Zacks: Brokerages Expect Centene Corp (NYSE:CNC) Will Announce Quarterly Sales of $17.99 Billion
Equities research analysts forecast that Centene Corp (NYSE:CNC) will announce $17.99 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Centene’s earnings, with the highest sales estimate coming in at $18.50 billion and the lowest estimate coming in at $17.65 billion. Centene posted sales of $14.18 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 26.9%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, July 23rd.
According to Zacks, analysts expect that Centene will report full year sales of $73.35 billion for the current financial year, with estimates ranging from $73.06 billion to $74.22 billion. For the next financial year, analysts expect that the firm will report sales of $79.49 billion, with estimates ranging from $78.32 billion to $80.82 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Centene.
Centene (NYSE:CNC) last posted its earnings results on Tuesday, April 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.07. Centene had a return on equity of 14.60% and a net margin of 1.66%. The firm had revenue of $18.44 billion for the quarter, compared to analysts’ expectations of $17.44 billion. During the same period in the previous year, the firm earned $2.17 earnings per share. The business’s revenue was up 39.8% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNC. Huntington National Bank grew its stake in shares of Centene by 110.7% in the first quarter. Huntington National Bank now owns 472 shares of the company’s stock worth $25,000 after acquiring an additional 248 shares during the last quarter. Toth Financial Advisory Corp grew its stake in shares of Centene by 100.0% in the first quarter. Toth Financial Advisory Corp now owns 480 shares of the company’s stock worth $25,000 after acquiring an additional 240 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Centene in the first quarter worth $27,000. Shamrock Asset Management LLC grew its stake in shares of Centene by 100.0% in the first quarter. Shamrock Asset Management LLC now owns 522 shares of the company’s stock worth $28,000 after acquiring an additional 261 shares during the last quarter. Finally, North Star Investment Management Corp. grew its stake in shares of Centene by 100.0% in the first quarter. North Star Investment Management Corp. now owns 600 shares of the company’s stock worth $32,000 after acquiring an additional 300 shares during the last quarter. 90.68% of the stock is currently owned by hedge funds and other institutional investors.
CNC stock traded up $1.81 during midday trading on Thursday, hitting $53.02. The stock had a trading volume of 477,300 shares, compared to its average volume of 6,596,951. The stock has a market cap of $21.65 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 0.87 and a beta of 0.85. The stock’s 50-day moving average price is $54.21. Centene has a 52-week low of $45.44 and a 52-week high of $74.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58.
Centene Company Profile
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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