Centene Corporation (CNC) Forecasted to Post Q3 2018 Earnings of $1.40 Per Share
Centene Corporation (NYSE:CNC) – Analysts at Oppenheimer Holdings dropped their Q3 2018 earnings estimates for Centene Corporation in a report issued on Tuesday. Oppenheimer Holdings analyst M. Wiederhorn now expects that the company will earn $1.40 per share for the quarter, down from their prior forecast of $1.44. Oppenheimer Holdings also issued estimates for Centene Corporation’s FY2018 earnings at $5.39 EPS.
A number of other research firms have also commented on CNC. Deutsche Bank AG restated a “buy” rating and set a $111.00 price target (up from $95.00) on shares of Centene Corporation in a research report on Thursday. Zacks Investment Research upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating and set a $107.00 price target for the company in a research report on Friday. Cantor Fitzgerald boosted their price target on shares of Centene Corporation to $107.00 and gave the company an “overweight” rating in a research report on Wednesday. Cowen and Company restated an “outperform” rating and set a $105.00 price target (up from $77.00) on shares of Centene Corporation in a research report on Wednesday. Finally, Leerink Swann restated a “market perform” rating and set a $90.00 price target (up from $78.00) on shares of Centene Corporation in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $92.24.
Shares of Centene Corporation (NYSE:CNC) traded up 0.99% during midday trading on Friday, hitting $96.87. The company’s stock had a trading volume of 617,602 shares. The stock’s 50 day moving average is $85.55 and its 200-day moving average is $77.84. Centene Corporation has a 52-week low of $50.00 and a 52-week high of $98.72. The firm has a market cap of $16.71 billion, a P/E ratio of 21.26 and a beta of 0.63.
Centene Corporation (NYSE:CNC) last issued its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.29 earnings per share.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Centene Corporation by 4.9% during the second quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock valued at $1,336,113,000 after buying an additional 774,474 shares during the period. BlackRock Inc. boosted its position in Centene Corporation by 3,408.1% during the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock valued at $1,105,275,000 after buying an additional 15,068,340 shares during the period. State Street Corp boosted its position in Centene Corporation by 0.5% during the second quarter. State Street Corp now owns 7,154,348 shares of the company’s stock valued at $571,504,000 after buying an additional 35,040 shares during the period. Wells Fargo & Company MN boosted its position in Centene Corporation by 12.4% during the second quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock valued at $334,973,000 after buying an additional 462,936 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Centene Corporation by 318.6% during the second quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after buying an additional 2,667,189 shares during the period. Institutional investors and hedge funds own 92.26% of the company’s stock.
In other Centene Corporation news, Chairman Michael F. Neidorff sold 35,000 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $80.26, for a total transaction of $2,809,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christopher D. Bowers sold 4,000 shares of the company’s stock in a transaction dated 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. Insiders sold 43,167 shares of company stock valued at $3,470,973 over the last quarter. 3.00% of the stock is owned by company insiders.
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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