Leerink Swann Comments on Centene Corp.’s Q3 2016 Earnings (CNC)
Centene Corp. (NYSE:CNC) – Investment analysts at Leerink Swann reduced their Q3 2016 EPS estimates for shares of Centene Corp. in a note issued to investors on Monday. Leerink Swann analyst A. Gupte now anticipates that the brokerage will earn $1.16 per share for the quarter, down from their prior estimate of $1.18. Leerink Swann has a “Hold” rating on the stock. Leerink Swann also issued estimates for Centene Corp.’s Q4 2016 earnings at $1.18 EPS.
Centene Corp. (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.20. The firm earned $10.90 billion during the quarter, compared to the consensus estimate of $10.80 billion. Centene Corp. had a return on equity of 14.27% and a net margin of 1.19%. The firm’s quarterly revenue was up 97.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share.
Other equities analysts also recently issued reports about the stock. Vetr downgraded shares of Centene Corp. from a “strong-buy” rating to a “buy” rating and set a $81.00 target price on the stock. in a research report on Wednesday, July 20th. Credit Suisse Group AG reissued a “buy” rating on shares of Centene Corp. in a research report on Tuesday, June 28th. FBR & Co reissued a “buy” rating on shares of Centene Corp. in a research report on Monday, June 20th. Cowen and Company reissued a “buy” rating on shares of Centene Corp. in a research report on Monday, June 20th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Centene Corp. in a research report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the stock. Centene Corp. currently has an average rating of “Buy” and an average price target of $80.76.
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Centene Corp. (NYSE:CNC) traded up 3.35% during mid-day trading on Tuesday, hitting $61.73. The company had a trading volume of 610,542 shares. The company has a 50-day moving average price of $65.75 and a 200 day moving average price of $65.78. The company has a market capitalization of $10.54 billion, a P/E ratio of 23.82 and a beta of 0.95. Centene Corp. has a 52-week low of $47.36 and a 52-week high of $75.57.
Hedge funds have recently modified their holdings of the stock. Winslow Capital Management LLC acquired a new stake in Centene Corp. during the second quarter worth approximately $293,813,000. State Street Corp raised its stake in Centene Corp. by 82.3% in the first quarter. State Street Corp now owns 7,158,347 shares of the company’s stock worth $440,733,000 after buying an additional 3,230,862 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Centene Corp. by 186.6% in the second quarter. 1832 Asset Management L.P. now owns 1,608,591 shares of the company’s stock worth $192,191,000 after buying an additional 1,047,361 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Centene Corp. during the second quarter worth approximately $72,414,000. Finally, Columbia Wanger Asset Management LLC acquired a new stake in Centene Corp. during the second quarter worth approximately $63,405,000. 92.90% of the stock is owned by institutional investors and hedge funds.
In related news, VP Carol Goldman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total value of $663,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.58, for a total transaction of $399,480.00. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by corporate insiders.
About Centene Corp.
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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