Centene (NYSE:CNC) Issues Q3 2024 Earnings Guidance

Centene (NYSE:CNC) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.310-1.410 for the period, compared to the consensus earnings per share estimate of 1.510. The company issued revenue guidance of -. Centene also updated its FY24 guidance to at least $6.80 EPS.

Wall Street Analyst Weigh In

CNC has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on Centene from $85.00 to $80.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Truist Financial cut their price objective on shares of Centene from $92.00 to $89.00 and set a buy rating for the company in a research note on Monday, July 15th. Wells Fargo & Company lifted their target price on shares of Centene from $81.00 to $93.00 and gave the stock an overweight rating in a research report on Monday, August 5th. Cantor Fitzgerald restated an overweight rating and set a $90.00 price target on shares of Centene in a research report on Tuesday. Finally, Barclays lowered their target price on Centene from $98.00 to $97.00 and set an overweight rating for the company in a research note on Thursday, September 5th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Centene presently has an average rating of Moderate Buy and an average price target of $85.75.

Centene Price Performance

CNC opened at $74.81 on Friday. Centene has a 12-month low of $63.45 and a 12-month high of $81.42. The company has a market cap of $39.35 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 0.99 and a beta of 0.48. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $73.39 and a two-hundred day simple moving average of $73.65.

Centene (NYSE:CNC) last announced its earnings results on Friday, July 26th. The company reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). Centene had a net margin of 1.79% and a return on equity of 14.45%. The business had revenue of $39.84 billion for the quarter, compared to the consensus estimate of $36.83 billion. During the same period in the prior year, the business posted $2.10 EPS. Centene’s revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts predict that Centene will post 6.82 earnings per share for the current fiscal year.

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.