Oppenheimer Research Analysts Cut Earnings Estimates for Centene Co. (NYSE:CNC)

Centene Co. (NYSE:CNCGet Rating) – Investment analysts at Oppenheimer dropped their Q3 2022 earnings estimates for shares of Centene in a research note issued to investors on Tuesday, April 26th. Oppenheimer analyst M. Wiederhorn now anticipates that the company will post earnings per share of $1.23 for the quarter, down from their previous forecast of $1.32.

Centene (NYSE:CNCGet Rating) last issued its earnings results on Tuesday, April 26th. The company reported $1.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.15. Centene had a return on equity of 11.47% and a net margin of 1.07%. The business had revenue of $37.19 billion during the quarter, compared to analyst estimates of $34.48 billion. During the same period in the previous year, the company posted $1.63 EPS. Centene’s revenue was up 24.0% on a year-over-year basis.

Other equities analysts also recently issued reports about the stock. StockNews.com assumed coverage on shares of Centene in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. Mizuho lifted their price target on Centene from $78.00 to $84.00 and gave the company a “neutral” rating in a report on Wednesday, February 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Centene from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, February 9th. Sanford C. Bernstein boosted their target price on shares of Centene from $94.00 to $108.00 in a report on Tuesday, January 11th. Finally, Barclays assumed coverage on shares of Centene in a research report on Friday, January 7th. They issued an “overweight” rating and a $95.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $91.61.

Shares of Centene stock opened at $81.59 on Friday. Centene has a 1 year low of $59.57 and a 1 year high of $89.92. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $47.56 billion, a price-to-earnings ratio of 35.94, a PEG ratio of 1.27 and a beta of 0.52. The firm’s 50-day moving average is $84.92 and its two-hundred day moving average is $79.54.

In other Centene news, EVP Mark J. Brooks sold 3,690 shares of the company’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $82.71, for a total value of $305,199.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.50% of the company’s stock.

Large investors have recently bought and sold shares of the company. Glassman Wealth Services boosted its position in Centene by 19.5% during the fourth quarter. Glassman Wealth Services now owns 742 shares of the company’s stock worth $61,000 after purchasing an additional 121 shares in the last quarter. Harbor Investment Advisory LLC raised its stake in shares of Centene by 3.6% during the 4th quarter. Harbor Investment Advisory LLC now owns 3,929 shares of the company’s stock worth $324,000 after buying an additional 138 shares during the period. AE Wealth Management LLC grew its stake in Centene by 3.3% in the 1st quarter. AE Wealth Management LLC now owns 4,748 shares of the company’s stock valued at $400,000 after acquiring an additional 150 shares during the period. Atlas Capital Advisors LLC increased its holdings in Centene by 3.5% in the 4th quarter. Atlas Capital Advisors LLC now owns 4,638 shares of the company’s stock worth $382,000 after acquiring an additional 159 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators lifted its holdings in Centene by 5.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 3,041 shares of the company’s stock valued at $251,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 90.47% of the company’s 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.

Further Reading

Earnings History and Estimates for Centene (NYSE:CNC)

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.