Welcome to our dedicated page for Centene Corporation news (Ticker: CNC), a resource for investors and traders seeking the latest updates and insights on Centene Corporation stock.
Centene Corporation (NYSE: CNC), a Fortune 500 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government-sponsored healthcare programs. The company focuses on under-insured and uninsured individuals, offering benefits under Medicaid, including the State Children's Health Insurance Program (CHIP), aged, blind or disabled (ABD), foster care, long-term care (LTC), and other state-sponsored/hybrid programs as well as Medicare (special needs plans).
Centene operates local health plans and offers an array of health insurance solutions. It contracts with other healthcare and commercial organizations to deliver specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, in-home health services, life and health management, managed vision, pharmacy benefits management, specialty pharmacy, and telehealth services. As of June 2023, Centene served approximately 24 million medical members, with a significant portion enrolled in Medicaid (67%), individual exchanges (14%), and Medicare Advantage (6%) plans.
Recently, Centene has been recognized for its contributions in tackling social issues. For instance, on April 8, 2024, Health Net, a Centene subsidiary, contributed $1.3 million to the Mayor's Fund for Los Angeles' We Are LA program, which aims to prevent evictions and combat homelessness. The program has served over 32,000 individuals and families, helping them avoid eviction and maintain stable housing. Moreover, Centene's financial results for the first quarter of 2024 highlighted the company's robust performance, with medical claims liabilities totaling $18.1 billion and a strategic plan for growth focused on increasing access to affordable, high-quality healthcare.
Furthermore, Centene has entered into significant partnerships to improve healthcare accessibility. For example, in Uvalde, Texas, Centene's subsidiary Superior HealthPlan invested $250,000 to allow students access to virtual healthcare through Hazel Health until the 2028–2029 school year. The company has also initiated the MHS Serves program in Indiana, a $12 million health equity initiative aimed at reducing health disparities.
Centene continues to innovate and expand its healthcare solutions, ensuring that under-insured and uninsured individuals receive comprehensive healthcare services. The company's latest strategic moves and partnerships underscore its commitment to transforming healthcare delivery and improving health outcomes for millions of Americans.
Centene Corporation (NYSE: CNC) announced significant changes to its Board of Directors, including the appointment of five new directors as part of a governance review process following a cooperation agreement with Politan Capital Management. Key appointments include Ken Burdick, Christopher Coughlin, Wayne DeVeydt, and Theodore Samuels, effective January 5, 2022. James Dallas will transition to Lead Independent Director. The company will also implement a mandatory retirement age for directors. These changes aim to enhance corporate governance and stakeholder value.
Centene Corporation (NYSE: CNC) announced that CEO Michael Neidorff will retire in 2022 but will continue as Executive Chairman until year-end. The Board initiated a succession plan earlier this year, now positioned to appoint a new CEO through an extensive search. Neidorff highlighted Centene's robust standing and leadership team, affirming confidence in a smooth transition. Under his leadership since 1996, Centene grew from a $40 million company to a $125 billion market leader, impacting 26.5 million members across the U.S. and internationally.
Centene Corporation (NYSE: CNC) hosted a virtual investor day on December 10, 2021, announcing its 2022 financial guidance and outlining a Value Creation Plan aimed at enhancing earnings growth and shareholder value. The company expects total revenues of $135.9 billion to $137.9 billion and diluted EPS of $4.07 to $4.23 for FY 2022. Key elements of the Value Creation Plan include SG&A savings, gross margin improvement, and strategic capital allocation, with an EPS target of $7.50 to $7.75 by 2024. The 2021 total revenue guidance reaffirms a range of $125.2 billion to $126.4 billion.
Centene Corporation (NYSE: CNC) announced that its 2022 Financial Guidance and Investor Day event, scheduled for December 10, 2021, will now be held virtually due to concerns over the COVID-19 Omicron variant. Initially planned as a hybrid event, it will now forgo in-person attendance. The event will be streamed live on Centene's investor relations website, providing updates on the company's financial outlook and strategies.
Centene is a major healthcare provider, emphasizing integrated services for underserved populations.
Health Net has appointed Colin Havert as the new Commercial Officer for Health Net of California. Havert, who previously spent over a decade at Anthem Blue Cross, will oversee the large group, small business group, and individual and family plan segments. This leadership change aims to ensure excellence and disciplined growth as Health Net seeks to enhance health equity and community health outcomes. The company serves approximately 3 million members with a wide array of health plans and services.
Centene Corporation (NYSE: CNC) announced its Arizona subsidiaries, Arizona Complete Health-Complete Care Plan and Care1st Health Plan Arizona, have been awarded a Competitive Contract Expansion by the Arizona Health Care Cost Containment System (AHCCCS). This three-year contract, starting Oct. 1, 2022, aims to enhance access to healthcare services for individuals with Serious Mental Illness. The contracts will cover around 22,000 beneficiaries in Northern and Southern Arizona, emphasizing a holistic approach to care addressing mental and physical health needs.
Centene Corporation (NYSE: CNC) will present at the Wolfe Research Virtual Healthcare Conference on November 17-18, 2021. The company is scheduled to participate on November 17 at 11:00 a.m. ET, with a live audio webcast available at this link. A replay will be accessible later through the company's investor relations page. Centene is a leading multi-national healthcare enterprise focused on improving health outcomes for under-insured and uninsured individuals.
Centene Corporation (NYSE: CNC) will participate in the Credit Suisse 30th Annual Healthcare Conference from November 8-11, 2021, presenting in virtual format on November 10 at 10:30 a.m. ET. A live audio webcast can be accessed here. A replay will be available on Centene's website under the Investors section. As a Fortune 25 company, Centene is dedicated to providing high-quality healthcare services to under-insured and uninsured individuals across various programs.
Centene Corporation (NYSE: CNC) announced its commitment to enhancing shareholder value and invited constructive ideas from Politan Capital Management. The company is pursuing a strategy aimed at creating value, targeting a 3.3% adjusted net income margin by 2024. In its latest quarterly earnings, Centene achieved an 11% revenue growth, while optimizing its cost structure. Noteworthy is the sale of a majority stake in U.S. Medical Management, with proceeds directed towards a stock repurchase program. Furthermore, Centene is actively refreshing its Board, adding four new independent directors over two years.
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