BUZZ-Healthcare providers: Fall on Florida Medicaid cost concerns

Fri Jul 25, 2014 11:55am EDT
 
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(Adds Centene, Magellan Health, Humana and Molina stock movements)

** Healthcare providers' shares fall after Wellcare Health Plans Inc reported weak quarterly results and halved its full-year outlook for adjusted profit, citing high costs for Medicaid plans in Florida

** Wellcare Health shares down 20 pct

** Centene Corp, Magellan Health, Humana Inc and Molina Healthcare fall between 3-7 pct

** "WellCare had 475,000 lives in the new program (Florida Medicaid) as of July 1," said Citi Research analyst Carl McDonald

** Wells Fargo cuts its rating on Wellcare stock to "market perform" from "outperform"

** Of the 16 analysts covering the stock, 8 rate it "buy" or higher, 6 rate it "hold" and 2 "sell"