Humana (NYSE: HUM) Stock Upgraded to Outperform Following Strong Q2 Earnings

• Analyst firm Evercore ISI upgraded Humana (NYSE: HUM) to Outperform, citing robust second-quarter financial performance.
• Humana reported adjusted earnings of $7.61 per share and adjusted revenues of $40.9 billion, both exceeding analyst expectations, driven by significant medical membership growth.
• Despite a rising benefit ratio, Humana maintained its 2026 adjusted profit outlook of at least $9 per share, though some analysts had hoped for an increased forecast.

On July 29, 2026, analyst firm Evercore ISI upgraded its rating for Humana (NYSE: HUM) to Outperform. Humana is a health insurance company that primarily offers Medicare Advantage plans for older adults. The upgrade occurred when Humana's stock price was $367.18, following the release of the company's quarterly financial performance.

The positive analyst rating is supported by Humana's strong second-quarter 2026 results. The company reported adjusted earnings of $7.61 per share, which is 22.4% higher than what analysts expected. Its adjusted revenues also grew by 26.2% from the previous year to $40.9 billion, beating consensus estimates.

This performance was driven by significant growth in its medical membership, which reached 17.9 million people. This represents a 20.7% increase from the year before. The company's CenterWell segment, which provides primary care, also performed well and contributed to the positive results, as highlighted by Zacks.

Despite the strong earnings, Humana faces some challenges. The company's benefit ratio, which is the percentage of premiums it spends on medical costs, increased to over 91% from 89.7% last year. As highlighted by Forbes, this reflects a wider industry issue of rising medical expenses for older patients.

Looking forward, Humana maintained its 2026 adjusted profit outlook of at least $9 per share. However, as reported by CNBC, some analysts from Cantor Fitzgerald expressed disappointment. They had hoped for an increased profit forecast, especially since other insurers had recently raised their guidance after strong earnings.