Centene Corporation (NYSE:CNC) issued its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.30 by $0.29, Bloomberg Earnings reports. The company had revenue of $11.95 billion during the quarter, compared to analyst estimates of $11.69 billion. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The business’s revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 EPS. Centene Corporation updated its FY17 guidance to $4.70-5.06 EPS.
Centene Corporation (CNC) traded up 0.90% on Friday, hitting $82.14. The stock had a trading volume of 767,728 shares. The company’s 50 day moving average is $82.24 and its 200-day moving average is $74.50. The firm has a market capitalization of $14.17 billion, a price-to-earnings ratio of 18.03 and a beta of 0.66. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $87.94.
A number of research analysts recently issued reports on the company. Piper Jaffray Companies restated a “buy” rating and set a $105.00 price objective on shares of Centene Corporation in a research report on Thursday, July 27th. UBS AG restated a “buy” rating and set a $95.00 price objective (up previously from $88.00) on shares of Centene Corporation in a research report on Wednesday, July 26th. ValuEngine upgraded Centene Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $98.00 price objective on shares of Centene Corporation in a research report on Thursday, July 27th. Finally, Zacks Investment Research downgraded Centene Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $86.82.
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In other Centene Corporation news, EVP Christopher D. Bowers sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Mark J. Brooks sold 2,161 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The disclosure for this sale can be found here. Insiders sold a total of 53,578 shares of company stock valued at $4,264,757 over the last ninety days. 3.00% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. raised its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after buying an additional 93 shares during the last quarter. Seven Bridges Advisors LLC acquired a new position in shares of Centene Corporation during the second quarter worth about $123,000. Quadrant Capital Group LLC boosted its position in shares of Centene Corporation by 5.6% in the first quarter. Quadrant Capital Group LLC now owns 2,263 shares of the company’s stock worth $155,000 after buying an additional 120 shares during the period. IFP Advisors Inc boosted its position in shares of Centene Corporation by 9.6% in the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after buying an additional 170 shares during the period. Finally, Creative Planning boosted its position in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock valued at $176,000 after buying an additional 127 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.
About Centene Corporation
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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