Wall Street brokerages expect that Centene Co. (NYSE:CNC) will report $31.81 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Centene’s earnings, with the highest sales estimate coming in at $32.40 billion and the lowest estimate coming in at $31.50 billion. Centene reported sales of $29.09 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 9.4%. The firm is expected to announce its next quarterly earnings report on Tuesday, October 26th.
On average, analysts expect that Centene will report full-year sales of $123.67 billion for the current year, with estimates ranging from $121.25 billion to $125.01 billion. For the next fiscal year, analysts anticipate that the company will post sales of $127.80 billion, with estimates ranging from $124.08 billion to $132.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Centene.
Centene (NYSE:CNC) last released its earnings results on Monday, July 26th. The company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.16). Centene had a return on equity of 10.39% and a net margin of 0.61%. The firm had revenue of $31.03 billion for the quarter, compared to analyst estimates of $30.11 billion. During the same period in the previous year, the firm earned $2.40 earnings per share. Centene’s revenue was up 12.0% on a year-over-year basis.
Several research analysts have issued reports on the stock. Truist Securities lifted their price target on shares of Centene from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, June 17th. Mizuho decreased their target price on Centene from $75.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday. Seaport Global Securities assumed coverage on Centene in a report on Friday, July 9th. They set a “buy” rating and a $90.00 target price for the company. Seaport Res Ptn reissued a “buy” rating on shares of Centene in a research note on Friday, July 9th. Finally, Wells Fargo & Company reduced their price objective on shares of Centene from $93.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, August 3rd. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $82.24.
Shares of CNC opened at $59.73 on Friday. Centene has a 12-month low of $53.60 and a 12-month high of $75.59. The stock has a market capitalization of $34.83 billion, a P/E ratio of 48.96, a P/E/G ratio of 1.09 and a beta of 0.46. The firm’s 50 day moving average is $67.74 and its 200-day moving average is $67.11. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.08 and a quick ratio of 1.08.
In other news, Director Orlando Ayala sold 30,000 shares of the stock in a transaction on Tuesday, June 15th. The shares were sold at an average price of $69.01, for a total transaction of $2,070,300.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Brent D. Layton sold 4,000 shares of the company’s stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $70.00, for a total transaction of $280,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,366 shares of company stock worth $3,005,920. Insiders own 1.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. HBK Investments L P bought a new position in shares of Centene in the second quarter worth about $269,000. Parametric Portfolio Associates LLC increased its position in Centene by 9.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,819,335 shares of the company’s stock worth $132,684,000 after buying an additional 150,772 shares during the period. B. Metzler seel. Sohn & Co. Holding AG lifted its holdings in shares of Centene by 45.8% during the second quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 50,009 shares of the company’s stock worth $3,647,000 after buying an additional 15,721 shares during the last quarter. Mariner LLC boosted its position in shares of Centene by 54.4% in the second quarter. Mariner LLC now owns 34,563 shares of the company’s stock valued at $2,521,000 after acquiring an additional 12,175 shares during the period. Finally, Morgan Stanley grew its stake in shares of Centene by 1.3% in the second quarter. Morgan Stanley now owns 2,017,404 shares of the company’s stock worth $147,130,000 after acquiring an additional 26,106 shares during the last quarter. Institutional investors and hedge funds own 91.75% of the company’s stock.
Centene Company Profile
Centene Corp. operates as a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Managed Care and Specialty Services. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.
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