Cantor Fitzgerald Weighs in on Centene Co.’s FY2024 Earnings (NYSE:CNC)

Centene Co. (NYSE:CNC) – Investment analysts at Cantor Fitzgerald increased their FY2024 earnings per share (EPS) estimates for shares of Centene in a report issued on Monday, April 29th. Cantor Fitzgerald analyst S. James now expects that the company will post earnings per share of $6.84 for the year, up from their previous forecast of $6.72. Cantor Fitzgerald has a “Overweight” rating and a $90.00 price objective on the stock. The consensus estimate for Centene’s current full-year earnings is $6.75 per share.

Several other equities analysts have also commented on the stock. StockNews.com raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Monday. Wells Fargo & Company boosted their price objective on shares of Centene from $89.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Stephens reaffirmed an “equal weight” rating and issued a $85.00 target price (down previously from $92.00) on shares of Centene in a report on Thursday, March 21st. Barclays initiated coverage on Centene in a report on Wednesday, March 6th. They set an “overweight” rating and a $101.00 price target for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Centene in a research note on Monday. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Centene has a consensus rating of “Moderate Buy” and a consensus target price of $85.25.

Centene Stock Down 0.2 %

CNC stock opened at $73.83 on Tuesday. Centene has a 52 week low of $60.83 and a 52 week high of $81.42. The business has a 50-day simple moving average of $76.22 and a 200 day simple moving average of $74.85. The company has a quick ratio of 1.11, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company has a market cap of $39.49 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.92 and a beta of 0.38.

Centene (NYSE:CNC) last issued its quarterly earnings results on Friday, April 26th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.17. The business 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 quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.11 earnings per share.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CNC. Operose Advisors LLC bought a new stake in Centene in the third quarter valued at $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in Centene in the 4th quarter valued at about $25,000. Rise Advisors LLC acquired a new position in Centene during the 1st quarter worth approximately $25,000. OFI Invest Asset Management acquired a new stake in Centene in the third quarter valued at approximately $26,000. Finally, Riggs Asset Managment Co. Inc. bought a new stake in shares of Centene during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Insider Activity

In other Centene news, President Kenneth J. Fasola sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $75.07, for a total value of $900,840.00. Following the completion of the transaction, the president now directly owns 235,365 shares in the company, valued at approximately $17,668,850.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, President Kenneth J. Fasola sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total transaction of $900,840.00. Following the completion of the transaction, the president now directly owns 235,365 shares in the company, valued at $17,668,850.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lori Jean Robinson sold 10,000 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total transaction of $774,100.00. Following the sale, the director now owns 11,455 shares of the company’s stock, valued at $886,731.55. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

About Centene

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.