Centene (NYSE:CNC) Releases FY24 Earnings Guidance

Centene (NYSE:CNC) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.80 for the period, compared to the consensus estimate of $6.72.

Centene Stock Down 2.1 %

NYSE CNC opened at $57.45 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The stock’s 50 day moving average is $68.06 and its two-hundred day moving average is $71.01. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 9.97, a PEG ratio of 0.80 and a beta of 0.49. Centene has a 1-year low of $57.25 and a 1-year high of $81.42.

Analyst Upgrades and Downgrades

CNC has been the topic of several recent analyst reports. Stephens reissued an “equal weight” rating and issued a $78.00 target price on shares of Centene in a report on Monday, August 5th. Wells Fargo & Company reduced their target price on Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Robert W. Baird reduced their target price on Centene from $83.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Barclays reduced their price objective on Centene from $97.00 to $91.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.92.

Insider Transactions at Centene

In related news, CFO Andrew Lynn Asher purchased 17,200 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $58.14 per share, with a total value of $1,000,008.00. Following the completion of the purchase, the chief financial officer now owns 486,847 shares in the company, valued at approximately $28,305,284.58. This trade represents a 3.66 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah London purchased 4,117 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was bought at an average cost of $60.80 per share, with a total value of $250,313.60. Following the completion of the purchase, the chief executive officer now owns 667,229 shares of the company’s stock, valued at approximately $40,567,523.20. This represents a 0.62 % increase in their position. The disclosure for this purchase can be found here. 0.33% of the stock is owned by company insiders.

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.