UNH - Healthcare Insurance Giant Humana Stock Hits 52-Week Low Today - Here's Why | Benzinga
Healthcare insurance firm Humana Inc (NYSE:HUM) cut its fiscal 2023 earnings outlook as the costs of members’ care exceeded its expectations.
The company expects 2023 adjusted earnings to be $26.09 a share, per an SEC filing Thursday. Humana had earlier forecast at least $28.25 a share versus the consensus of $28.30.
“Due to the recency and significance of the latest emerging trends, the company was unable to offset the entirety of the higher than anticipated medical costs that continued to increase through the end of the fourth quarter,” the company said in the filing.
During the third quarter earnings call, the company projected that the increased medical utilization observed in its Medicare Advantage business would persist for the remainder of the year.
The actual results for the fourth quarter confirmed a further rise ...