Molina Healthcare (NYSE:MOH) Updates FY 2024 Earnings Guidance

Molina Healthcare (NYSE:MOH) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 23.500- for the period, compared to the consensus earnings per share estimate of 23.560. The company issued revenue guidance of $39.6 billion-$39.6 billion, compared to the consensus revenue estimate of $39.3 billion. Molina Healthcare also updated its FY24 guidance to at least $23.50 EPS.

Molina Healthcare Price Performance

MOH stock traded up $4.40 during trading hours on Wednesday, hitting $367.62. 461,136 shares of the stock traded hands, compared to its average volume of 395,346. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $393.09 and a 200 day simple moving average of $372.04. Molina Healthcare has a one year low of $266.35 and a one year high of $423.92. The company has a market cap of $21.54 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.01 and a beta of 0.47.

Molina Healthcare (NYSE:MOH) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.31 by $0.07. The company had revenue of $9.05 billion for the quarter, compared to analysts’ expectations of $8.35 billion. Molina Healthcare had a net margin of 3.20% and a return on equity of 32.34%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.10 EPS. Equities analysts forecast that Molina Healthcare will post 23.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Molina Healthcare in a report on Wednesday, March 6th. They set an equal weight rating and a $437.00 price target on the stock. Truist Financial lifted their price target on Molina Healthcare from $435.00 to $460.00 and gave the company a buy rating in a report on Tuesday, February 20th. Wells Fargo & Company reduced their price objective on Molina Healthcare from $440.00 to $410.00 and set an equal weight rating for the company in a research note on Monday, April 15th. StockNews.com lowered Molina Healthcare from a strong-buy rating to a buy rating in a research report on Thursday, February 8th. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $406.00 target price on shares of Molina Healthcare in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $393.09.

Insider Buying and Selling

In related news, Director Richard M. Schapiro sold 711 shares of Molina Healthcare stock in a transaction on Monday, February 12th. The shares were sold at an average price of $384.06, for a total value of $273,066.66. Following the completion of the sale, the director now owns 12,207 shares of the company’s stock, valued at approximately $4,688,220.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Richard M. Schapiro sold 1,000 shares of Molina Healthcare stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $401.05, for a total value of $401,050.00. Following the transaction, the director now owns 11,207 shares of the company’s stock, valued at $4,494,567.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard M. Schapiro sold 711 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $384.06, for a total transaction of $273,066.66. Following the sale, the director now directly owns 12,207 shares of the company’s stock, valued at $4,688,220.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,711 shares of company stock worth $6,472,517. Insiders own 1.11% of the company’s stock.

About Molina Healthcare

Molina Healthcare, Inc provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces. It operates in four segments: Medicaid, Medicare, Marketplace, and Other. The company served in across 19 states. The company was founded in 1980 and is headquartered in Long Beach, California.