Vadzim Kushniarou/iStock via Getty Images
- Centene (NYSE:CNC) shares spiked in postmarket trading on Friday after an announcement from the Florida Managed Care program indicated that the company has retained a key statewide Medicaid contract.
- According to the notice posted on Friday, Centene’s (CNC) Sunshine State Health Plan has been selected to provide specialty plans for child welfare, people with HIV/AIDS, and those with serious mental illness.
- Other contract winners include Humana (NYSE:HUM), Florida Community Care, LLC, Simply Healthcare Plans, Inc., and South Florida Community Care Network, LLC. However, Centene (CNC) is the only player to receive a contract to provide child welfare plans.
- According to the company’s latest 10-K filing, Florida is a major market for Centene (CNC), generating roughly 10% of its Medicaid premium revenues in 2023.
