Humana Beats Estimates But Maintains Outlook as Costs Rise (2)

Humana Inc. shares fell Wednesday after the company kept its full-year guidance unchanged despite reporting better-than-expected adjusted profit for the third quarter.

The decision not to boost guidance may have disappointed Wall Street. Humana spent some of the money investing back in the company instead, according to financial analysts.

Humana dropped as much as 8.4% after the market open in New York. Through Tuesday’s close, the shares had gained 11% year to date.

The company reported higher-than-expected third-quarter adjusted profit was $3.24 per share, compared with the average Wall Street estimate of $2.83. It maintained its full-year adjusted profit outlook ...