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Centene Corp CNC

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Morningstar’s Analysis

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Centene Mildly Increases 2021 Outlook After Solid First Quarter; No Fair Value Estimate Change

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Centene turned in solid first-quarter results, and management mildly increased its guidance for 2021. While we may tinker with our top-line estimates, our bottom-line expectations are still slightly above management's outlook, so we do not anticipate changing our $85 fair value estimate based on this announcement. In the long run, we believe Centene's prospects in government-sponsored health insurance programs remain strong, which helps support its narrow moat rating.

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Company Profile

Business Description

Centene is a managed-care organization focused on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges. After acquiring WellCare in early 2020, Centene now serves 21 million medical members, mostly in Medicaid (14 million), Medicare Advantage (1 million total), the individual exchanges (2 million), and other plans (4 million), including Tricare (West region), correctional facility, and international plans. The company also serves 4 million users through the Medicare Part D pharmaceutical program.

7700 Forsyth Boulevard, Centene Plaza
St. Louis, MO, 63105
T +1 314 725-4477
Sector Healthcare
Industry Healthcare Plans
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 71,300