Centene Corporation Expected to Earn FY2018 Earnings of $7.00 Per Share (CNC)
Centene Corporation (NYSE:CNC) – Stock analysts at Leerink Swann boosted their FY2018 earnings per share (EPS) estimates for shares of Centene in a report released on Monday. Leerink Swann analyst A. Gupte now expects that the company will post earnings per share of $7.00 for the year, up from their prior forecast of $5.60. Leerink Swann currently has a “Market Perform” rating and a $90.00 target price on the stock. Leerink Swann also issued estimates for Centene’s FY2019 earnings at $8.00 EPS.
A number of other research analysts have also recently issued reports on CNC. Cowen reaffirmed a “buy” rating and issued a $115.00 target price on shares of Centene in a report on Tuesday, October 24th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $107.00 target price on shares of Centene in a report on Tuesday, October 24th. Oppenheimer reaffirmed a “buy” rating and issued a $105.00 target price on shares of Centene in a report on Tuesday, October 24th. Credit Suisse Group assumed coverage on shares of Centene in a report on Thursday, November 2nd. They issued a “neutral” rating and a $102.00 target price for the company. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $134.00 price objective on shares of Centene in a research note on Monday, December 18th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $110.28.
Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. Centene had a net margin of 1.71% and a return on equity of 13.68%. The firm had revenue of $12.81 billion during the quarter, compared to the consensus estimate of $12.25 billion. During the same quarter last year, the firm earned $1.19 earnings per share. The firm’s revenue was up 7.5% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Redmile Group LLC boosted its holdings in shares of Centene by 33.8% in the 4th quarter. Redmile Group LLC now owns 541,500 shares of the company’s stock valued at $54,627,000 after purchasing an additional 136,900 shares during the last quarter. Element Capital Management LLC acquired a new position in shares of Centene in the 4th quarter valued at $44,066,000. Glenmede Trust Co. NA boosted its holdings in shares of Centene by 3.4% in the 4th quarter. Glenmede Trust Co. NA now owns 297,712 shares of the company’s stock valued at $30,032,000 after purchasing an additional 9,913 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in shares of Centene by 19.4% in the 4th quarter. Macquarie Group Ltd. now owns 64,560 shares of the company’s stock valued at $6,491,000 after purchasing an additional 10,487 shares during the last quarter. Finally, Zeke Capital Advisors LLC boosted its holdings in shares of Centene by 30.5% in the 4th quarter. Zeke Capital Advisors LLC now owns 4,291 shares of the company’s stock valued at $433,000 after purchasing an additional 1,004 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.
In related news, Director Robert K. Ditmore sold 8,750 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $104.13, for a total transaction of $911,137.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jesse N. Hunter sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $98.73, for a total transaction of $987,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,500 shares of company stock worth $3,311,613. 3.00% of the stock is owned by company insiders.
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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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