Centene Corporation (CNC) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS
Centene Corporation (NYSE:CNC) posted its quarterly earnings results on Tuesday. The company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.24 by $0.11, Bloomberg Earnings reports. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The business had revenue of $11.90 billion during the quarter, compared to analyst estimates of $11.75 billion. During the same quarter in the previous year, the business posted $1.12 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Centene Corporation updated its FY17 guidance to $4.86-5.04 EPS.
Centene Corporation (NYSE CNC) traded down 5.07% during mid-day trading on Tuesday, hitting $93.02. 4,543,810 shares of the stock traded hands. The company has a 50 day moving average of $93.74 and a 200-day moving average of $82.94. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.71. The stock has a market cap of $16.04 billion, a PE ratio of 20.41 and a beta of 0.68.
In other Centene Corporation news, Director Robert K. Ditmore sold 4,167 shares of the company’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 value of $344,152.53. The transaction was disclosed in a document filed with the SEC, which is accessible 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 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. 3.00% of the stock is owned by corporate insiders.
Several equities research analysts have recently commented on the stock. Oppenheimer Holdings, Inc. restated a “buy” rating and issued a $105.00 price target on shares of Centene Corporation in a report on Tuesday. Cantor Fitzgerald restated a “buy” rating and issued a $107.00 price target on shares of Centene Corporation in a report on Tuesday. Cowen and Company restated a “buy” rating and issued a $115.00 price target on shares of Centene Corporation in a report on Tuesday. BMO Capital Markets assumed coverage on shares of Centene Corporation in a report on Tuesday, October 17th. They issued an “outperform” rating and a $120.00 price target for the company. Finally, Jefferies Group LLC boosted their price objective on shares of Centene Corporation from $98.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, October 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $96.11.
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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