$11.77 Billion in Sales Expected for Centene Corporation (CNC) This Quarter
Wall Street analysts expect that Centene Corporation (NYSE:CNC) will post sales of $11.77 billion for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Centene Corporation’s earnings, with the highest sales estimate coming in at $11.95 billion and the lowest estimate coming in at $11.63 billion. Centene Corporation posted sales of $10.85 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.5%. The company is expected to issue its next earnings report before the market opens on Tuesday, October 24th.
According to Zacks, analysts expect that Centene Corporation will report full-year sales of $11.77 billion for the current fiscal year, with estimates ranging from $46.89 billion to $47.57 billion. For the next year, analysts anticipate that the business will post sales of $51.50 billion per share, with estimates ranging from $50.32 billion to $53.14 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Centene Corporation.
Centene Corporation (NYSE:CNC) last released its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.29. The company 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 quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 EPS.
Several research firms have recently commented on CNC. BidaskClub raised Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday. Piper Jaffray Companies reissued a “buy” rating and issued a $105.00 price target on shares of Centene Corporation in a report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and issued a $98.00 price target on shares of Centene Corporation in a report on Thursday, July 27th. ValuEngine raised Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $90.00 price objective on shares of Centene Corporation in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the stock. Centene Corporation has an average rating of “Buy” and a consensus price target of $86.82.
Shares of Centene Corporation (CNC) opened at 85.90 on Monday. The company has a 50-day moving average of $83.11 and a 200 day moving average of $75.97. The stock has a market capitalization of $14.82 billion, a price-to-earnings ratio of 18.85 and a beta of 0.66. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $87.94.
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In other news, SVP Mark J. Brooks sold 2,161 shares of Centene Corporation stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $163,004.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,578 shares of company stock valued at $4,264,757. Company insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware purchased a new position in shares of Centene Corporation during the second quarter worth $101,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after buying an additional 93 shares during the last quarter. Seven Bridges Advisors LLC purchased a new position in shares of Centene Corporation during the second quarter worth $123,000. IFP Advisors Inc boosted its position in shares of Centene Corporation by 9.6% in the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after buying an additional 170 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock worth $176,000 after buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 92.25% of the company’s stock.
Centene Corporation Company Profile
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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