Centene Corporation (CNC) Expected to Announce Quarterly Sales of $11.78 Billion
Analysts expect Centene Corporation (NYSE:CNC) to post sales of $11.78 billion for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Centene Corporation’s earnings. The lowest sales estimate is $11.63 billion and the highest is $11.95 billion. Centene Corporation reported sales of $10.85 billion during the same quarter last year, which would suggest a positive year over year growth rate of 8.6%. The business is scheduled 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 $11.78 billion for the current year, with estimates ranging from $47.09 billion to $47.57 billion. For the next year, analysts anticipate that the business will report sales of $51.34 billion per share, with estimates ranging from $50.32 billion to $52.55 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms 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.
A number of research analysts have issued reports on CNC shares. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price target on shares of Centene Corporation in a report on Friday, July 14th. Deutsche Bank AG reissued a “buy” rating and issued a $111.00 price target (up from $95.00) on shares of Centene Corporation in a report on Thursday, September 14th. Zacks Investment Research downgraded Centene Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Citigroup Inc. boosted their price target on Centene Corporation from $80.00 to $89.00 and gave the company a “sell” rating in a report on Wednesday, July 26th. Finally, UBS AG reissued a “buy” rating and issued a $95.00 price target (up from $88.00) on shares of Centene Corporation in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $95.58.
In related news, Director Robert K. Ditmore sold 4,167 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total transaction of $344,152.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher D. Bowers sold 4,000 shares of the business’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 value of $317,720.00. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Centene Corporation by 4.9% during the second quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock worth $1,336,113,000 after purchasing an additional 774,474 shares in the last quarter. State Street Corp increased its position in shares of Centene Corporation by 0.5% during the second quarter. State Street Corp now owns 7,154,348 shares of the company’s stock worth $571,504,000 after purchasing an additional 35,040 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Centene Corporation by 12.4% during the second quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock worth $334,973,000 after purchasing an additional 462,936 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Centene Corporation by 318.6% during the second quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock worth $279,882,000 after purchasing an additional 2,667,189 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Centene Corporation by 13.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,249,254 shares of the company’s stock worth $179,673,000 after purchasing an additional 259,662 shares in the last quarter. Hedge funds and other institutional investors own 92.10% of the company’s stock.
Shares of Centene Corporation (NYSE CNC) opened at 97.03 on Monday. The company has a 50-day moving average of $93.49 and a 200 day moving average of $82.41. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.71. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 21.29 and a beta of 0.68.
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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