Why Is Healthcare Enterprise Centene Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Centene Corporation (NYSE:CNC) provided its 2024 financial guidance, forecasting revenues of $142.5 billion-$145.5 billion, above the consensus of $142.12 billion. The company expects GAAP diluted EPS greater than $5.61 and adjusted diluted EPS greater than $6.70, with a Health benefits ratio of 87.3% to 87.9%. Additionally, Centene announced a $4.0 billion increase to its stock repurchase program, supplementing the $1.2 billion remaining from the previous authorization. The company reaffirmed its 2023 guidance with premium and service revenues of $137.5 billion-$139.5 billion, a Health benefits ratio of 87.1% to 87.7%, and adjusted EPS of at least $6.60. CNC shares rose 3.86% to $77.12.
December 12, 2023 | 4:21 pm
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POSITIVE IMPACT
Centene Corporation provided strong 2024 financial guidance and increased its stock repurchase program, which has led to a positive reaction in its stock price.
The positive financial guidance for 2024, which surpasses the consensus estimates, and the significant increase in the stock repurchase program are likely to instill confidence in investors about the company's future performance and commitment to shareholder value. This has already been reflected in the stock's price increase and may continue to support a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100