Centene Corp "Intra-Quarter Check-up; Limited Updates Since Q1" (Neutral) Rice

研报英文原文证据摘录

Centene Corp "Intra-Quarter Check-up; Limited Updates Since Q1" (Neutral) Rice

Global Research

22 June 2026ab

Centene Corp Equities

United StatesIntra-Quarter Check-up; Limited Updates Since

Q1 Healthcare Providers

12-month rating Neutral

12m price target US$61.00Holding Steady Until Wakely

We had a chance to catch up with Centene prior to the quiet period. With how

important the Wakely risk adjustment data related to the public exchanges is and since Price (18 Jun 2026) US$61.02

this information will only be available at the end of June, the company has had little RIC: CNC.N BBG: CNC US

engagement with the investment community since the release of Q1 results. Given the

limited communication intra-quarter, Centene emphasized it has offered only limited Trading data and key metrics

commentary which has largely been around clarifying points it made with its Q1 52-wk range US$66.21-25.21

earnings release. Regarding the ACA public exchanges, the updated guidance in 1Q Market cap. US$30.0b

reflected an assumption that the marketplace segment will deliver 3% margins and that Shares o/s 491m (COM)

the company will be in a slight receiver position due to more medical margin pressure Free float 99%

compared to a 4% pretax margin and a payable position originally anticipated coming Avg. daily volume ('000) 1,851

into 2026. Avg. daily value (m) US$90.5

Common s/h equity (12/26E) US$21.2b

Employee Buyout Not a Reflection of Second Quarter Trends P/BV (12/26E) 1.4x

Centene recorded $20-24 mln in severance costs in its updated Q1 guidance. Net debt to EBITDA (12/26E) NM

Management did not comment as to whether that amount is related to the employee

buyout that was reported in press last week. Management did suggest, however, that EPS (UBS, diluted) (USD)

12/26E