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Sunday, October 1, 2023

Sun Life Closes PinnacleCare Acquisition

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Sun Life Financial (SLF), one of the world’s largest life insurance companies, announced yesterday it has completed its acquisition of PinnacleCare International.

Based in Maryland, PinnacleCare is a private company specializing in referral services in the healthcare system and medical intelligence. It has approximately 170 employees and over 20 years of industry experience.

PinnacleCare will be integrated into the Stop-Loss & Health Insurance business of Sun Life in the United States, the nation’s largest independent stop-loss insurance provider. Sun Life and PinnacleCare will jointly develop new solutions for customers in the stop-loss and health insurance industries.

Through Sun Life’s extensive distribution network and employer relationships, PinnacleCare will serve a broader customer base while serving existing customers. (See Sun Life Financial stock chart on TipRanks)

Two months ago, BMO Capital analyst Tom Mackinnon maintained a Buy rating on Sun Life and set a price target of $75.00 (C$92.29). This implies 46% upside potential.

Mackinnon said during an earnings call, “With respect to Asia, if I look at the impact of new business, it was modestly negative, but if I look at it compared to the fourth quarter, it’s a big improvement despite the fact that sales in the first quarter of this year are actually lower than they were in the fourth quarter.”

The rest of the Street is bullish on SLF with a Strong Buy consensus rating based on 6 Buys and 2 Holds. The average Sun Life Financial price target of C$74.91 implies 17.3% upside potential to current levels.

TipRanks’ Smart Score

SLF scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock’s returns are likely to beat the overall market.

Related News:
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Sun Life Donates C$800K to Help At-Risk Populations in Montreal Affected by Diabetes

The post Sun Life Closes PinnacleCare Acquisition appeared first on TipRanks Financial Blog.

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