NEW YORK (TheStreet) -- Shares of Anthem (ANTM) were higher in pre-market trading on Wednesday after the company posted 2016 third quarter revenue that topped Wall Street's expectations.

Before the market open, the Indianapolis-based health insurance provider reported revenue of $21.13 billion, beating analysts' projections of $20.83 billion, according to FactSet.

Adjusted earnings of $2.45 per share fell short of analysts' estimates of $2.47 per share.

Medical enrollment was 39.9 million by quarter's end vs. 38.7 million in the same period last year.

"Our third quarter results reflected our focus on improving affordability for our members and capitalizing on growth opportunities across our businesses," CEO Joseph Swedish said in a company statement.

For the full year, Anthem sees adjusted earnings of $10.80 per share on operating revenue of $83.5 billion. Analysts are looking for adjusted earnings of $10.85 per share on $83.4 billion in revenue.

The company is currently seeking regulatory approval for its proposed $54.2 billion acquisition of Cigna (CI).

Separately, TheStreet Ratings objectively rated Anthem stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated Anthem as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: ANTM


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