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Centene Raises FY22 Outlook; Boosts Share Buyback
(RTTNews) - Ahead of its virtual investor meeting later on Friday, healthcare company Centene Corp. (CNC) increased its full-year 2022 adjusted earnings guidance range by $0.15 to a new range of $5.55 to $5.70 per share and increased its Premium and Service Revenues guidance range by $2.0 billion to a new range of $134.3 billion to $136.3 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.49 per share on revenues of $141.14 billion for the year. Analysts' estimates typically exclude special items.
The company said the fiscal 2022 guidance has been updated to reflect the increased Medicaid premium revenue reflecting the assumed ongoing suspension of Medicaid eligibility redeterminations to November 1, 2022, and favorable second quarter performance to date, primarily in Marketplace.
The Company also announced today that its Board of Directors has authorized a $3.0 billion increase to the Company's existing stock repurchase program and a new $1.0 billion debt repurchase program. The Company repurchased $200 million of stock in May 2022 and currently has $3.6 billion of authorization remaining.
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