HUM - Why Humana Stock Withered on Wednesday
2024-04-24 19:15:30 ET
Humana (NYSE: HUM) stock has not been a favorite of investors this year, and the health insurer's first-quarter earnings report published Wednesday morning did nothing to change that. Following its release the company's stock traded down, to the point where it closed Hump Day down by almost 4% in price. Meanwhile, the bellwether S&P 500 index did relatively better, trading more or less sideways on the day.
For the quarter, Humana's revenue according to non- GAAP (adjusted) standards totaled $29.6 billion, which was a healthy 14% higher on a year-over-year basis. Contrasting this was adjusted net income; this fell by a fairly steep 23% to just under $1.2 billion ($7.31 per share).
Both headline figures topped the consensus analyst estimates. These called for $28.5 billion in revenue and adjusted net income of $6.12 per share.
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Why Humana Stock Withered on Wednesday