Analysts forecast that Centene Co. (NYSE:CNC) will report sales of $30.14 billion for the current quarter, according to Zacks. Five analysts have provided estimates for Centene’s earnings, with estimates ranging from $29.44 billion to $30.63 billion. Centene posted sales of $27.71 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.8%. The business is scheduled to issue its next earnings results on Tuesday, July 27th.
According to Zacks, analysts expect that Centene will report full-year sales of $121.81 billion for the current fiscal year, with estimates ranging from $121.13 billion to $123.12 billion. For the next financial year, analysts expect that the business will report sales of $124.92 billion, with estimates ranging from $121.61 billion to $128.93 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Centene.
Centene (NYSE:CNC) last posted its earnings results on Monday, April 26th. The company reported $1.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.04. The company had revenue of $29.96 billion for the quarter, compared to analyst estimates of $29.55 billion. Centene had a return on equity of 13.09% and a net margin of 2.14%. Centene’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share.
Several research firms have weighed in on CNC. BMO Capital Markets upped their target price on Centene from $77.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, May 17th. Mizuho began coverage on Centene in a report on Monday, March 15th. They issued a “neutral” rating and a $65.00 target price on the stock. Stephens raised Centene from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $71.00 to $87.00 in a report on Monday, May 17th. Wells Fargo & Company started coverage on Centene in a research note on Tuesday. They set an “overweight” rating and a $87.00 price objective on the stock. Finally, TheStreet raised Centene from a “c+” rating to a “b-” rating in a research note on Thursday, April 1st. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $78.54.
Centene stock traded up $1.93 during trading hours on Monday, hitting $73.73. The stock had a trading volume of 7,245,686 shares, compared to its average volume of 5,598,555. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $42.96 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.20 and a beta of 0.48. Centene has a 1-year low of $53.60 and a 1-year high of $73.96. The stock’s fifty day moving average is $65.27 and its two-hundred day moving average is $63.14.
In related news, Director John R. Roberts sold 5,000 shares of the stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Orlando Ayala sold 7,201 shares of the stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $60.00, for a total value of $432,060.00. The disclosure for this sale can be found here. Insiders have sold 39,883 shares of company stock worth $2,626,390 over the last quarter. 1.80% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. CSM Advisors LLC purchased a new position in shares of Centene in the 1st quarter worth about $9,947,000. Baker Tilly Wealth Management LLC purchased a new position in shares of Centene in the 1st quarter worth about $248,000. TownSquare Capital LLC raised its holdings in shares of Centene by 60.1% in the 1st quarter. TownSquare Capital LLC now owns 33,047 shares of the company’s stock worth $2,112,000 after purchasing an additional 12,406 shares during the period. Earnest Partners LLC raised its holdings in shares of Centene by 26.0% in the 1st quarter. Earnest Partners LLC now owns 448,117 shares of the company’s stock worth $28,639,000 after purchasing an additional 92,537 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Centene by 20.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 150,708 shares of the company’s stock worth $9,632,000 after purchasing an additional 25,327 shares during the period. Institutional investors own 90.13% of the company’s stock.
About Centene
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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