Humana Inc. Announces New Strategic Joint Venture With HPS Investment Partners, A Part Of BlackRock, To Manage CenterWell Senior Primary Care Clinics

UnitedHealth (UNH) shares rose 4% to $395.19 after beating Q3 2026 EPS estimates ($4.69 vs. $4.15) and raising its full-year outlook to at least $20.50. The improvement was driven by a lower medical care ratio and Optum Health's rebound, though reserve releases contributed. Humana (HUM) and Elevance Health (ELV) also gained 2%.

BlackRock (BLK) changed its outlook on U.S. stocks to neutral from overweight, citing potential volatility from AI investments. The firm's research team also expressed a more favorable view on short-term U.S. Treasuries.

BlackRock upgraded U.S. Treasuries to overweight and neutral, ending a six-year underweight stance. 10-year yields surpassed 5.3%, driving the shift. The firm downgraded U.S. equities to neutral, citing attractive Treasury yields and overdone Fed tightening expectations. BlackRock also adjusted positions in other assets for risk management.

Humana AB (HUM) will be delisted from Nasdaq Stockholm, with the last trading day set for 27 October 2026. The decision was made by Nasdaq Stockholm, according to the company. The impact on valuation will depend on further details, such as reasons for delisting and post-delist trading options.

BlackRock is joining Humana's $2.8 billion clinic venture, CenterWell. The partnership may reduce Humana's reported liabilities and improve its leverage metrics. Evercore ISI notes CenterWell gains time to improve clinic profitability before ownership decisions begin in 2028. Humana aims to lower liabilities without affecting 2026 earnings.

Humana has partnered with BlackRock's HPS Investment Partners to manage its CenterWell primary care clinics, replacing a previous deal with WCAS. BlackRock will acquire WCAS's stake, valued at $2.8 billion. The joint venture plans to expand the clinic network and fund operations, with CenterWell continuing management. Humana aims to grow its healthcare services business, with the new venture majority-owned by BlackRock and minority-owned by CenterWell.