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CVS Health slips on rising medical costs
CVS Health traded lower, dragging down its managed care peers after the health insurer warned its medical costs for Q4 would exceed early forecasts. Notable decliners include Centene , Cigna , UnitedHealth Group , and Elevance Health . The owner of Aetna health insurer said that its medical benefits ratio, the share of premiums spent on medical costs, could exceed its previously projected target of 86% for 2023 based on early results for Q4. "We've continued to see pressure" in the healthcare benefits segment, newly appointed CFO Tom Cowhey remarked during a presentation at the JPMorgan Healthcare Conference in San Francisco. "I would expect that you would see for 2023 that the MBR might exceed kind of that 86% that we had talked about based on where the fourth quarter is likely to land," he added. More on CVS Health J.P. Morgan 42nd Annual Healthcare Conference CVS Health Corporation 42nd Annual J.P. Morgan Healthcare Conference CVS Health: Shares Remain Modestly Undervalued,
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