Managed-care stocks haven't underperformed this much in 15 years

The rout in managed-care stocks has exceeded even the most bearish expectations as policy makers in Washington spar over proposals that threaten to disrupt their businesses. Several U.S. health insurance providers have seen the spread between their stock prices and the average analyst price target widen to the highest levels in at least 15 years over the past month, according to data compiled by Bloomberg.