Zacks Research Weighs in on Centene Co.’s FY2024 Earnings (NYSE:CNC)

Centene Co. (NYSE:CNC) – Analysts at Zacks Research issued their FY2024 earnings per share estimates for Centene in a research report issued to clients and investors on Wednesday, August 14th. Zacks Research analyst K. Dey expects that the company will post earnings per share of $6.84 for the year. The consensus estimate for Centene’s current full-year earnings is $6.84 per share. Zacks Research also issued estimates for Centene’s Q4 2024 earnings at $0.55 EPS and FY2026 earnings at $8.31 EPS.

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

A number of other research analysts have also commented on CNC. JPMorgan Chase & Co. dropped their price objective on shares of Centene from $85.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com raised Centene from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Centene in a research note on Monday. TD Cowen upped their price target on Centene from $80.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Truist Financial lowered their price objective on shares of Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Centene currently has an average rating of “Moderate Buy” and a consensus target price of $84.36.

Centene Stock Down 0.2 %

CNC stock opened at $78.16 on Monday. The company has a market cap of $41.71 billion, a price-to-earnings ratio of 15.54, a price-to-earnings-growth ratio of 1.00 and a beta of 0.50. The company has a fifty day moving average price of $70.43 and a 200 day moving average price of $73.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.17 and a quick ratio of 1.17. Centene has a 12 month low of $60.83 and a 12 month high of $81.42.

Institutional Investors Weigh In On Centene

A number of hedge funds and other institutional investors have recently modified their holdings of CNC. Norges Bank acquired a new position in Centene during the fourth quarter worth $1,325,441,000. Swedbank AB acquired a new position in shares of Centene during the 1st quarter worth $914,080,000. Harris Associates L P grew its stake in Centene by 172.8% in the 4th quarter. Harris Associates L P now owns 10,863,367 shares of the company’s stock valued at $806,170,000 after acquiring an additional 6,881,450 shares during the last quarter. Boston Partners increased its holdings in Centene by 0.4% during the 1st quarter. Boston Partners now owns 8,652,177 shares of the company’s stock valued at $678,033,000 after acquiring an additional 32,427 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Centene by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock worth $364,117,000 after acquiring an additional 25,595 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

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.