Centene (NYSE:CNC) Updates FY 2024 Earnings Guidance

Centene (NYSE:CNC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 6.800- for the period, compared to the consensus earnings per share estimate of 6.840. The company issued revenue guidance of -. Centene also updated its Q2 2024 guidance to 2.420-2.420 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CNC shares. Stephens restated an equal weight rating and set a $83.00 price objective on shares of Centene in a research note on Thursday, May 30th. Oppenheimer restated an outperform rating and set a $110.00 price objective on shares of Centene in a research note on Friday, June 21st. Cantor Fitzgerald restated an overweight rating and set a $90.00 price objective on shares of Centene in a research note on Tuesday. Wells Fargo & Company lowered their price objective on Centene from $93.00 to $81.00 and set an overweight rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on Centene from $85.00 to $80.00 and set a neutral rating for the company in a research note on Wednesday, July 10th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Centene presently has an average rating of Hold and a consensus target price of $83.93.

Centene Stock Performance

Centene stock traded up $1.85 during mid-day trading on Thursday, hitting $67.97. 951,572 shares of the company’s stock traded hands, compared to its average volume of 3,389,091. The firm has a 50 day moving average price of $69.33 and a 200 day moving average price of $73.83. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company has a market cap of $36.27 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 0.84 and a beta of 0.50. Centene has a one year low of $60.83 and a one year high of $81.42.

Centene (NYSE:CNC) last announced its earnings results on Friday, April 26th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.17. The firm had revenue of $40.41 billion for the quarter, compared to the consensus estimate of $36.43 billion. Centene had a return on equity of 14.19% and a net margin of 1.76%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.11 EPS. On average, equities analysts forecast that Centene will post 6.8 EPS for the current year.

Insider Buying and Selling at Centene

In other news, President Kenneth J. Fasola sold 8,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $77.62, for a total value of $620,960.00. Following the sale, the president now owns 300,357 shares of the company’s stock, valued at approximately $23,313,710.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Kenneth J. Fasola sold 8,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $77.62, for a total value of $620,960.00. Following the sale, the president now owns 300,357 shares of the company’s stock, valued at approximately $23,313,710.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher J. Coughlin sold 878 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $76.75, for a total value of $67,386.50. Following the completion of the sale, the director now directly owns 25,504 shares in the company, valued at approximately $1,957,432. The disclosure for this sale can be found here. 0.33% of the stock is owned by company insiders.

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.