Centene Corporation (CNC) Releases FY17 Earnings Guidance
Centene Corporation (NYSE:CNC) updated its FY17 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.86-5.04 for the period, compared to the Thomson Reuters consensus estimate of $4.93. The company issued revenue guidance of $47.4-48.2 billion, compared to the consensus revenue estimate of $47.24 billion.
Several equities analysts have issued reports on the company. 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. Cowen and Company reiterated an outperform rating and set a $105.00 target price (up previously from $77.00) on shares of Centene Corporation in a research note on Wednesday, September 13th. Morgan Stanley reiterated an overweight rating and set a $94.00 target price (up previously from $86.00) on shares of Centene Corporation in a research note on Wednesday, July 26th. Bank of America Corporation increased their target price on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a buy rating in a research note on Friday, July 14th. Finally, Zacks Investment Research downgraded shares of Centene Corporation from a buy rating to a hold rating in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $95.58.
Shares of Centene Corporation (NYSE CNC) opened at 97.99 on Tuesday. The company has a 50-day moving average of $93.76 and a 200-day moving average of $82.78. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $98.71. The firm has a market cap of $16.90 billion, a P/E ratio of 21.50 and a beta of 0.68.
Centene Corporation (NYSE:CNC) last issued its quarterly earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.10. The company had revenue of $11.90 billion during the quarter, compared to analyst estimates of $11.75 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.12 EPS. Equities analysts forecast that Centene Corporation will post $4.92 EPS for the current fiscal year.
In other news, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $344,152.53. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
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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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