Centene (NYSE:CNC – Get Rating) issued an update on its FY22 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.60-5.75 for the period, compared to the consensus earnings per share estimate of $5.61. The company issued revenue guidance of $141.6-143.6 billion, compared to the consensus revenue estimate of $142.66 billion.
Analyst Ratings Changes
Several research firms have issued reports on CNC. Loop Capital started coverage on Centene in a research note on Thursday, June 16th. They set a buy rating and a $100.00 target price for the company. Credit Suisse Group set a $97.00 price target on shares of Centene in a research note on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Centene from $88.00 to $91.00 and gave the stock a buy rating in a research note on Wednesday, June 22nd. Truist Financial upped their target price on shares of Centene from $100.00 to $102.00 and gave the stock a buy rating in a research note on Thursday, July 14th. Finally, Wells Fargo & Company cut their target price on shares of Centene from $96.00 to $95.00 and set an overweight rating on the stock in a research note on Wednesday, May 25th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $94.67.
Centene Price Performance
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CNC stock opened at $91.93 on Tuesday. Centene has a twelve month low of $59.67 and a twelve month high of $92.65. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. The business has a 50 day simple moving average of $84.02 and a 200-day simple moving average of $83.32. The company has a market capitalization of $53.77 billion, a P/E ratio of 36.48, a PEG ratio of 1.18 and a beta of 0.48.
Centene (NYSE:CNC – Get Rating) last released its quarterly earnings results on Tuesday, April 26th. The company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.68 by $0.15. Centene had a return on equity of 11.82% and a net margin of 1.12%. The business had revenue of $37.19 billion during the quarter, compared to analysts’ expectations of $34.48 billion. During the same quarter in the prior year, the business earned $1.63 earnings per share. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. As a group, equities analysts anticipate that Centene will post 5.64 EPS for the current year.
Centene announced that its board has approved a stock buyback program on Friday, June 17th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Transactions at Centene
In related news, Director Theodore R. Samuels II purchased 6,270 shares of the business’s stock in a transaction dated Thursday, April 28th. The stock was acquired at an average price of $80.94 per share, for a total transaction of $507,493.80. Following the completion of the purchase, the director now directly owns 11,000 shares of the company’s stock, valued at $890,340. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other Centene news, Director Theodore R. Samuels II acquired 6,270 shares of the business’s stock in a transaction on Thursday, April 28th. The stock was purchased at an average price of $80.94 per share, for a total transaction of $507,493.80. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $890,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Shannon Bagley sold 8,000 shares of the stock in a transaction on Friday, April 29th. The stock was sold at an average price of $80.99, for a total value of $647,920.00. Following the completion of the transaction, the executive vice president now owns 128,353 shares of the company’s stock, valued at approximately $10,395,309.47. The disclosure for this sale can be found here. Insiders sold 26,000 shares of company stock worth $2,164,980 over the last 90 days. 1.50% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CNC. The Manufacturers Life Insurance Company increased its position in shares of Centene by 46.8% in the first quarter. The Manufacturers Life Insurance Company now owns 651,636 shares of the company’s stock valued at $55,303,000 after buying an additional 207,643 shares in the last quarter. Toroso Investments LLC increased its position in shares of Centene by 10.3% in the first quarter. Toroso Investments LLC now owns 11,000 shares of the company’s stock valued at $926,000 after buying an additional 1,025 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Centene by 245.0% in the first quarter. BNP Paribas Arbitrage SA now owns 430,032 shares of the company’s stock valued at $36,204,000 after buying an additional 305,379 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of Centene by 5.3% in the first quarter. Wealthfront Advisers LLC now owns 20,082 shares of the company’s stock valued at $1,690,000 after buying an additional 1,018 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC increased its position in shares of Centene by 65.6% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 39,707 shares of the company’s stock valued at $3,343,000 after buying an additional 15,728 shares in the last quarter. Hedge funds and other institutional investors own 92.32% of the company’s stock.
About Centene
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its 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.
Further Reading
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