Announcement • Aug 11
Humana Inc. Announces Appointment of James P. Holland to Senior Vice President and President of Medicaid, Effective August 17, 2026 Humana Inc. announced that James “J.P.” Holland would join the company as senior vice president and President of Medicaid, effective August 17, 2026. In this role, Holland would lead the company’s growing Medicaid business, which currently serves more than 1.6 million members in 11 states. Holland would report to Aaron Martin, President of Insurance. Holland most recently served as President and CEO of Johns Hopkins Health Plans, where he led Medicaid, Medicare and other government-sponsored businesses. Prior to Johns Hopkins Health Plans, he was CEO of the Alliance Business at Elevance Health and also held leadership roles at Amerigroup and WellCare Health Plans. Earlier in his career, Holland served as a U.S. Navy pilot. He holds a bachelor’s degree in economics from the U.S. Naval Academy and an MBA from the Wharton School of the University of Pennsylvania. Announcement • Jul 30
Humana Inc. Revises Earnings Guidance for the Year Ending December 31, 2026 Humana Inc. revised earnings guidance for the year ending December 31, 2026. For the year, the company revised GAAP EPS guidance to 'at least $6.52' from 'at least $8.36'. Declared Dividend • Jun 25
First quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 26th June 2026 Payment date: 31st July 2026 Dividend yield will be 0.8%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 38%. Cash payout ratio: 33%. Upcoming Dividend • Jun 19
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Mexican dividend payers (5.9%). Lower than average of industry peers (10.0%). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Mex$5,275, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 13x in the Healthcare industry in South America. Total loss to shareholders of 42% over the past three years. New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • May 01
First quarter 2026 earnings released: EPS: US$9.86 (vs US$10.31 in 1Q 2025) First quarter 2026 results: EPS: US$9.86 (down from US$10.31 in 1Q 2025). Revenue: US$39.6b (up 24% from 1Q 2025). Net income: US$1.19b (down 4.7% from 1Q 2025). Profit margin: 3.0% (down from 3.9% in 1Q 2025). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Apr 29
Humana Inc. Revises Earnings Guidance for the Year Ending December 31, 2026 Humana Inc. revised earnings guidance for the year ending December 31, 2026. For the year, the company revised GAAP diluted EPS guidance to 'at least $8.36' from 'at least $8.89' in the previous guidance. Declared Dividend • Apr 25
Dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 26th June 2026 Payment date: 31st July 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 103% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 21
CenterWell Introduces the Fulfillment Index CenterWell, the health care services business of Humana Inc., introduced the CenterWell Fulfillment Index, a new national measure to better understand what drives wellbeing as people age. The CenterWell Fulfillment Index study data found that 54% of adults ages 62+ report feeling fulfilled in their lives, offering important insight into how healthy aging is experienced—and where additional support may be needed. The research also suggests that fulfillment can dip for some adults during the early retirement years (approximately ages 65–69), highlighting how important proactive support can be during life transitions. CenterWell's research shows that older adults define wellbeing broadly, with fulfillment shaped by purpose, emotional stability, social connection, comfort, and a sense of security in daily life. To better understand and address these factors, CenterWell developed the Fulfillment Index, a tool built from 72 indicators that helps surface concerns traditional medical measures may overlook. By making fulfillment measurable and trackable over time, the Index provides a practical resource that can help leaders, communities and care teams better understand where additional support may be needed, because fulfillment and health go hand in hand. The Fulfillment Index is a tool designed to keep improving how older adults are supported. CenterWell is working to make measuring fulfillment as routine as measuring blood pressure and part of a regular check-in that can help guide the right conversations and connect support at the right time. Announcement • Apr 16
Humana Inc. Declares Quarterly Cash Dividend, Payable on July 31, 2026 Humana Inc. announced that its Board of Directors has declared quarterly cash dividend to stockholders of $0.885 per share payable on July 31, 2026 to stockholders of record as of the close of business on June 26, 2026. Announcement • Apr 12
Humana Inc. Elects Robert S. Field to the Board of Directors, Effective April 10, 2026 Humana Inc. announced that Robert S. Field has been elected as a member of the company’s Board of Directors, effective April 10, 2026 following the company’s 2026 Annual Meeting of Stockholders. Field is the Principal and Managing Member of ?Med Capital Management LLC. He previously served as a senior analyst at Luxor Capital, where he led healthcare services investments. Earlier in his career, Field worked as an associate at McKinsey & Company, focused on corporate and business strategy and previously practiced antitrust law at Vinson & Elkins LLP. Field’s appointment follows a comprehensive search process led by the Humana Board and informed by shareholder engagement, including helpful input from John Petry, Managing Member of Sessa Capital, as part of the Company’s ongoing commitment to Board refreshment and strong corporate governance. Announcement • Mar 31
Humana Inc. to Report Q1, 2026 Results on Apr 29, 2026 Humana Inc. announced that they will report Q1, 2026 results at 6:00 AM, US Eastern Standard Time on Apr 29, 2026 Upcoming Dividend • Mar 20
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Mexican dividend payers (6.0%). Lower than average of industry peers (10%). Announcement • Mar 09
Humana Inc., Annual General Meeting, Apr 16, 2026 Humana Inc., Annual General Meeting, Apr 16, 2026. Announcement • Mar 04
Humana Inc. Introduces New Value-Based Cardiology Care Partnerships for Medicare Advantage Members Humana Inc. announced new partnerships to improve heart health for eligible Medicare Advantage members through value-based care. Building on Humana’s existing cardiac care partnership with CVAUSA’s Novocardia Care Solutions division, new agreements with Karoo Health, US Heart and Vascular and Chamber Cardio further expand the company’s comprehensive cardiac care program. Eligible Humana Individual and Group Medicare Advantage members will have access, through their participating cardiologists, to enhanced cardiac care services designed to improve quality of life and reduce hospitalizations. Key features include: Value-based care teams: Focus on proactive, evidence-based care to help members stay healthier, prevent complications, and reduce unnecessary emergency visits. 24/7 hotline: Round-the-clock access to a coordinated care team and resources make it simpler for members to manage heart conditions. Remote monitoring tools: Localized teams monitor heart rate, rhythm, blood pressure and other indicators to identify needed adjustments before issues escalate. Integrated team support: Care management team and participating cardiologists collaborate on personalized care plans, ensuring tests, medication and diet align with members’ needs. Value-based care incentivizes holistic, coordinated, effective care to deliver better health outcomes. Humana’s analysis has found that value-based care leads to a higher quality of care and better adherence to evidence-based medicine for cardiac patients. Individual and Group Humana Medicare Advantage members now have access to: CVAUSA's Novocardia Care Solutions services in Florida, Georgia, South Carolina, Illinois, North Carolina and Iowa. Karoo Health services in Arizona, Illinois, Alabama, Mississippi and Louisiana. Chamber Cardio services in Maryland, Georgia, South Carolina, North Carolina, Virginia, Washington, DC, and Texas. US Heart and Vascular services in Alabama, Arizona, Louisiana, Texas and Kansas. Other providers are available in the Humana network. Provider may also contract with other plan sponsors. Recent Insider Transactions • Mar 01
President of CenterWell recently bought Mex$2.6m worth of stock On the 23rd of February, Sanjay Shetty bought around 810 shares on-market at roughly Mex$3,186 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Mex$32m more in shares than they have sold in the last 12 months. New Risk • Feb 25
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 114% Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Large one-off items impacting financial results. Declared Dividend • Feb 22
Fourth quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 27th March 2026 Payment date: 24th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 107% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Large one-off items impacting financial results. Announcement • Feb 19
Humana Inc. Declares Quarterly Cash Dividend, Payable on April 24, 2026 Humana Inc. announced that its Board of Directors declared a cash dividend to stockholders of $0.885 per share payable on April 24, 2026 to stockholders of record as of the close of business on March 27, 2026. Reported Earnings • Feb 13
Full year 2025 earnings released: EPS: US$9.86 (vs US$10.01 in FY 2024) Full year 2025 results: EPS: US$9.86 (down from US$10.01 in FY 2024). Revenue: US$129.7b (up 10% from FY 2024). Net income: US$1.19b (down 1.6% from FY 2024). Profit margin: 0.9% (down from 1.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 31% per year. Announcement • Feb 11
Humana Inc. Provides Earnings Guidance for the Fiscal Year Ending December 31, 2026 Humana Inc. provided earnings guidance for the fiscal year ending December 31, 2026. for the year, the company provided GAAP EPS guidance of at least $8.89. Announcement • Feb 04
Humana Inc. (NYSE:HUM) completed the acquisition of Familiehjelpgruppen As. Humana Inc. (NYSE:HUM) entered into an agreement to acquire Familiehjelpgruppen As on December 12, 2025. The transaction will be financed with existing cash.
For the period ending December 31, 2024, Familiehjelpgruppen As reported total revenue of NOK 120 million.
Completion is subject to approval from the competition authorities The expected completion of the transaction is January 31, 2026.
Humana Inc. (NYSE:HUM) completed the acquisition of Familiehjelpgruppen As on February 2, 2026. The transaction is approved by the Competition Authority. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to Mex$3,410, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Healthcare industry in South America. Total loss to shareholders of 62% over the past three years. Announcement • Jan 09
Humana Inc. to Report Q4, 2025 Results on Feb 11, 2026 Humana Inc. announced that they will report Q4, 2025 results at 6:00 AM, US Eastern Standard Time on Feb 11, 2026 Upcoming Dividend • Dec 19
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 26 December 2025. Payment date: 30 January 2026. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Mexican dividend payers (6.1%). Lower than average of industry peers (7.1%). Announcement • Dec 17
Humana Inc. Announces Executive Changes Humana Inc. announced that George Renaudin, Insurance Segment President and member of Humana’s Enterprise Leadership Team, will retire by third quarter of 2026 following a successful 29-year career at the company. During this period, Renaudin played a pivotal role in establishing and growing Humana’s Medicare Advantage and Medicaid programs, helping to build them into high-performing businesses and assembling a strong insurance leadership team. After retiring, Renaudin will serve as a strategic advisor to the company through at least the end of 2026 to ensure a thoughtful transition. Aaron Martin will join the company in January 2026 as President of Medicare Advantage and a member of the Enterprise Leadership Team. The newly created role will report jointly to Renaudin and Rechtin and consolidate Humana’s Medicare Advantage operations under a single leader to drive operational excellence across the businesses. Following Renaudin’s retirement, Martin will assume the role of Insurance Segment President and John Barger will be promoted to the role of President of Medicare Advantage, reporting directly to Martin. Barger is currently President of Humana's Medicaid and Dual Eligible programs and has more than 25 years of experience serving in critical roles at the company, including more than a decade supporting the Medicare Advantage business. Martin was Vice President of Healthcare at Amazon, where he oversaw strategic partnerships, marketing and the company’s telehealth and chronic conditions programs. Prior to Amazon, he was Executive Vice President and Chief Digital Officer for Providence, a comprehensive not-for-profit health system serving 8 states, and Managing General Partner for Providence Ventures. Martin joined Providence after a previous career with Amazon. He holds Bachelor of Arts degrees from Austin College and earned an MBA from Wharton at the University of Pennsylvania. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$1.62 (vs US$3.99 in 3Q 2024) Third quarter 2025 results: EPS: US$1.62 (down from US$3.99 in 3Q 2024). Revenue: US$32.6b (up 11% from 3Q 2024). Net income: US$195.0m (down 59% from 3Q 2024). Profit margin: 0.6% (down from 1.6% in 3Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Nov 05
Humana Inc. Revises Earnings Guidance for the Fiscal Year Ending December 31, 2025 Humana Inc. revised earnings guidance for the fiscal year ending December 31, 2025. for the year, the company revised its GAAP EPS guidance to 'approximately $12.26' from the previous estimate of 'approximately $13.77'. Declared Dividend • Nov 01
Second quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 26th December 2025 Payment date: 30th January 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 85% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 28
Humana Inc. Declares Quarterly Cash Dividend, Payable on January 30, 2026 Humana Inc. announced that its Board of Directors has declared quarterly cash dividend stockholders of $0.885 per share payable on January 30, 2026 to stockholders of record as of the close of business on December 26, 2025. Announcement • Oct 11
Humana Inc. to Report Q3, 2025 Results on Nov 05, 2025 Humana Inc. announced that they will report Q3, 2025 results at 6:00 AM, US Eastern Standard Time on Nov 05, 2025 Announcement • Oct 02
The American Physical Therapy Association and APTA Private Practice Announces Lawsuit Against Multiplan, UnitedHealth, Elevance, Humana, Aetna and Cigna The American Physical Therapy Association, along with APTA Private Practice, joined the federal MultiPlan Antitrust Litigation as plaintiffs. This federal antitrust litigation alleges a conspiracy to systematically underpay physical therapists and other health care providers for reimbursements of out-of-network services. The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, against MultiPlan, recently rebranded as Claritev, and leading health insurance companies, including UnitedHealth, Elevance (Anthem), Humana, Aetna, Cigna, and various Blue Cross Blue Shield entities, has alleged that they are participating in a coordinated price-fixing conspiracy to increase their profit margins by setting increasingly low reimbursement rates for out-of-network services. Upcoming Dividend • Sep 19
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 26 September 2025. Payment date: 31 October 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Mexican dividend payers (6.1%). Lower than average of industry peers (2.5%). Declared Dividend • Aug 25
Second quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 26th September 2025 Payment date: 31st October 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
Humana Inc. Declares Quarterly Cash Dividend, Payable on October 31, 2025 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on October 31, 2025 to stockholders of record as of the close of business on September 26, 2025. Announcement • Aug 21
New Research from Humana Finds Value-Based Care Delivers Higher Quality of Care for Heart Failure Patients Humana Healthcare Research finds value-based care is a differentiator for patients with heart failure. Patients treated by value-based care clinicians were nearly 28% more likely to receive full quadruple therapy, guideline-directed medical therapy. Heart failure continues to affect a growing number of Americans, with 11.4 million expected to be diagnosed by 50. Patients with heart failure experience a higher likelihood of hospitalizations and visit the emergency department twice as often. The guideline-directed medical therapy is quadruple therapy, however, less than one in five patients hospitalized with heart failure with HFrEF receive this therapy within six months of discharge. Data analyzed in Humana's Value-Based Care Issue Brief compares patients diagnosed with heart failure with reduced ejection fraction (HFrEF) after a hospitalization who receive care from value-based clinicians and those who do not. Patients treated by value- based care clinicians were nearly 28% More likely to receive full quadruple Therapy, the gold standard evidence-based medical treatment. Humana's newest Value-Based Care Issue Brief reinforces that the value-based care model is the meaningful difference for patients with heart failure with HFrF. Those receiving care from value-based primary care clinicians experienced better medical management. Clinicians under value-based care deliver proactive care and are incentivized to provide high-value interventions. The traditional fee-for-service model is a fragmented experience for clinicians and patients with no incentives to reduce low-value care. In addition, patients aligned with value-based care practices better manage chronic diseases, according to Humana's Value-Based care Report. These findings affirm more than a decade of Humana's research advancing value-based care that concludes patients aligned with value-based Care physician more often, are more satisfied with the quality of care, and have better management of chronic diseases. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Mex$5,450, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Healthcare industry in South America. Total loss to shareholders of 42% over the past three years. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$4.52 (vs US$5.64 in 2Q 2024) Second quarter 2025 results: EPS: US$4.52 (down from US$5.64 in 2Q 2024). Revenue: US$32.4b (up 9.6% from 2Q 2024). Net income: US$545.0m (down 20% from 2Q 2024). Profit margin: 1.7% (down from 2.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Jul 30
Humana Inc. Revises Earnings Guidance for the Full Year Ending December 31, 2025 Humana Inc. revised earnings guidance for the full year ending December 31, 2025. For the year, the company revised its GAAP EPS guidance for the year ending December 31, 2025 to approximately $13.77 From the previous estimate of approximately $14.68. The company raised consolidated revenues guidance to 'at least $128 billion' compared to the previous guidance range of $126 billion to $128 billion. Announcement • Jul 14
Humana Inc. Inaugural Humana Cognitive Games to Celebrate Healthy Aging and Inspire Whole-Person Wellness Humana Inc. is launching the inaugural Humana Cognitive GamesTM to encourage older adults to exercise their minds and play an active role in maintaining their brain health. The Humana Cognitive Games, happening July 14 - Aug. 11, 2025 is a virtual challenge to encourage older adults to exercise their minds and play an active role in maintaining their brain health. This new virtual challenge debuts as part of the 2025 National Senior Games kicking off in Des Moines, Iowa, later in July 2025. This year marks the 10th consecutive time Humana has served as the presenting sponsor for the biennial Olympic-style event, which brings together more than 12,000 athletes aged 50 and older for competition, inspiration and camaraderie. With the launch of the Humana Cognitive Games, Humana is expanding its celebration of healthy aging beyond the physical multi-sport event to engage older adults across the country – competitive athlete or not. During the nationwide virtual event, openthrough August 11, 2025 at HumanaGames.com, all are invited to learn more about actions they can take to give their brain a workout. The challenge features a variety of brain-training activities, lifestyle tips and educational content designed to exercise the mind and foster social connection. Research shows that engaging in regular mental exercises can have both short- and long-term benefits for brain health, helping older adults stay independent and potentially reduce the risk of dementia and cognitive decline. Announcement • Jul 10
Humana Inc. to Report Q2, 2025 Results on Jul 30, 2025 Humana Inc. announced that they will report Q2, 2025 results at 6:00 AM, Eastern Standard Time on Jul 30, 2025 Announcement • Jun 24
Humana Inc. Expands Science-Based Targets with New SBTi-Validated Target Humana Inc. announced the expansion of its validated science-based target (SBT) with recent approval of a new financial institution target by the Science Based Targets initiative (SBTi). This milestone highlights Humana's dedication to sustainability, reinforcing its commitment to improving health and well-being while aiming for significant emissions reductions across the company's value chain. The following outlines Humana's Scope 3 asset class level target, emphasizing commitment to sustainable investment practices and alignment with SBTi-validated goals. Asset class Method Target language: Listed equity and Portfolio Coverage: Humana commits to 67.3% of its listed equity and corporate bond portfolio by invested value setting corporate bonds SBTi-validated targets by 2029 from a 2022 base year. This complements the company's existing targets covering the rest of its value chain, including a commitment to reduce absolute Scope 3 emissions from purchased goods and services, as well as upstream transportation and distribution, by 30% by 2032 from a 2022 base year. The newly approved target for Scope 3, Category 15 financed emissions refer to the indirect greenhouse gas emissions from investments and lending activities. To achieve the financed emissions target, Humana has revised its investment policy to incorporate SBTi-aligned climate commitments. These proactive measures highlight Humana's commitment to fostering healthier environments for its members, patients, employees, and communities, and aligns its financial influence with its operational impact. Humana's Scope 1 and 2 targets, approved in 2023, remain unchanged and continue to align with limiting global temperature rise. The company's science-based targets and 1.5degC trajectory are designed to spur innovation and efficiency demonstrating ongoing leadership in climate action within the healthcare and insurance sectors, boost investor confidence and position Humana to support a broader decarbonization effort across its value chain and financial ecosystem. Declared Dividend • Jun 20
First quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 27th June 2025 Payment date: 25th July 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 18
President recently bought Mex$29m worth of stock On the 14th of May, James Rechtin bought around 7k shares on-market at roughly Mex$4,437 per share. This transaction increased James' direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$10.31 (vs US$6.13 in 1Q 2024) First quarter 2025 results: EPS: US$10.31 (up from US$6.13 in 1Q 2024). Revenue: US$32.1b (up 8.4% from 1Q 2024). Net income: US$1.24b (up 68% from 1Q 2024). Profit margin: 3.9% (up from 2.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
Humana Inc. Revises Earnings Guidance for the Full Year Ending December 31, 2025 Humana Inc. revised earnings guidance for the full year ending December 31, 2025. For the year, the company revised its GAAP EPS guidance for the year ending December 31, 2025 to approximately $14.68 from approximately $15.88. Declared Dividend • Apr 26
Dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 27th June 2025 Payment date: 25th July 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
Humana Inc. Declares Cash Dividend, Payable on July 25, 2025 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on July 25, 2025 to stockholders of record as of the close of business on June 27, 2025. Announcement • Apr 04
Humana Inc. to Report Q1, 2025 Results on Apr 30, 2025 Humana Inc. announced that they will report Q1, 2025 results at 6:00 AM, US Eastern Standard Time on Apr 30, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Mexican dividend payers (5.7%). Lower than average of industry peers (2.8%). Announcement • Feb 25
Humana Inc., Annual General Meeting, Apr 17, 2025 Humana Inc., Annual General Meeting, Apr 17, 2025. Declared Dividend • Feb 23
Fourth quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 28th March 2025 Payment date: 25th April 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Humana Inc. Declares Quarterly Cash Dividend, Payable on April 25, 2025 Humana Inc. announced that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.885 per share payable on April 25, 2025 to stockholders of record as of the close of business on March 28, 2025. Announcement • Feb 12
Humana Inc. Provides Earnings Guidance for Fiscal Year 2025 Humana Inc. provided earnings guidance for fiscal year 202. For the period, the company expects GAAP diluted earnings per share of approximately $15.88. Reported Earnings • Feb 11
Full year 2024 earnings released: EPS: US$10.01 (vs US$20.09 in FY 2023) Full year 2024 results: EPS: US$10.01 (down from US$20.09 in FY 2023). Revenue: US$117.8b (up 11% from FY 2023). Net income: US$1.21b (down 52% from FY 2023). Profit margin: 1.0% (down from 2.3% in FY 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Jan 10
Humana Inc. to Report Q4, 2024 Results on Feb 11, 2025 Humana Inc. announced that they will report Q4, 2024 results at 6:30 AM, US Eastern Standard Time on Feb 11, 2025 Recent Insider Transactions • Jan 04
Chief Administrative Officer recently sold Mex$20m worth of stock On the 31st of December, Timothy Huval sold around 4k shares on-market at roughly Mex$5,340 per share. This transaction amounted to 53% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$16m more than they bought in the last 12 months. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 31 January 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Mexican dividend payers (6.8%). Lower than average of industry peers (2.3%). Announcement • Dec 20
Humana Inc. Announces Board Changes Humana Inc. announced that it has named Japan Mehta as Chief Information Officer. In this role, Mehta will oversee Humana’s digital and technology organization, as well as its data systems. He will also set the technology transformation vision for the company to better connect consumers to their caregivers and enable better clinical decision making, while also driving greater efficiencies through technology modernization. Mehta will assume the role in the first quarter of 2025. Mehta succeeds Sam Deshpande, who had previously announced his intention to retire at the end of 2024. Upon his retirement, Deshpande will transition to an IT advisory role to support Mehta’s onboarding. Mehta brings more than two decades of experience leading technology teams in large-scale, regulated industries focused on delivering customer-centric solutions. He joins Humana from Citi, where he recently served as Chief Data Officer, leading efforts to transform data quality and governance across the organization. Previously, he held the role of CIO for Citi Global Wealth across a mix of client segments. Additionally, he served in the CIO role for Global Consumer Technology in Asia Pacific and Europe. Prior to Citi, Japan held technology and digital leadership roles at JP Morgan, Barclays and Verizon. Mehta holds a Bachelor of Engineering in Electronics and Communication from Gujarat University, Dharamsinh Desai Institute of Technology, India, and a Master of Science in Industrial Engineering from the University of Wisconsin. He holds 35 patents, with more than 20 granted, across technology, digital platforms, mobile, media and entertainment. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Mex$4,750, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Healthcare industry in South America. Total loss to shareholders of 47% over the past three years. Announcement • Dec 03
Humana Inc. Announces CFO Changes Humana Inc. announced that Celeste Mellet will be appointed to succeed Susan Diamond as Chief Financial Officer (CFO), effective January 11, 2025. Diamond is stepping down after a successful 18-year career at Humana, including over three years as CFO, and will serve in an advisory role through the end of 2025 to ensure a smooth transition. Mellet currently serves as CFO of Global Infrastructure Partners (GIP), a leading infrastructure fund manager recently acquired by BlackRock. Prior to joining GIP, she was CFO, senior managing director and executive vice president of Evercore, responsible for the firm’s financial, strategy, tax, information technology and facilities functions. Before joining Evercore, Mellet was Fannie Mae’s executive vice president and CFO responsible for corporate strategy and financial management functions. Before her tenure at Fannie Mae, she spent more than 18 years at Morgan Stanley, last serving as global treasurer and previously head of investor, creditor and counterparty relations. Mellet was also previously an equity research analyst covering financial, media, and gaming and lodging. Announcement • Nov 13
Humana Inc. Appoints Michelle O'hara as Chief Human Resources Officer, Effective January 1, 2025 Humana Inc. announced that it has named Michelle O'Hara as Chief Human Resources Officer, effective January 1, 2025. O’Hara will oversee the enterprise talent strategy and people programs for Humana’s more than 63,000 employees. She brings a proven track record of transforming HR capabilities and enabling companies to effectively attract, recruit, develop and retain a talented and diverse workforce. O’Hara will report directly to Humana President and CEO Jim Rechtin. O’Hara succeeds Tim Huval, who had previously announced his intention to retire at the end of 2024 after a successful 12-year career at Humana. O’Hara has more than 20 years of leadership experience in human resources, most recently serving as the Executive Vice President and Chief Human Resources Officer at Science Applications International Corporation (SAIC), a Fortune 500 technology company. At SAIC, she led a people strategy that resulted in significant gains for workplace culture, talent acquisition, retention, and diversity, as the company went through rapid growth and change. Before SAIC, O’Hara was Head of Global Talent Acquisition at BearingPoint, a publicly traded management and technology consulting firm, where she redefined the talent acquisition function. Prior to that, she served in senior leadership roles at Perot Systems Corporation and Booz Allen Hamilton. O’Hara holds a Bachelor of Science degree in Chemistry from the College of William & Mary and serves on the board of directors for Atlantic Union Bankshares Corporation and for the HR Policy Association. Announcement • Nov 02
Humana Inc. Updates Earnings Guidance for the Year Ending December 31, 2024 Humana Inc. updated earnings guidance for the year ending December 31, 2024. For the period, the company updated its GAAP Diluted EPS at least $12.89. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$3.99 (vs US$6.74 in 3Q 2023) Third quarter 2024 results: EPS: US$3.99 (down from US$6.74 in 3Q 2023). Revenue: US$29.4b (up 11% from 3Q 2023). Net income: US$480.0m (down 42% from 3Q 2023). Profit margin: 1.6% (down from 3.1% in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 18% per year. Declared Dividend • Oct 28
Second quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 31st December 2024 Payment date: 31st January 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 25
Humana Inc. Declares Payment of Quarterly Dividend to Stockholders, Payable on January 31, 2025 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on January 31, 2025 to stockholders of record as of the close of business on December 31, 2024. Announcement • Oct 24
Humana Elects Gordon Smith to Board of Directors Humana Inc. announced that Gordon Smith has been elected as a member of the Company’s Board of Directors. Smith serves as an Operating Advisor of Clayton, Dubilier & Rice LLC (CD&R) Funds, a leading private investment firm. He was previously Co-President and Co-Chief Operating Officer of JPMorgan Chase & Co. (JPMorgan), where he was a member of the firm’s Operating Committee and helped oversee all aspects of the company’s business and operations from 2018 until his retirement in January of 2022. His career at JPMorgan began in 2007 and spanned 15 years, during which he also served as Chief Executive Officer of Consumer and Community Banking from 2012 to 2021. Prior to JPMorgan, Smith spent more than 25 years at American Express, where he led and managed several businesses including the Global Commercial Card Business. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Mex$4,795, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Healthcare industry in South America. Total loss to shareholders of 40% over the past three years. Announcement • Oct 01
Humana Inc. to Report Q3, 2024 Results on Oct 30, 2024 Humana Inc. announced that they will report Q3, 2024 results at 6:30 AM, US Eastern Standard Time on Oct 30, 2024 Upcoming Dividend • Sep 23
Upcoming dividend of US$0.89 per share Eligible shareholders must have bought the stock before 30 September 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Mexican dividend payers (7.3%). Lower than average of industry peers (1.9%). Declared Dividend • Sep 03
Second quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 30th September 2024 Payment date: 25th October 2024 Dividend yield will be 0.7%, which is lower than the industry average of 1.7%. Declared Dividend • Aug 18
Second quarter dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 30th September 2024 Payment date: 25th October 2024 Dividend yield will be 0.7%, which is lower than the industry average of 1.7%. Announcement • Aug 16
Humana Settles for $90 Million Groundbreaking False Claims Act Case Alleging Medicare Part D Prescription Drug Program Fraud Humana, a healthcare insurance company that contracts with Medicare to provide Medicare Part D Prescription Drug Plans, agreed to pay $90 million to the federal government to settle a whistleblower lawsuit filed by Phillips & Cohen LLP under the False Claims Act. The lawsuit alleges that Humana submitted fraudulent bids to the Centers for Medicare & Medicaid Services (CMS) for lucrative Medicare Part D prescription drug contracts from 2011-2017, significantly overcharging the government. This is first case of its kind to resolve allegations of fraud in the Part D contracting process. Medicare Part D is the Government's voluntary prescription drug program under which CMS contracts with private insurance companies to cover prescription drug benefits for people enrolled in Medicare. By law, the insurance companies must offer plans that cover a minimum required portion of drug costs, with the government and Medicare beneficiaries covering the rest. CMS requires insurance companies to submit annual bids in which they report the benefits they propose to cover and confirm that those benefits meet Part D's minimum coverage level. The complaint in this case alleged that Humana committed to providing the required level of coverage, but in fact planned to provide less, with the government and beneficiaries unknowingly picking up more than their share. Steven Scott, the whistleblower who filed the lawsuit in 2016, is a former actuary for Humana. The complaint alleges that he discovered that Humana had accurately predicted internally each year the costs for its Part D "Walmart Plan," while basing its bids to the government on different and unsupported assumptions that were used for no other purpose. The complaint alleged that every year Humana's internal assumptions proved accurate and those underlying its bids were wildly off, and always in Humana's favor, benefitting the insurance company by hundreds of millions of dollars. In papers filed with the district court, the Relator alleged that in 2017, shortly after Humana received the Civil Investigative Demand that the government issued when investigating this case, the alleged practice of using separate sets of assumptions abruptly ended, reducing future harm to the government. DOJ did not intervene in Mr. Scott's case after the district court declined further extensions of time to investigate. The case was litigated by Mr. Scott's counsel, led by Andrew Shen and James Webster of Kellogg, Hansen, Todd, Figel & Frederick, PLLC. After extensive motion practice, the district court denied both parties' motions for summary judgment, notably rejecting Humana's argument that its bids represented opinions that are insufficient to prove falsity. The court observed that the Sixth Circuit has explained that an opinion can be false if the speaker knows facts that would preclude such an opinion and held there was evidence in the record from which a jury could conclude that "Humana made statements and presented records that it knew were false." The case then proceeded to trial, settling in principle just before the start of the trial. Announcement • Aug 15
Humana Inc. Declares Cash Dividend, Payable on October 25, 2024 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on October 25, 2024 to stockholders of record as of the close of business on September 30, 2024. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$5.64 (vs US$7.70 in 2Q 2023) Second quarter 2024 results: EPS: US$5.64 (down from US$7.70 in 2Q 2023). Revenue: US$29.5b (up 10% from 2Q 2023). Net income: US$679.0m (down 29% from 2Q 2023). Profit margin: 2.3% (down from 3.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Announcement • Jul 31
Humana Inc. Revises Earnings Guidance for the Year Ending December 31, 2024 Humana Inc. revised earnings guidance for the year ending December 31, 2024. The company revised its GAAP EPS guidance to approximately $12.81 from approximately $13.93, while affirming its Adjusted EPS guidance of approximately $16.00. Announcement • Jun 28
Humana Inc. to Report Q2, 2024 Results on Jul 31, 2024 Humana Inc. announced that they will report Q2, 2024 results at 6:30 AM, US Eastern Standard Time on Jul 31, 2024 Announcement • Jun 06
Gainey Mckenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Humana, Inc Gainey McKenna & Egleston announced that a securities class action lawsuit has been filed in the United States District Court for the District of Delaware on behalf of all persons and entities who purchased securities of Humana Inc. between July 27, 2022 and January 24, 2024, inclusive (the “Class Period”). The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that Defendants downplayed pressures on Humana’s adjusted earnings-per-share resulting from increased medical costs associated with pent-up demand for healthcare procedures (especially as COVID concerns abated) which, contrary to Humana’s assurances, resulted in increased utilization rates and costs. The Complaint alleges that on June 13, 2023, UnitedHealth Group Inc., one of Humana’s principal health insurer competitors, revealed that it was seeing “higher levels” of outpatient care activity and suggested that this higher utilization was due to “pent-up demand or delayed demand being satisfied.” On this news, the price of the Company stock fell more than 11%. Then, on June 16, 2023, the Complaint alleges that Humana reported “higher than anticipated non-inpatient utilization trends, predominately in the categories of emergency room, outpatient surgeries, and dental services, as well as inpatient trends that have been stronger than anticipated in recent weeks, diverging from historical seasonality patterns.” On this news, the price of the Company stock fell. The Complaint further alleges that on January 18, 2024, Humana revealed that its benefits expense ratio had increased to approximately 91.4% for the fourth quarter of 2023 and approximately 88% for the full year 2023. On this news, the price of the Company stock fell nearly 8%. Finally, on January 25, 2024, the Complaint alleges that Humana announced a loss of $4.42 per share for the fourth quarter of 2023 that was “driven by higher than anticipated inpatient utilization and a further increase in non-inpatient trends,” and stated that it expected the higher level of medical costs would “persist throughout 2024.” On this news, the price of the Company stock fell nearly 12%. Investors who purchased or otherwise acquired shares of Humana should contact the Firm prior to the August 2, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. New Risk • Apr 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 3.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$6.13 (vs US$9.91 in 1Q 2023) First quarter 2024 results: EPS: US$6.13 (down from US$9.91 in 1Q 2023). Revenue: US$29.6b (up 11% from 1Q 2023). Net income: US$741.0m (down 40% from 1Q 2023). Profit margin: 2.5% (down from 4.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Apr 24
Humana Inc. Revises Earnings Guidance for the Year Ending December 31, 2024 Humana Inc. revised earnings guidance for the year ending December 31, 2024. For the year, the company expects GAAP EPS to be approximately $13.93 against previous guidance of approximately $14.87. Declared Dividend • Apr 23
Dividend of US$0.89 announced Shareholders will receive a dividend of US$0.89. Ex-date: 28th June 2024 Payment date: 26th July 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 19
Humana Inc. Declares Cash Dividend, Payable on July 26, 2024 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on July 26, 2024 to stockholders of record as of the close of business on June 28, 2024. Announcement • Apr 09
Humana Inc. to Report Q1, 2024 Results on Apr 24, 2024 Humana Inc. announced that they will report Q1, 2024 results at 6:30 AM, US Eastern Standard Time on Apr 24, 2024 Announcement • Mar 10
Humana Inc., Annual General Meeting, Apr 18, 2024 Humana Inc., Annual General Meeting, Apr 18, 2024, at 13:00 Eastern Daylight. Agenda: To consider and Elect the eleven directors; to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2024; to consider Non-binding advisory vote to approve the compensation of the Company's Named Executive Officers; to consider and approve amendment to the Company's Restated Certificate of Incorporation to limit the liability of certain officers of the Company as permitted by Delaware law; to consider and approve amendment to the Company's Restated Certificate of Incorporation to eliminate supermajority voting requirement in connection with certain transactions; and to consider any other matters. Announcement • Feb 16
Humana Inc. Declares Cash Dividend, Payable on April 26, 2024 Humana Inc. announced that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on April 26, 2024 to stockholders of record as of the close of business on March 29, 2024. Announcement • Jan 21
Humana Announces Limited Layoffs Humana will have "limited" layoffs. The impacted positions represented a small percentage of the company's total workforce and were geographically dispersed across multiple locations. Announcement • Dec 11
Cigna Reportedly Ends Humana Merger Talks The Cigna Group (NYSE:CI) has ended its attempt to negotiate an acquisition of rival Humana Inc. (NYSE:HUM), after the pair failed to agree on price, two sources familiar with the situation said on December 10, 2023, as the company announced plans to buy back $10 billion worth of shares. A Cigna-Humana combination would have created a company with a value exceeding $140 billion, based on their market values, but was certain to attract fierce antitrust scrutiny. The discussions came six years after regulators blocked mega-deals that would have consolidated the U.S. health insurance sector. The deal talks ended due to the parties not being able to agree on price, two sources familiar with the situation said. There remains the possibility of a tie-up in the future, those sources said. Cordani said the company would consider bolt-on acquisitions aligned with its strategy as well as "value-enhancing divestitures". Cigna is still exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older, the sources said. That move would mark a reversal of its expansion in the sector. Humana declined to comment, while Cigna did not respond to a Reuters request for comment on the deal talks, which was earlier reported by the Wall Street Journal. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$6.74 (vs US$9.44 in 3Q 2022) Third quarter 2023 results: EPS: US$6.74 (down from US$9.44 in 3Q 2022). Revenue: US$26.4b (up 16% from 3Q 2022). Net income: US$832.0m (down 30% from 3Q 2022). Profit margin: 3.1% (down from 5.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Healthcare industry in South America. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Oct 12
Humana Inc. Announces Management Changes Humana Inc. announced it has named Jim Rechtin as President and Chief Operating Officer of Humana Inc., effective January 8, 2024, as part of a long-planned CEO transition. He will report to Bruce Broussard, CEO, until the latter half of 2024 at which time Broussard will step down and Rechtin will assume the CEO role. Broussard joined Humana in 2011 and assumed the role of CEO in 2013. Over the last decade, he has led the company’s transformation from a health insurer to the broader health care company that it is by integrating health insurance with health care delivery. Rechtin will lead Humana into its next chapter as part of a multi-year succession plan, with Broussard to remain as a strategic advisor to the company into 2025. Rechtin joins Humana from Envision Healthcare where he serves as President and CEO. He has more than 22 years of health care experience with a focus on the delivery of value-based care in various medical group settings, including a deep understanding of Medicare Advantage. Before joining Envision, Rechtin served as President of OptumCare, part of UnitedHealth Group. Prior to OptumCare, Rechtin was with DaVita Medical Group, which he joined in 2014 and played the dual roles of Senior Vice President of Corporate Strategy and President of DaVita Medical Group’s California market. Further, he is a 14-year veteran of Bain & Company, highlighting his depth of experience in health care mergers and the overall health care sector. A Kentucky native, Rechtin started his career running operations for a nonprofit health and human services clinic in Indianapolis, and served in the United States Peace Corps in the Congo. He received a Master of Business Administration degree from Harvard Business School and a Bachelor of Arts degree from DePauw University. He serves as a board member for the DePauw Board of Visitors. 
