Centene Corporation’s Stock Price Skyrockets to $73.10, Registering a Stellar 8.46% Uptick

Centene Corporation (CNC)

73.10 USD +5.70 (+8.46%) Volume: 9.69M

Centene Corporation’s stock price has shown a significant rise, currently at 73.10 USD with a substantial trading session increase of +8.46%. Despite a minor YTD decrease of -1.50%, the robust trading volume of 9.69M signifies investor interest in CNC’s stock performance.

Latest developments on Centene Corporation

Centene Corp has seen its stock price movements today following the release of its Q2 earnings report, which revealed profits hitting $1.1 billion as Obamacare helped offset a drop in Medicaid. Executives reassured investors on Medicaid costs, leading to a jump in Centene shares. The health insurer beat profit targets after a change in government risk adjustment, with EPS of $2.16 surpassing estimates. Despite underperforming competitors on Thursday, Centene remains confident about improving costs next year. Cantor Fitzgerald reiterated its rating on Centene, while Jefferies downgraded the stock on Medicaid updates and reduced EPS forecast.

Centene Corporation on Smartkarma

Analysts at Baptista Research on Smartkarma have provided bullish coverage of Centene Corp, highlighting the company’s strong financial performance in the first quarter of the year. In their research reports titled “Centene Corporation: Medicaid Managed Care Expansion and Optimization! – Major Drivers” and “Centene Corporation: Leveraging Dual Eligibles in Medicare and Medicaid & Other Major Drivers”, the analysts noted that Centene exceeded expected adjusted earnings per share (EPS) at $2.26. This prompted an upward revision in the full-year 2024 forecast to over $6.80 per share, indicating solid progress and operational efficiency for the company.

A look at Centene Corporation Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Centene Corporation, a multi-line managed care organization, has received favorable scores in several key areas according to Smartkarma Smart Scores. With high scores in Value, Growth, Resilience, and a moderate score in Momentum, the outlook for Centene Corp appears promising in the long term. Despite a low score in Dividend, the company’s strong performance in other areas indicates potential growth and stability in the future.

Centene Corporation, known for providing Medicaid and Medicaid-related programs, has been rated highly in Value, Growth, and Resilience by Smartkarma Smart Scores. With a diverse range of health plans in multiple states and specialty services such as behavioral health and nurse triage, Centene Corp is well-positioned for continued success. Although the company’s momentum score is slightly lower, its overall positive outlook suggests a bright future ahead.

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