Q3 2018 EPS Estimates for Centene Corporation (CNC) Decreased by Analyst
Centene Corporation (NYSE:CNC) – Equities researchers at Oppenheimer Holdings reduced their Q3 2018 earnings per share estimates for Centene Corporation in a note issued to investors on Tuesday. Oppenheimer Holdings analyst M. Wiederhorn now expects that the company will earn $1.40 per share for the quarter, down from their previous forecast of $1.44. Oppenheimer Holdings also issued estimates for Centene Corporation’s FY2018 earnings at $5.39 EPS.
CNC has been the subject of several other reports. Cantor Fitzgerald reissued a “buy” rating and issued a $90.00 price objective on shares of Centene Corporation in a research report on Tuesday, July 25th. Morgan Stanley began coverage on shares of Centene Corporation in a research report on Tuesday, June 6th. They issued an “overweight” rating and a $86.00 price objective for the company. J P Morgan Chase & Co cut shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 price objective for the company. in a research report on Monday, May 22nd. Cowen and Company reissued an “outperform” rating and issued a $105.00 price objective (up from $77.00) on shares of Centene Corporation in a research report on Wednesday. Finally, Bank of America Corporation boosted their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $92.24.
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Centene Corporation (CNC) opened at 95.98 on Friday. The company has a market capitalization of $16.55 billion, a P/E ratio of 21.06 and a beta of 0.63. The company has a 50-day moving average of $85.97 and a 200-day moving average of $78.02. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $98.72.
Centene Corporation (NYSE:CNC) last released its quarterly 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 during the quarter, compared to the consensus estimate of $11.69 billion. During the same period in the prior year, the firm earned $1.29 earnings per share. Centene Corporation’s revenue was up 9.7% on a year-over-year basis.
Institutional investors have recently modified their holdings of the business. Mckinley Capital Management LLC Delaware acquired a new position in Centene Corporation during the 2nd quarter valued at approximately $101,000. Bronfman E.L. Rothschild L.P. increased its stake in Centene Corporation by 5.9% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after purchasing an additional 93 shares in the last quarter. Seven Bridges Advisors LLC acquired a new position in Centene Corporation during the 2nd quarter valued at approximately $123,000. IFP Advisors Inc increased its stake in Centene Corporation by 9.6% during the 2nd quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock valued at $155,000 after purchasing an additional 170 shares in the last quarter. Finally, MV Capital Management Inc. acquired a new position in Centene Corporation during the 2nd quarter valued at approximately $186,000. Institutional investors and hedge funds own 92.26% of the company’s stock.
In related news, 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 transaction of $317,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Neidorff sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $80.26, for a total transaction of $2,809,100.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,167 shares of company stock valued at $3,470,973. 3.00% of the stock is currently owned by company insiders.
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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