Brokers Set Expectations for Centene Co.’s FY2024 Earnings (NYSE:CNC)

Centene Co. (NYSE:CNC) – Stock analysts at Zacks Research lowered their FY2024 earnings per share (EPS) estimates for Centene in a research note issued to investors on Wednesday, September 11th. Zacks Research analyst K. Dey now anticipates that the company will post earnings of $6.82 per share for the year, down from their prior estimate of $6.84. The consensus estimate for Centene’s current full-year earnings is $6.82 per share. Zacks Research also issued estimates for Centene’s Q4 2024 earnings at $0.75 EPS, Q1 2025 earnings at $2.72 EPS, Q4 2025 earnings at $1.00 EPS and Q1 2026 earnings at $3.00 EPS.

Centene (NYSE:CNC) last issued its quarterly earnings data on Friday, July 26th. The company reported $2.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). The company had revenue of $39.84 billion for the quarter, compared to analysts’ expectations of $36.83 billion. Centene had a net margin of 1.79% and a return on equity of 14.45%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $2.10 earnings per share.

CNC has been the topic of several other research reports. Stephens reissued an “equal weight” rating and issued a $78.00 price objective on shares of Centene in a research note on Monday, August 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Centene in a research note on Tuesday, September 10th. Robert W. Baird started coverage on shares of Centene in a research report on Thursday, May 30th. They set a “neutral” rating and a $83.00 price target on the stock. Baird R W raised Centene to a “hold” rating in a research report on Thursday, May 30th. Finally, Truist Financial dropped their price target on shares of Centene from $92.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.58.

Centene Trading Up 0.7 %

CNC opened at $75.35 on Friday. Centene has a one year low of $63.45 and a one year high of $81.42. The stock has a market cap of $39.64 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 0.99 and a beta of 0.48. The stock’s 50 day moving average price is $73.57 and its 200-day moving average price is $73.56. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.17 and a current ratio of 1.17.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in Centene during the first quarter worth approximately $25,000. WR Wealth Planners LLC raised its holdings in shares of Centene by 41.4% in the 2nd quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after purchasing an additional 137 shares in the last quarter. Chris Bulman Inc bought a new stake in shares of Centene in the 2nd quarter worth approximately $33,000. Riverview Trust Co lifted its position in shares of Centene by 154.6% in the 2nd quarter. Riverview Trust Co now owns 527 shares of the company’s stock valued at $35,000 after acquiring an additional 320 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Centene in the 4th quarter valued at approximately $40,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.