FY2019 EPS Estimates for Centene Corporation (CNC) Lifted by Jefferies Group
Centene Corporation (NYSE:CNC) – Analysts at Jefferies Group raised their FY2019 earnings per share (EPS) estimates for Centene in a research note issued to investors on Monday. Jefferies Group analyst D. Windley now forecasts that the company will post earnings per share of $6.68 for the year, up from their prior estimate of $6.07. Jefferies Group currently has a “Buy” rating and a $115.00 target price on the stock.
A number of other equities analysts have also recently issued reports on the company. Oppenheimer raised their target price on Centene from $111.00 to $122.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Jaffray Companies restated a “buy” rating and set a $134.00 target price on shares of Centene in a report on Monday. Cantor Fitzgerald restated a “buy” rating and set a $115.00 target price on shares of Centene in a report on Monday. Credit Suisse Group assumed coverage on Centene in a report on Thursday, November 2nd. They set a “neutral” rating and a $102.00 target price on the stock. Finally, Cowen restated a “buy” rating and set a $115.00 target price on shares of Centene in a report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $101.94.
Centene (NYSE:CNC) last issued its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.11. Centene had a return on equity of 14.79% and a net margin of 1.81%. The firm had revenue of $11.90 billion for the quarter, compared to analysts’ expectations of $11.75 billion. During the same quarter last year, the business earned $1.12 earnings per share. The company’s revenue was up 9.7% compared to the same quarter last year.
In other news, Director Robert K. Ditmore sold 4,167 shares of Centene stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $90.42, for a total transaction of $376,780.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jesse N. Hunter sold 10,000 shares of Centene stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $98.73, for a total value of $987,300.00. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CNC. Columbus Circle Investors bought a new stake in Centene in the 3rd quarter valued at approximately $9,387,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Centene during the 2nd quarter worth approximately $455,000. Handelsbanken Fonder AB increased its position in shares of Centene by 29.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 178,000 shares of the company’s stock worth $17,225,000 after purchasing an additional 40,000 shares during the last quarter. Artemis Investment Management LLP acquired a new position in shares of Centene during the 2nd quarter worth approximately $15,326,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Centene by 28.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock worth $62,992,000 after purchasing an additional 176,403 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.
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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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