Recent growth in inpatient and outpatient services has been even higher than elevated investor expectations, Mizuho Securities analysts said in a research note Tuesday. Outpatient volume grew 8% in the second quarter, compared with the year-earlier period, while inpatient volume grew 4%, according to a Mizuho survey of more than 200 doctors in 14 specialties. Last month, UnitedHealth Group Inc. UNH executives’ comments on older adults catching up on surgeries delayed during the pandemic triggered a sharp selloff in health-insurance stocks. Noting the physician survey results and concerns about growth in outpatient Medicare utilization, the Mizuho analysts Tuesday cut their price targets on managed care companies Centene Corp. CNC, Humana Inc. HUM, and UnitedHealth Group, while raising price targets on shares of providers HCA Healthcare Inc. HCA, Tenet Healthcare Corp. THC, Universal Health Services Inc. UHS and Surgery Partners Inc. SGRY.
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