Zacks: Analysts Anticipate Centene Corporation (CNC) Will Announce Earnings of $1.25 Per Share
Wall Street brokerages expect Centene Corporation (NYSE:CNC) to post earnings of $1.25 per share for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Centene Corporation’s earnings, with the highest EPS estimate coming in at $1.34 and the lowest estimate coming in at $1.11. Centene Corporation reported earnings of $1.11 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.6%. The firm is scheduled to issue its next quarterly 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 year, with EPS estimates ranging from $4.60 to $5.06. For the next year, analysts expect that the business will report earnings of $5.41 per share, with EPS estimates ranging from $5.21 to $5.56. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Centene Corporation.
Centene Corporation (NYSE:CNC) last issued its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, beating 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 business had revenue of $11.95 billion for the quarter, compared to the consensus estimate of $11.69 billion. During the same quarter last year, the firm posted $1.29 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year.
A number of equities analysts recently weighed in on CNC shares. Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective on shares of Centene Corporation in a report on Friday, July 14th. Bank of America Corporation raised their price objective on Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a report on Friday, July 14th. Deutsche Bank AG raised their price objective on Centene Corporation from $84.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, July 13th. BidaskClub cut Centene Corporation from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $90.00 price objective on shares of Centene Corporation in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $90.53.
In other news, Director Robert K. Ditmore sold 4,167 shares of the business’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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Christopher D. Bowers sold 4,000 shares of the business’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. Insiders have sold 43,167 shares of company stock worth $3,470,973 over the last three months. Insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. boosted its position in shares of Centene Corporation by 42.2% during the second quarter. Achmea Investment Management B.V. now owns 11,010 shares of the company’s stock valued at $877,000 after purchasing an additional 3,267 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Centene Corporation by 25.7% during the second quarter. Toronto Dominion Bank now owns 58,358 shares of the company’s stock valued at $4,661,000 after purchasing an additional 11,947 shares in the last quarter. Archford Capital Strategies LLC boosted its position in shares of Centene Corporation by 70,697.3% during the second quarter. Archford Capital Strategies LLC now owns 106,196 shares of the company’s stock valued at $4,396,000 after purchasing an additional 106,046 shares in the last quarter. WINTON GROUP Ltd boosted its position in shares of Centene Corporation by 210.3% during the second quarter. WINTON GROUP Ltd now owns 316,560 shares of the company’s stock valued at $25,287,000 after purchasing an additional 214,549 shares in the last quarter. Finally, Colony Group LLC boosted its position in shares of Centene Corporation by 3.1% during the second quarter. Colony Group LLC now owns 36,956 shares of the company’s stock valued at $2,952,000 after purchasing an additional 1,101 shares in the last quarter. Institutional investors own 92.26% of the company’s stock.
Centene Corporation (CNC) opened at 98.16 on Thursday. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $98.71. The stock has a 50 day moving average of $84.75 and a 200-day moving average of $77.56. The stock has a market cap of $16.93 billion, a P/E ratio of 21.54 and a beta of 0.63.
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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