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MarketScreener Homepage  >  Equities  >  Nyse  >  Centene Corporation    CNC

CENTENE CORPORATION (CNC)
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Centene : UnitedHealthcare of Pa. loses protest of Medicaid contract awards in Commonwealth Court

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10/05/2017 | 03:34am CEST

Oct. 04--UnitedHealthcare of Pennsylvania Inc. failed to convince a panel of Commonwealth Court judges that it deserved another crack at winning a piece of a new Medicaid managed-care program for nursing homes and other long-term services for the elderly and the disabled, according to an opinion released Wednesday.

The Pennsylvania Department of Human Services in August 2016 selected units of Centene Corp., AmeriHealth Caritas, and University of Pittsburgh Medical Center to manage the benefits, worth as much as $5.4 billion annually, throughout the state.

United, a unit of UnitedHealth Group Inc., of Minneapolis, came in fourth overall. Its appeal said it was unfair that Centene, which has not yet operated in Pennsylvania, was allowed to submit performance scores from other states. It also said that the evaluation of small diverse businesses included in the bid did not account for whether those business could actually perform the work, just that they qualified as small and diverse businesses.

Commonwealth Court, in an 18-page opinion by written by Senior Judge James Gardner Colins, rejected all of United's arguments because the company did not meet deadlines for protesting a contract award, and for other reasons.

A United spokeswoman said in an email: "We disagree with the Commonwealth Court's decision on our appeal of Community Health Choices (LTSS) decision, and we will continue to pursue all available options."

United, which is also involved in an appeal of contract awards for traditional Medicaid managed care, said it has more than one million Pennsylvania customers in commercial, Medicare, Medicaid, and military plans.

___

(c)2017 Philly.com

Visit Philly.com at www.philly.com

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© Tribune Content Agency, source Regional News

Stocks mentioned in the article
ChangeLast1st jan.
CENTENE CORPORATION 0.18% 144.185 Delayed Quote.42.66%
UNITEDHEALTH GROUP -0.06% 262.97 Delayed Quote.19.34%
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Financials ($)
Sales 2018 59 686 M
EBIT 2018 2 236 M
Net income 2018 1 026 M
Finance 2018 1 624 M
Yield 2018 -
P/E ratio 2018 27,81
P/E ratio 2019 20,09
EV / Sales 2018 0,47x
EV / Sales 2019 0,42x
Capitalization 29 495 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 149 $
Spread / Average Target 3,8%
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Managers
NameTitle
Michael F. Neidorff Chairman & Chief Executive Officer
Claudio Abreu EVP, Specialized Markets & Business Operations
Jeffrey A. Schwaneke Chief Financial Officer, Treasurer & Executive VP
Mary V. Mason Chief Medial Officer & Senior Vice President
Ken Yamaguchi Chief Medical Officer & Executive Vice President
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