Centene (NYSE:CNC) released its earnings results on Tuesday. The company reported $1.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.07, MarketWatch Earnings reports. Centene had a return on equity of 14.10% and a net margin of 1.50%. The business had revenue of $18.44 billion during the quarter, compared to the consensus estimate of $17.44 billion. During the same period last year, the business posted $2.17 earnings per share. The business’s revenue for the quarter was up 39.8% on a year-over-year basis. Centene updated its FY 2019 guidance to $4.24-4.44 EPS and its FY19 guidance to $4.24-4.44 EPS.
Shares of CNC stock opened at $50.31 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.00 and a quick ratio of 1.00. Centene has a 12-month low of $45.44 and a 12-month high of $74.49. The stock has a market cap of $19.92 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.85 and a beta of 1.26.
CNC has been the subject of a number of recent research reports. Zacks Investment Research downgraded Centene from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 15th. Credit Suisse Group decreased their target price on Centene from $76.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, March 29th. Stephens initiated coverage on Centene in a research report on Monday, January 14th. They issued an “overweight” rating and a $73.50 target price for the company. Cantor Fitzgerald reissued a “buy” rating and issued a $83.00 target price on shares of Centene in a research report on Wednesday, February 27th. Finally, Cowen reissued a “buy” rating and issued a $77.00 target price on shares of Centene in a research report on Sunday, March 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Centene presently has an average rating of “Buy” and an average price target of $76.87.
A number of hedge funds have recently modified their holdings of CNC. Oregon Public Employees Retirement Fund lifted its stake in shares of Centene by 15,334.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,787,010 shares of the company’s stock valued at $85,000 after acquiring an additional 9,723,601 shares during the last quarter. Norges Bank bought a new stake in shares of Centene in the 4th quarter valued at about $245,858,000. BlackRock Inc. lifted its stake in shares of Centene by 7.8% in the 4th quarter. BlackRock Inc. now owns 18,126,716 shares of the company’s stock valued at $2,090,011,000 after acquiring an additional 1,308,641 shares during the last quarter. Boston Partners bought a new stake in shares of Centene in the 4th quarter valued at about $72,708,000. Finally, Hexavest Inc. bought a new stake in shares of Centene in the 1st quarter valued at about $30,463,000. 45.57% of the stock is owned by hedge funds and other institutional investors.
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Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. The company's Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which covers dually eligible individuals, as well as aged, blind, or disabled programs.
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