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SOPA Images/LightRocket via Getty Images Investment Thesis With increasing economic uncertainty and an inverted yield curve, the attractiveness of defensive low-beta stocks such as Centene (NYSE:CNC) has only grown. After a prolonged period of sideways trend, an upward trend is hence likely to follow. YCharts Corporate profile Centene Corporation is a leading healthcare enterprise based in the United States, specializing in managed care services. Founded in 1984, the company has grown into a Fortune 500 org ...

Current Wellcare President & CEO, Richard Fisher, will join the Operations leadership team under Centene Chief Operating Officer Susan Smith, bringing additional Medicare expertise into Centene's core services operationsST. LOUIS, Jan. 22, 2024 /PRNewswire/ -- Centene Corporation (NYSE: CNC), a leading healthcare enterprise committed to helping people live healthier lives, today announced two appointments. Michael A. Carson joins Centene as President and Chief Executive Officer (CEO) of its Medicare busines ...

Centene Corporation (NYSE:CNC) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET Company Participants Jennifer Gilligan - Senior Vice President, Finance and Investor Relations Sarah M. London - Chief Executive Officer Drew Asher - Chief Financial Officer Ken Fasola - President Conference Call Participants Kevin Fischbeck - Bank of America Stephen Baxter - Wells Fargo Joshua Raskin - Nephron Research Justin Lake - Wolfe Research A.J. Rice - Credit Suisse Nathan Rich - Goldman Sachs Lance Wilkes - ...

Table of Contents | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|-------|---------------------------------|-------|--------------|-------|--------------------------------|-------|------------------| | | | Three Months September \n2023 | 30, | Ended \n2022 | | Nine Months September \n2023 | | Ended 30, \n2022 | | GAAP net earnings attributable to Centene | $ | 469 | $ | 738 | $ | 2,657 | $ | 1,415 | | Amortization of ac ...

Centene Corporation (NYSE:CNC) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Company Participants Jennifer Gilligan - Senior Vice President-Finance & Investor Relations Sarah London - Chief Executive Officer Drew Asher - Executive Vice President & Chief Financial Officer Ken Fasola - President Conference Call Participants Stephen Baxter - Wells Fargo Joshua Raskin - Nephron Research Justin Lake - Wolfe Research Lance Wilkes - Sanford C. Bernstein A.J. Rice - Credit Suisse Kevin Fischbeck - B ...

FORM 10-Q ____________________________________________ For the quarterly period ended June 30, 2023 Commission file number: 001-31826 ____________________________________________ CENTENE CORPORATION (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ Part I Financial Information Item 1. Financial Statements 1 Consolidated B ...

Centene Corporation (NYSE:CNC) Q1 2023 Earnings Conference Call April 25, 2023 8:30 AM ET Company Participants Jennifer Gilligan - Senior Vice President-Finance & Investor Relations Sarah London - Chief Executive Officer Drew Asher - Executive Vice President & Chief Financial Officer Jim Murray - Chief Operating Officer Conference Call Participants A.J. Rice - Credit Suisse Josh Raskin - Nephron Research Justin Lake - Wolfe Research Stephen Baxter - Wells Fargo Nathan Rich - Goldman Sachs Scott Fidel - Step ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ____________________________________________ (Mark One) CENTENE CORPORATION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (Exact name of registrant as specified in its charter) OR (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Membership and Revenue Growth - Year-end membership reached 27.1 million, an increase of 1.2 million members, or 5% over 2021[255] - Total revenues for 2022 were $144.5 billion, representing a 15% growth year-over-year[255] - Premium and service revenues amounted to $135.5 billion, also reflecting a 15% growth year-over-year[255] - Managed care membership increased by 1.2 million, or 5%, from December 31, 2021, to December 31, 2022, totaling 27,061,400 members[273] - Total revenues for the year ended December 31, 2022, were $144,547 million, a 15% increase from $125,982 million in 2021[275] - Medicaid revenues rose to $93,157 million in 2022, an 11% increase from $84,139 million in 2021[277] - Medicare revenues increased by 28% to $22,484 million in 2022, up from $17,512 million in 2021[277] - Total revenues for 2022 reached $144,547 million, an increase of 14.7% from $125,982 million in 2021[371] - Premium revenues increased to $127,131 million in 2022, up 12.5% from $112,319 million in 2021[371] Financial Performance - Adjusted diluted earnings per share (EPS) for 2022 were $5.78, up from $5.15 in 2021[255] - Net earnings attributable to Centene Corporation for 2022 were $1,202 million, a decrease of 10.8% compared to $1,347 million in 2021[371] - Basic earnings per common share decreased to $2.09 in 2022 from $2.31 in 2021, a decline of 9.5%[371] - The company reported a comprehensive loss of $7 million in 2022, compared to comprehensive earnings of $1,087 million in 2021[373] - The company experienced an impairment expense of $2,318 million in 2022, significantly higher than $229 million in 2021[371] - Net earnings for 2022 were $1,202 million, a decrease from $1,336 million in 2021 and $1,794 million in 2020[378] Expenses and Liabilities - The health benefits ratio (HBR) for 2022 was 87.7%, slightly improved from 87.8% in 2021[255] - The SG&A expense ratio increased to 8.6% for 2022, compared to 8.1% for 2021[255] - Selling, general, and administrative (SG&A) expenses increased to $11,589 million in 2022, a 21% rise from $9,601 million in 2021[275] - Medical costs for 2022 were $111,529 million, representing an increase of 12.9% from $98,602 million in 2021[371] - Total liabilities increased to $52,633 million in 2022, up 2.5% from $51,353 million in 2021[369] Cash Flow and Investments - Operating cash flows for 2022 were $6.3 billion, or 5.2 times net earnings[255] - Cash used in investing activities was $2.9 billion in 2022, down from $3.3 billion in 2021, mainly due to the acquisition of Magellan and net additions to the investment portfolio[296] - Financing activities used cash of $4.2 billion in 2022, driven by stock repurchases of $3.0 billion and debt redemptions[300] - The company repurchased 35.7 million shares for $3.0 billion in 2022, with $2.8 billion remaining under the stock repurchase program as of December 31, 2022[302] - Total cash, cash equivalents, and restricted cash and cash equivalents at the end of 2022 were $12,330 million, down from $13,214 million at the end of 2021[378] Acquisitions and Divestitures - In January 2022, the company acquired Magellan Health, Inc. for a total consideration of $2.5 billion[246] - The divestiture of PANTHERx in July 2022 generated a gain of $490 million, while the divestiture of Magellan Rx in December 2022 resulted in a gain of $269 million[247] - The Company acquired Magellan for a total consideration of $2,491 million, consisting of $2,431 million in cash and $60 million related to equity awards[427] - The divestiture of Magellan Rx was completed for $1,337 million, with a recognized gain of $269 million, or $99 million after-tax[432] Medical Claims and Liabilities - The total medical claims liability balance as of December 31, 2022, was $16.745 billion, an increase from $14.243 billion in 2021[339] - The incurred medical claims for the current year were $112.896 billion for 2022, compared to $100.385 billion for 2021[339] - Medical claims liabilities rose to $2,397 million in 2022, up from $1,802 million in 2021[378] - The company’s medical claims liability estimates are based on actuarial methods and are continuously monitored and refined monthly[332] Strategic Initiatives and Future Outlook - The company expects Medicaid eligibility redeterminations to begin in April 2023, extending over a 14-month period[267] - The Health Insurance Marketplace product, Ambetter Health, expanded into Alabama and over 60 counties across 12 existing states in January 2023[269] - The company plans to continue evaluating strategic actions to improve productivity and optimize capital deployment as part of its Value Creation Plan[313] - Expected net dividends from regulated subsidiaries for 2023 are approximately $2.1 billion, with planned capital expenditures of $845 million[311] Risk Management and Compliance - The company is subject to interest rate risk, with a hypothetical 1% increase in market interest rates potentially decreasing the fair value of fixed income investments by approximately $583 million[353] - The company’s revenue recognition is influenced by state requirements for maintaining minimum HBR and performance metrics, which may lead to revenue reductions[343] - The Company adjusts medical claims liability estimates monthly as new claims information becomes available, ensuring consistent application of its reserving methodology[403]