Centene Corporation (CNC) Expected to Post Earnings of $1.25 Per Share
Wall Street brokerages expect Centene Corporation (NYSE:CNC) to report earnings per share (EPS) of $1.25 for the current quarter, according to Zacks. Seven analysts have made estimates for Centene Corporation’s earnings, with estimates ranging from $1.11 to $1.34. Centene Corporation reported earnings of $1.11 per share during the same quarter last year, which would suggest a positive year over year growth rate of 12.6%. The firm is scheduled to announce its next earnings results before the market opens on Tuesday, October 24th.
On average, analysts expect that Centene Corporation will report full year earnings of $4.92 per share for the current fiscal year, with EPS estimates ranging from $4.60 to $5.06. For the next financial year, analysts expect that the firm will report earnings of $5.43 per share, with EPS estimates ranging from $5.21 to $5.56. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts 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 Zacks’ consensus estimate of $1.30 by $0.29. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The company had revenue of $11.95 billion for the quarter, compared to analyst estimates of $11.69 billion. During the same period in the prior year, the business earned $1.29 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis.
A number of research analysts have recently commented on CNC shares. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price on shares of Centene Corporation in a research report on Friday, July 14th. Deutsche Bank AG reissued a “buy” rating and set a $111.00 target price (up from $95.00) on shares of Centene Corporation in a research report on Thursday, September 14th. Zacks Investment Research cut shares of Centene Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. BidaskClub raised shares of Centene Corporation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 24th. Finally, Citigroup Inc. boosted their target price on shares of Centene Corporation from $80.00 to $89.00 and gave the stock a “sell” rating in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $95.58.
Shares of Centene Corporation (CNC) traded up 1.90% during midday trading on Friday, hitting $96.50. 1,470,823 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $93.49 and its 200-day moving average is $82.41. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $98.72. The stock has a market cap of $16.64 billion, a PE ratio of 21.18 and a beta of 0.68.
In other Centene Corporation news, 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 value of $317,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were 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.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. CFO4Life Group LLC lifted its holdings in Centene Corporation by 0.4% in the 2nd quarter. CFO4Life Group LLC now owns 6,598 shares of the company’s stock valued at $527,000 after acquiring an additional 25 shares during the last quarter. MML Investors Services LLC lifted its holdings in Centene Corporation by 1.0% in the 2nd quarter. MML Investors Services LLC now owns 3,587 shares of the company’s stock valued at $287,000 after acquiring an additional 34 shares during the last quarter. Keybank National Association OH lifted its holdings in Centene Corporation by 1.1% in the 2nd quarter. Keybank National Association OH now owns 3,180 shares of the company’s stock valued at $254,000 after acquiring an additional 36 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Centene Corporation by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,799 shares of the company’s stock valued at $1,022,000 after acquiring an additional 38 shares during the last quarter. Finally, Somerset Trust Co lifted its holdings in Centene Corporation by 0.5% in the 2nd quarter. Somerset Trust Co now owns 8,102 shares of the company’s stock valued at $647,000 after acquiring an additional 40 shares during the last quarter. 92.10% of the stock is owned by institutional investors.
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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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