** Shares of health insurer Molina Healthcare MOH.N fall 6.5% to $179.32

** Molina says One Big Beautiful Bill and other state initiatives to reduce medicaid membership enrollment by 2% to 3% annually through 2029 with only a minor acuity shift

** MOH expects 2029 adjusted profit per share of $25, compared with analysts' average estimate of $17.11 - data compiled by LSEG

** "Overall, we view the magnitude of the margin target resets as larger than expected, leaving the initial $25 2029 EPS target more realistic, but slightly below investor expectations heading into the event" - Barclays

** Company reaffirms 2026 annual adjusted earnings of at least $5 per share

** Shares up 10.6% YTD