FY2024 EPS Estimates for Centene Co. (NYSE:CNC) Raised by Analyst

Centene Co. (NYSE:CNC) – Analysts at Cantor Fitzgerald increased their FY2024 earnings estimates for shares of Centene in a research report issued on Monday, April 29th. Cantor Fitzgerald analyst S. James now expects that the company will earn $6.84 per share for the year, up from their previous estimate of $6.72. Cantor Fitzgerald has a “Overweight” rating and a $90.00 price target on the stock. The consensus estimate for Centene’s current full-year earnings is $6.82 per share.

Centene (NYSE:CNC) last posted its quarterly earnings results on Friday, April 26th. The company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.17. Centene had a net margin of 1.76% and a return on equity of 14.19%. The firm had revenue of $40.41 billion for the quarter, compared to analysts’ expectations of $36.43 billion. During the same quarter in the prior year, the company posted $2.11 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis.

Several other research firms have also recently commented on CNC. StockNews.com raised Centene from a “buy” rating to a “strong-buy” rating in a research report on Monday. Oppenheimer restated an “outperform” rating and set a $110.00 price objective on shares of Centene in a research report on Monday. Stephens reaffirmed an “equal weight” rating and issued a $85.00 target price (down previously from $92.00) on shares of Centene in a research report on Thursday, March 21st. Barclays assumed coverage on Centene in a report on Wednesday, March 6th. They set an “overweight” rating and a $101.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Centene from $81.00 to $82.00 and gave the stock a “hold” rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Centene has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Centene Stock Down 1.1 %

Centene stock opened at $72.25 on Tuesday. Centene has a 12 month low of $60.83 and a 12 month high of $81.42. The stock has a fifty day simple moving average of $75.96 and a two-hundred day simple moving average of $74.84. The company has a current ratio of 1.17, a quick ratio of 1.11 and a debt-to-equity ratio of 0.66. The firm has a market cap of $38.56 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 0.95 and a beta of 0.38.

Hedge Funds Weigh In On Centene

Hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Centene in the 4th quarter worth $1,325,441,000. Harris Associates L P lifted its position in shares of Centene by 172.8% in the fourth quarter. Harris Associates L P now owns 10,863,367 shares of the company’s stock worth $806,170,000 after buying an additional 6,881,450 shares in the last quarter. Jennison Associates LLC boosted its stake in Centene by 535.9% during the fourth quarter. Jennison Associates LLC now owns 1,837,980 shares of the company’s stock valued at $136,396,000 after buying an additional 1,548,961 shares during the last quarter. Canoe Financial LP increased its stake in Centene by 375.1% in the 4th quarter. Canoe Financial LP now owns 1,943,982 shares of the company’s stock worth $144,263,000 after acquiring an additional 1,534,826 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Centene by 8.7% during the 3rd quarter. Invesco Ltd. now owns 8,788,485 shares of the company’s stock worth $605,351,000 after acquiring an additional 704,684 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Insider Activity

In related news, President Kenneth J. Fasola sold 12,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $75.07, for a total value of $900,840.00. Following the completion of the sale, the president now directly owns 235,365 shares of the company’s stock, valued at approximately $17,668,850.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lori Jean Robinson sold 10,000 shares of Centene stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total transaction of $774,100.00. Following the sale, the director now owns 11,455 shares of the company’s stock, valued at approximately $886,731.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Kenneth J. Fasola sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total value of $900,840.00. Following the completion of the transaction, the president now owns 235,365 shares of the company’s stock, valued at $17,668,850.55. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.