Aetna Inc (NYSE:AET), based in Hartford, Connecticut, reported on Monday that it has struck an agreement to acquire Coventry Health Care, Inc (NYSE:CVH) in a $5.7 billion cash and stock deal, an action that will make Aetna one of the major providers of government-sponsored health care.
Health-care giant Aetna is offering $42.08 per share for Coventry, which is a 20.4% more than the Coventry’s stock ending price on Friday. The company made deal in 65% cash and 35% stock. Both companies’ boards of directors supported the agreement.
Aetna has been interested in broadening government-based health plans.
Prior current year, WellPoint, Inc (NYSE:WLP) decided to acquire AMERIGROUP Corporation (NYSE:AGP), a Medicaid-focused coverage provider, for $4.46 billion deal.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. UnitedHealth Group Inc. (NYSE:UNH) edged up +0.13% to settle at $53.20, Health Net, Inc. (NYSE:HNT) moved down -0.14% to end at $21.98 while Coventry Health Care, Inc. (NYSE:CVH) jumped +20.32% to finish on Monday at $42.04.
Aetna Inc. (NYSE:AET) on August 20, 2012 increased 5.63% to the closing price of $40.18. The overall volume in the last trading session was 15.12 million shares. Its fifty two week range was $33.42-$51.14. The total market capitalization remained $13.43 billion.
AET is ahead its 52 week low with 22.15% and lagging behind from its 52 week high price with -20.78%. AET last month stock price volatility remained 2.34%. In its share capital AET has 334.20 million outstanding shares among them 333.20 million shares have been floated in market exchange. AET stock institutional ownership remained 94.37% while insider ownership included 0.07%.
The stock price of AET is moving forward from its 20 days moving average with 8.70% and remote positively from 50 days moving average with 4.22%. AET current year earnings per share experienced an addition with 25.01% while its current quarter performance remained -1.01%. Company’s beta coefficient included 1.21. Beta factors measures the amount of market risk associated with market trade.
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