10 Best Health Insurance Stocks to Buy

8. Molina Healthcare Inc. (NYSE:MOH)

Number of Hedge Fund Holders: 45

Molina Healthcare Inc. (NYSE:MOH) is a U.S.-based managed care company dedicated to providing affordable health insurance products, with a focus on underserved communities. It offers Medicaid, Medicare, and marketplace plans to low-income individuals and families.

In Q2 2024, Molina Healthcare Inc. (NYSE:MOH) reported earnings of $5.86 per share, meeting analysts’ expectations. The company reaffirmed its full-year guidance, projecting earnings of at least $23.50 per share and premium revenue of $38 billion. Following these results, TD Cowen raised its price target for the MOH stock from $351 to $378, maintaining a Buy rating.

Moreover, Molina Healthcare Inc. (NYSE:MOH) undertook strategic growth initiatives back in June, including acquiring ConnectiCare, a leading health plan in Connecticut. This acquisition, which serves 140,000 members across Marketplace, Medicare, and certain commercial products, strengthens Molina’s position by adding a recognized brand and a statewide provider network.

In Q2 2024, Molina Healthcare, Inc. (NYSE:MOH) saw its shares held by 45 hedge funds, up from 34 in the previous quarter. The total value of these holdings amounted to $1.02 billion. Jim Simons’ Renaissance Technologies stood out as the largest shareholder for the quarter, with a stake valued at $282.3 million.