In a report released yesterday, Michael Wiederhorn from Oppenheimer maintained a Buy rating on Centene Corp (CNC), with a price target of $165. The company’s shares closed yesterday at $132.87.
Wiederhorn observed:
“In advance of its year-end investor day, CNC provided solid ’19 EPS guidance of $8.15-$8.55, compared to OPCO/Street of $8.35/$8.36. In addition, the company reaffirmed its FY2018 outlook, including adjusted EPS of $6.90-$7.10 and revenues of $59.8-$60.3B. The company also announced a two-for-one stock split effective Q1:19. We plan to follow up with more color and a review of our model following the investor day.”
According to TipRanks.com, Wiederhorn is a top 25 analyst with an average return of 16.3% and a 70.9% success rate. Wiederhorn covers the Services sector, focusing on stocks such as Cross Country Healthcare, Addus Homecare Corp, and Community Health.
Centene Corp has an analyst consensus of Strong Buy, with a price target consensus of $161.57, implying a 21.6% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $145 price target.
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Based on Centene Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $16.18 billion and net profit of $19 million. In comparison, last year the company earned revenue of $11.9 billion and had a net profit of $205 million.
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Centene Corp. engages in the provision of programs and services to government sponsored healthcare programs. It operates through the Managed Care and Specialty Services segments. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.
