Centene Corporation (CNC) to Post FY2019 Earnings of $8.50 Per Share, Cantor Fitzgerald Forecasts
Centene Corporation (NYSE:CNC) – Stock analysts at Cantor Fitzgerald issued their FY2019 earnings estimates for Centene in a research note issued to investors on Wednesday. Cantor Fitzgerald analyst S. Halper expects that the company will earn $8.50 per share for the year. Cantor Fitzgerald currently has a “Overweight” rating and a $125.00 target price on the stock.
A number of other brokerages also recently commented on CNC. Jefferies Group lifted their price objective on Centene from $112.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, December 18th. Oppenheimer lifted their price objective on Centene from $111.00 to $122.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. ValuEngine upgraded Centene from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research downgraded Centene from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Credit Suisse Group initiated coverage on Centene in a research report on Thursday, November 2nd. They set a “neutral” rating and a $102.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Centene has a consensus rating of “Buy” and a consensus price target of $110.28.
Centene (NYSE:CNC) last released its earnings results on Tuesday, February 6th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.03. The business had revenue of $12.81 billion for the quarter, compared to the consensus estimate of $12.25 billion. Centene had a return on equity of 13.68% and a net margin of 1.71%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.19 earnings per share.
In other Centene news, Director Robert K. Ditmore sold 8,750 shares of Centene stock in a transaction on Monday, January 8th. The stock was sold at an average price of $104.30, for a total value of $912,625.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Keith H. Williamson sold 5,000 shares of Centene stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $100.11, for a total value of $500,550.00. The disclosure for this sale can be found here. Insiders sold 23,750 shares of company stock worth $2,400,475 in the last 90 days. Company insiders own 3.00% of the company’s stock.
Large investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new stake in shares of Centene in the second quarter valued at $283,000. Janus Henderson Group PLC grew its stake in shares of Centene by 320.5% in the second quarter. Janus Henderson Group PLC now owns 102,870 shares of the company’s stock valued at $8,216,000 after buying an additional 78,409 shares in the last quarter. Gotham Asset Management LLC grew its stake in shares of Centene by 3.4% in the second quarter. Gotham Asset Management LLC now owns 26,192 shares of the company’s stock valued at $2,092,000 after buying an additional 857 shares in the last quarter. State Street Corp grew its stake in shares of Centene by 0.5% in the second quarter. State Street Corp now owns 7,154,348 shares of the company’s stock valued at $571,504,000 after buying an additional 35,040 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Centene in the second quarter valued at $455,000. Institutional investors own 92.41% of the company’s stock.
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Centene Company Profile
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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