Why Centene Stock Is Trading Higher Today

  • Centene Corp (NYSE: CNC) has reported a Q1 FY23 adjusted EPS of $2.11, compared to $1.83 a year ago, slightly beating the consensus of $2.10.
  • Sales increased 4.58% Y/Y to $38.89 billion, beating the consensus of $35.95 billion.
  • A health benefits ratio of 87% represents a decrease from 87.3% driven by continued disciplined Marketplace pricing and favorable Medicare performance.
  • Managed care membership reached 28.45 million, +8.45% Y/Y.
  • The cash flow provided by operations for the first quarter of 2023 was $4.3 billion.
  • FY 2023 Guidance: Centene has increased FY23 adjusted EPS guidance to at least $6.40 versus $6.25-$6.40 expected earlier versus a consensus of $6.36.
  • The company expects premium and service revenues of $135.2-$137.2 billion compared to $131.5-$133.5 billion expected earlier.
  • Centene forecasts FY23 revenues of $144.5-$146.5 billion compared to the consensus of $140.7 billion.
  • The company updated the 2024 Adjusted EPS target to over $6.60, reflecting an updated view of Medicaid redeterminations, Medicare bid strategy, and business investments.
  • Price Action: CNC shares are up 3.56% at $70.07 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLarge CapNewsGuidanceHealth CareMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!