Centene Corporation (NYSE:CNC) Expected to Post Earnings of $1.25 Per Share
Wall Street analysts forecast that Centene Corporation (NYSE:CNC) will announce earnings per share of $1.25 for the current quarter, Zacks reports. Seven analysts have made estimates for Centene Corporation’s earnings, with the highest EPS estimate coming in at $1.34 and the lowest estimate coming in at $1.11. Centene Corporation reported earnings of $1.11 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 12.6%. The firm is scheduled to issue its next earnings results on Tuesday, October 24th.
On average, analysts expect that Centene Corporation will report full-year earnings of $4.95 per share for the current financial year, with EPS estimates ranging from $4.75 to $5.06. For the next fiscal year, analysts forecast that the firm will report earnings of $5.41 per share, with EPS estimates ranging from $5.21 to $5.56. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Centene Corporation.
Centene Corporation (NYSE:CNC) last announced its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion during the quarter, compared to analyst estimates of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share.
Several analysts recently commented on the stock. Zacks Investment Research downgraded shares of Centene Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. Morgan Stanley assumed coverage on shares of Centene Corporation in a report on Tuesday, June 6th. They set an “overweight” rating and a $86.00 target price for the company. Evercore ISI lifted their target price on shares of Centene Corporation from $80.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, April 26th. Credit Suisse Group reaffirmed a “neutral” rating and set a $81.00 target price (up previously from $78.00) on shares of Centene Corporation in a report on Monday, June 19th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $79.00 target price on shares of Centene Corporation in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $86.82.
Centene Corporation (CNC) opened at 82.60 on Tuesday. The stock’s 50 day moving average is $81.53 and its 200-day moving average is $73.62. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $87.94. The firm has a market cap of $14.25 billion, a price-to-earnings ratio of 18.13 and a beta of 0.66.
In related news, SVP Mark J. Brooks sold 2,161 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher D. Bowers sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total transaction of $317,720.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,578 shares of company stock valued at $4,264,757. 3.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CNC. BlackRock Inc. boosted its position in Centene Corporation by 3,408.1% in the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock worth $1,105,275,000 after buying an additional 15,068,340 shares in the last quarter. OppenheimerFunds Inc. boosted its position in Centene Corporation by 271.2% in the first quarter. OppenheimerFunds Inc. now owns 1,799,160 shares of the company’s stock worth $128,208,000 after buying an additional 1,314,514 shares in the last quarter. Pioneer Investment Management Inc. boosted its position in Centene Corporation by 1,534.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,369,670 shares of the company’s stock worth $97,603,000 after buying an additional 1,285,885 shares in the last quarter. AQR Capital Management LLC boosted its position in Centene Corporation by 108.0% in the first quarter. AQR Capital Management LLC now owns 2,088,867 shares of the company’s stock worth $148,853,000 after buying an additional 1,084,628 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in Centene Corporation during the first quarter worth about $55,478,000. Institutional investors and hedge funds own 93.61% of the company’s stock.
About Centene Corporation
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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