Oppenheimer Holdings Equities Analysts Increase Earnings Estimates for Centene Corporation (CNC)
Centene Corporation (NYSE:CNC) – Stock analysts at Oppenheimer Holdings lifted their Q1 2018 earnings per share (EPS) estimates for shares of Centene Corporation in a research note issued to investors on Tuesday. Oppenheimer Holdings analyst M. Wiederhorn now expects that the company will post earnings per share of $1.27 for the quarter, up from their prior estimate of $1.19.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.29. The firm had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. COPYRIGHT VIOLATION NOTICE: “Oppenheimer Holdings Equities Analysts Increase Earnings Estimates for Centene Corporation (CNC)” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was illegally copied and republished in violation of United States & international trademark & copyright legislation. The correct version of this story can be accessed at https://www.americanbankingnews.com/2017/09/14/oppenheimer-holdings-equities-analysts-increase-earnings-estimates-for-centene-corporation-cnc.html.
A number of other equities research analysts have also issued reports on CNC. Leerink Swann reaffirmed a “market perform” rating and set a $90.00 target price (up from $78.00) on shares of Centene Corporation in a research report on Wednesday. Cantor Fitzgerald boosted their target price on Centene Corporation to $107.00 and gave the stock an “overweight” rating in a research report on Wednesday. Cowen and Company reaffirmed an “outperform” rating and set a $105.00 target price (up from $77.00) on shares of Centene Corporation in a research report on Wednesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $105.00 target price on shares of Centene Corporation in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $98.00 target price on shares of Centene Corporation in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $90.53.
Shares of Centene Corporation (NYSE CNC) traded down 1.9249% during mid-day trading on Thursday, reaching $96.2705. The company’s stock had a trading volume of 245,145 shares. Centene Corporation has a 52-week low of $50.00 and a 52-week high of $98.57. The company has a market capitalization of $16.60 billion, a PE ratio of 21.1258 and a beta of 0.63. The firm’s 50 day moving average is $84.75 and its 200-day moving average is $77.56.
In other Centene Corporation news, Chairman Michael F. Neidorff sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $80.26, for a total transaction of $2,809,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher D. Bowers sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were 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 90 days, insiders have sold 43,167 shares of company stock valued at $3,470,973. Company insiders own 3.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Mckinley Capital Management LLC Delaware acquired a new position in shares of Centene Corporation during the second quarter worth $101,000. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Centene Corporation by 5.9% during 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 in the last quarter. Seven Bridges Advisors LLC acquired a new position in shares of Centene Corporation during the second quarter worth $123,000. IFP Advisors Inc increased its holdings in shares of Centene Corporation by 9.6% during 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 in the last quarter. Finally, MV Capital Management Inc. acquired a new position in shares of Centene Corporation during the second quarter worth $186,000. Institutional investors and hedge funds own 92.26% 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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