Oppenheimer Comments on Centene Co.’s Q3 2021 Earnings (NYSE:CNC)

Centene Co. (NYSE:CNC) – Equities research analysts at Oppenheimer reduced their Q3 2021 EPS estimates for Centene in a research note issued to investors on Monday, September 13th. Oppenheimer analyst M. Wiederhorn now forecasts that the company will post earnings of $1.26 per share for the quarter, down from their prior estimate of $1.31. Oppenheimer has a “Buy” rating and a $90.00 price target on the stock. Oppenheimer also issued estimates for Centene’s Q1 2022 earnings at $1.73 EPS, Q2 2022 earnings at $1.57 EPS, Q3 2022 earnings at $1.35 EPS and FY2022 earnings at $5.59 EPS.

Centene (NYSE:CNC) last issued its earnings results on Monday, July 26th. The company reported $1.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by ($0.16). Centene had a return on equity of 10.39% and a net margin of 0.61%. The business had revenue of $31.03 billion for the quarter, compared to the consensus estimate of $30.11 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The business’s revenue was up 12.0% compared to the same quarter last year.

CNC has been the subject of several other reports. lifted their target price on Centene from $80.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, June 17th. Citigroup boosted their price target on Centene from $80.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, June 17th. Morgan Stanley reduced their price target on Centene from $88.00 to $79.00 and set an “overweight” rating for the company in a research note on Tuesday. TheStreet downgraded Centene from a “b-” rating to a “c+” rating in a research note on Monday, August 16th. Finally, Truist Securities boosted their price target on Centene from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, June 17th. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $81.89.

Shares of NYSE CNC opened at $60.80 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63. Centene has a 12 month low of $53.60 and a 12 month high of $75.59. The stock has a 50 day moving average of $67.26 and a 200-day moving average of $67.26. The company has a market capitalization of $35.45 billion, a P/E ratio of 49.84, a P/E/G ratio of 1.01 and a beta of 0.46.

A number of institutional investors and hedge funds have recently modified their holdings of CNC. Boston Partners grew its position in shares of Centene by 101.0% in the 2nd quarter. Boston Partners now owns 9,355,416 shares of the company’s stock valued at $682,395,000 after buying an additional 4,701,038 shares during the last quarter. Maverick Capital Ltd. bought a new stake in shares of Centene in the 2nd quarter valued at about $249,188,000. JPMorgan Chase & Co. grew its position in shares of Centene by 57.2% in the 1st quarter. JPMorgan Chase & Co. now owns 9,288,909 shares of the company’s stock valued at $593,653,000 after buying an additional 3,378,239 shares during the last quarter. BlackRock Inc. grew its position in shares of Centene by 6.7% in the 1st quarter. BlackRock Inc. now owns 44,444,266 shares of the company’s stock valued at $2,840,432,000 after buying an additional 2,809,039 shares during the last quarter. Finally, Ruffer LLP grew its position in shares of Centene by 75.0% in the 1st quarter. Ruffer LLP now owns 5,536,706 shares of the company’s stock valued at $353,933,000 after buying an additional 2,373,204 shares during the last quarter. 91.75% of the stock is owned by institutional investors and hedge funds.

In other Centene news, Director Orlando Ayala sold 9,366 shares of the company’s stock in a transaction dated Thursday, July 29th. The stock was sold at an average price of $70.00, for a total value of $655,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brent D. Layton sold 4,000 shares of the company’s stock in a transaction dated Thursday, July 29th. The stock was sold at an average price of $70.00, for a total value of $280,000.00. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Centene Company Profile

Centene Corp. operates as a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Managed Care and Specialty Services. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.

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Earnings History and Estimates for Centene (NYSE:CNC)

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