Centene (NYSE:CNC) Issues Quarterly Earnings Results

Centene (NYSE:CNCGet Free Report) released its quarterly earnings data on Tuesday. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02, MarketWatch Earnings reports. The firm had revenue of $39.46 billion for the quarter, compared to analyst estimates of $36.16 billion. Centene had a net margin of 1.63% and a return on equity of 15.47%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. Centene updated its FY 2024 guidance to 6.700- EPS and its FY24 guidance to $6.70 EPS.

Centene Stock Performance

CNC stock opened at $74.92 on Wednesday. The company has a market capitalization of $40.02 billion, a P/E ratio of 16.84, a PEG ratio of 0.94 and a beta of 0.36. The company has a 50-day simple moving average of $75.24 and a 200 day simple moving average of $70.88. Centene has a fifty-two week low of $60.83 and a fifty-two week high of $79.83. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.70.

Analysts Set New Price Targets

CNC has been the topic of several recent research reports. Wells Fargo & Company raised shares of Centene from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $82.00 to $90.00 in a research note on Tuesday, January 2nd. Truist Financial increased their price target on shares of Centene from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, December 21st. UBS Group increased their price target on shares of Centene from $72.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, December 21st. Finally, Cantor Fitzgerald increased their price target on shares of Centene from $82.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, December 15th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.47.

Check Out Our Latest Research Report on CNC

Institutional Investors Weigh In On Centene

Institutional investors have recently bought and sold shares of the stock. Creative Planning increased its holdings in shares of Centene by 8.9% in the 3rd quarter. Creative Planning now owns 37,502 shares of the company’s stock valued at $2,583,000 after purchasing an additional 3,064 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of Centene by 39.9% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 11,476 shares of the company’s stock valued at $790,000 after purchasing an additional 3,271 shares during the period. Gladius Capital Management LP increased its holdings in shares of Centene by 8.5% in the 3rd quarter. Gladius Capital Management LP now owns 8,471 shares of the company’s stock valued at $583,000 after purchasing an additional 663 shares during the period. Osaic Holdings Inc. grew its stake in shares of Centene by 60.1% in the 2nd quarter. Osaic Holdings Inc. now owns 85,712 shares of the company’s stock valued at $5,781,000 after buying an additional 32,163 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Centene by 2.9% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 10,357 shares of the company’s stock valued at $699,000 after buying an additional 288 shares in the last quarter. Institutional investors and hedge funds own 90.92% of the company’s stock.

Centene Company Profile

(Get Free Report)

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. It operates in 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 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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Earnings History for Centene (NYSE:CNC)

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