Stock Market Watch

Centene Surges on Receipt of Ohio Medicaid Contract (CNC)

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Shares of Centene Corporation (NYSE: CNC), a multi-line healthcare enterprise providing programs and services to the number of under-insured and uninsured individuals, saw a huge rally in trading on Friday after the company announced that it received Ohio Medicaid contract.

CNC shares rose to an intra-day high of $36.45 before ending the day 8.01% higher at $35.47 on above average volume of 2.40 million.


Centene said on Friday that it has been informed by the Ohio Department of Job and Family Services (ODJFS) that Buckeye Community Health Plan, which is CNC’s Ohio subsidiary, has been chosen as one of five health plans to be awarded a contract to serve Medicaid members in Ohio, effective January 2013.

As per the new state contract, Buckeye will be operating statewide through Ohio’s three newly aligned regions. The company said that the contract for CFC and ABD recipients has been combined into a single contract for each region.

Buckeye was not included in the initial five health plans announced by ODJFS on April 6, 2012. However, Buckeye filed a formal protest on April and following a review of applications, the ODJFS recommended Buckeye to be awarded a Medicaid contract.

Commenting on the development, Steven White, President and CEO of Buckeye Community Health Plan, said that Buckeye has been long been committed to carrying out its mission of delivering innovative healthcare solutions that result in healthy outcomes for Ohio’s Medicaid recipients and the company is pleased to continue its partnership with the state of Ohio.








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Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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