Analysts Set Expectations for Centene Co.’s FY2021 Earnings (CNC)
Centene Co. (NYSE:CNC) – Equities research analysts at Leerink Swann issued their FY2021 earnings estimates for shares of Centene in a research note issued on Monday, April 16th. Leerink Swann analyst A. Gupte forecasts that the company will post earnings per share of $9.56 for the year. Leerink Swann has a “Market Perform” rating and a $90.00 price objective on the stock.
Several other research firms have also recently commented on CNC. Cantor Fitzgerald restated a “buy” rating and set a $115.00 price target on shares of Centene in a research note on Monday, December 18th. Jefferies Group upped their price target on Centene from $112.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, December 18th. Oppenheimer upped their price target on Centene from $111.00 to $122.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. ValuEngine upgraded Centene from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Zacks Investment Research cut Centene from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 22nd. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $110.28.
Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.03. Centene had a return on equity of 13.68% and a net margin of 1.71%. The business had revenue of $12.81 billion during the quarter, compared to analysts’ expectations of $12.25 billion. During the same quarter in the prior year, the business earned $1.19 earnings per share. The company’s quarterly revenue was up 7.5% compared to the same quarter last year.
In other news, Director Robert K. Ditmore sold 8,750 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $104.13, for a total value of $911,137.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher D. Bowers sold 4,800 shares of the firm’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $102.27, for a total value of $490,896.00. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
Several hedge funds have recently made changes to their positions in CNC. Stifel Financial Corp increased its position in shares of Centene by 7.5% in the third quarter. Stifel Financial Corp now owns 39,049 shares of the company’s stock valued at $3,791,000 after buying an additional 2,714 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Centene in the third quarter valued at $420,000. Janus Henderson Group PLC increased its position in shares of Centene by 341.4% in the third quarter. Janus Henderson Group PLC now owns 454,065 shares of the company’s stock valued at $43,940,000 after buying an additional 351,195 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Centene by 10.2% in the third quarter. Public Employees Retirement System of Ohio now owns 81,720 shares of the company’s stock valued at $7,908,000 after buying an additional 7,554 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Centene by 5.1% in the third quarter. Parametric Portfolio Associates LLC now owns 601,373 shares of the company’s stock valued at $58,195,000 after buying an additional 28,979 shares in the last quarter. Institutional investors and hedge funds own 90.58% of the company’s stock.
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Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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