rejected the ICC’s decision and Israel said the ICC move was antisemitic.

“Every time someone disagrees with the policy of one Israeli government – (they are) being accused of antisemitism,” said Borrell, whose term as EU foreign policy chief ends this month.

“I have the right to criticise the decisions of the Israeli government, be it Mr Netanyahu or someone else, without being accused of antisemitism. This is not acceptable. That’s enough.”

Israel’s 13-month campaign in Gaza has killed about 44,000 Palestinians and displaced nearly all the enclave’s population while creating a humanitarian crisis, Gaza officials say.

Israel began its offensive after the Hamas-led attack on Oct. 7, 2023, which killed 1,200 people in southern Israel, with more than 250 others taken hostage, Israel has said.

© Reuters. Israeli Prime Minister Benjamin Netanyahu speaks at the plenum, during a discussion on the subject of hostages kidnapped during the deadly October 7, 2023 attack, in Israel's parliament, the Knesset, in Jerusalem, November 18, 2024. REUTERS/Ronen Zvulun/

In their decision, the ICC judges said there were reasonable grounds to believe Netanyahu and Gallant were criminally responsible for acts including murder, persecution and starvation as a weapon of war as part of a “widespread and systematic attack against the civilian population of Gaza”.

The warrant for Masri lists charges of mass killings during the Oct. 7, 2023, attacks. Israel says it has killed Masri.

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