After reporting impressive Q3 2024 results, health insurer Centene Corporation (CNC) has been in the news extensively. The company's reported Earnings Per Share (EPS) of $1.36 and revenue of $42.0 Billion both surpassed estimates, which resulted in a considerable boost in the stock's price. Furthermore, strategic growth in the Medicaid segment contributed to strong quarterly results. Despite a lawsuit against the US government over a downgrade in Medicare's 'star' rating and hitting a 52-week low at $62.99, the company's stock quickly recovered.
Centene also highlighted its positioning to capture long-term growth in government-sponsored healthcare and raised its annual outlook. The company continues to attract hedge funds, demonstrating bullish sentiment. More notably, International Assets Investment Management LLC invested $236.94 Million in the company, and Lecap Asset Management Ltd. purchased 10,697 shares.
Despite facing some challenges, including potential negative impacts from Medicaid pressures, Centene remains a preferred stock for long-term value investors. Its diverse portfolio of services demonstrated by its subsidiaries and significant charitable commitments further underscore its holistic approach to healthcare.
Centene Corporation CNC News Analytics from Mon, 04 Dec 2023 08:00:00 GMT to Sat, 26 Oct 2024 12:14:10 GMT - Rating 6 - Innovation -3 - Information 7 - Rumor -5
