Centene Corporation Forecasted to Post FY2019 Earnings of $8.50 Per Share (CNC)
Centene Corporation (NYSE:CNC) – Research analysts at Cantor Fitzgerald issued their FY2019 earnings estimates for shares of Centene in a report issued on Wednesday. Cantor Fitzgerald analyst S. Halper anticipates that the company will post earnings per share of $8.50 for the year. Cantor Fitzgerald currently has a “Overweight” rating and a $125.00 target price on the stock.
A number of other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Centene from a “hold” rating to a “strong-buy” rating and set a $117.00 price objective on the stock in a research note on Tuesday, December 26th. Oppenheimer boosted their price target on shares of Centene from $111.00 to $122.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. Cowen reiterated a “buy” rating and set a $115.00 price target on shares of Centene in a research note on Tuesday, October 24th. Credit Suisse Group initiated coverage on shares of Centene in a research note on Thursday, November 2nd. They set a “neutral” rating and a $102.00 price target on the stock. Finally, Jefferies Group boosted their price target on shares of Centene from $98.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, October 13th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $110.28.
Centene (NYSE:CNC) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The company had revenue of $12.81 billion for the quarter, compared to analyst estimates of $12.25 billion. Centene had a net margin of 1.71% and a return on equity of 13.68%. Centene’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.19 earnings per share.
In related news, EVP Jesse N. Hunter sold 10,000 shares of the business’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $98.73, for a total transaction of $987,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert K. Ditmore sold 8,750 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $104.30, for a total transaction of $912,625.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,750 shares of company stock worth $2,400,475. Company insiders own 3.00% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its holdings in Centene by 2,219.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 500,937 shares of the company’s stock worth $50,535,000 after buying an additional 479,337 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Centene during the fourth quarter worth about $145,000. UBS Asset Management Americas Inc. boosted its holdings in Centene by 0.4% during the fourth quarter. UBS Asset Management Americas Inc. now owns 876,375 shares of the company’s stock worth $88,409,000 after buying an additional 3,830 shares in the last quarter. BlackRock Inc. boosted its holdings in Centene by 4.6% during the fourth quarter. BlackRock Inc. now owns 13,939,406 shares of the company’s stock worth $1,406,209,000 after buying an additional 616,914 shares in the last quarter. Finally, Advanced Asset Management Advisors Inc purchased a new stake in Centene during the fourth quarter worth about $545,000. 92.41% of the stock is currently owned by hedge funds and other institutional investors.
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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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