Centene Co. (NYSE: CNC – Get Rating) – Equities research analysts at Jefferies Financial Group boosted their Q2 2022 earnings estimates for shares of Centene in a report issued on Monday, June 20th. Jefferies Financial Group analyst D. Windley now anticipates that the company will earn $ 1.78 per share for the quarter, up from their previous estimate of $ 1.45. The consensus estimate for Centene’s current full-year earnings is $ 5.63 per share. Jefferies Financial Group also issued estimates for Centene’s Q3 2022 earnings at $ 1.29 EPS, Q4 2022 earnings at $ 0.75 EPS and FY2023 earnings at $ 6.20 EPS.
Centene (NYSE: CNC – Get Rating) last issued its earnings results on Tuesday, April 26th. The company reported $ 1.83 earnings per share for the quarter, topping the consensus estimate of $ 1.68 by $ 0.15. Centene had a net margin of 1.12% and a return on equity of 11.82%. The company had revenue of $ 37.19 billion during the quarter, compared to the estimate consensus of $ 34.48 billion. During the same quarter in the prior year, the firm posted $ 1.63 EPS. Centene’s quarterly revenue was up 24.0% compared to the same quarter last year.
Several other research analysts also recently commented on CNC. StockNews.com initiated coverage on shares of Centene in a report on Thursday, March 31st. They set a “strong-buy” rating for the company. Wells Fargo & Company decreased their target price on shares of Centene from $ 96.00 to $ 95.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 25th. Bank of America cut shares of Centene from a “buy” rating to a “neutral” rating and decreased their target price for the company from $ 95.00 to $ 90.00 in a research report on Thursday, May 26th. Morgan Stanley decreased their target price on shares of Centene from $ 112.00 to $ 103.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Credit Suisse Group upgraded shares of Centene from a “neutral” rating to an “outperform” rating and upped their target price for the company from $ 86.00 to $ 88.00 in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $ 92.44.
CNC opened at $ 82.95 on Thursday. The firm has a 50-day simple moving average of $ 82.15 and a two-hundred day simple moving average of $ 82.42. Centene has a 52 week low of $ 59.67 and a 52 week high of $ 89.92. The company has a market capitalization of $ 48.52 billion, a PE ratio of 32.92, a price-to-earnings-growth ratio of 1.03 and a beta of 0.52. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68.
Centene announced that its Board of Directors has authorized a stock repurchase program on Friday, June 17th that allows the company to buyback $ 3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company leadership believes its shares are undervalued.
In other Centene news, Director Theodore R. Samuels II bought 6,270 shares of Centene stock in a transaction that occurred on Thursday, April 28th. The stock was purchased at an average price of $ 80.94 per share, with a total value of $ 507,493.80. Following the completion of the acquisition, the director now directly owns 11,000 shares in the company, valued at approximately $ 890,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Shannon Bagley sold 8,000 shares of Centene stock in a transaction on Friday, April 29th. The shares were sold at an average price of $ 80.99, for a total transaction of $ 647,920.00. Following the completion of the transaction, the executive vice president now directly owns 128,353 shares of the company stock, valued at approximately $ 10,395,309.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,520 shares of company stock worth $ 1,770,740. Insiders own 1.50% of the company stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. OLD National Bancorp IN boosted its position in Centene by 13.5% during the fourth quarter. OLD National Bancorp IN now owns 23,454 shares of the company stock worth $ 1,932,000 after acquiring an additional 2,783 shares during the last quarter. Profund Advisors LLC increased its stake in Centene by 3.2% during the 4th quarter. Profund Advisors LLC now owns 11,858 shares of the company stock worth $ 977,000 after buying an additional 370 shares during the period. New York State Common Retirement Fund increased its stake in Centene by 11.3% during the 4th quarter. New York State Common Retirement Fund now owns 1,165,818 shares of the company stock worth $ 96,063,000 after buying an additional 118,215 shares during the period. Metropolitan Life Insurance Co NY increased its stake in Centene by 16.9% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 66,600 shares of the company stock worth $ 5,488,000 after buying an additional 9,625 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in Centene by 5.8% during the 4th quarter. Capital Advisors Ltd. LLC now owns 3,860 shares of the company stock worth $ 318,000 after buying an additional 210 shares during the period. Institutional investors and hedge funds own 92.32% of the company stock.
About Centene: (Get Rating)
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.
Receive News & Ratings for Centene Daily: – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Centene and related companies with MarketBeat.com’s FREE daily email newsletter.