Centene’s stock rises 1.4% premarket after managed care company offers guidance that’s above consensus

Centene Corp.’s stock
CNC,
+0.65%
rose 1.4% premarket Tuesday, after the managed care provider set guidance for 2024 that was above consensus, while backing higher-than-expected profit guidance for 2023. St. Louis-based Centene said it still expects 2023 adjusted EPS of at least $6.60, which is ahead of the $6.55 FactSet consensus. For 2024. the company expects adjusted EPS of greater than $6.70, which compares with a FactSet consensus of $6.62. The company expects revenue to range from $142.5 billion to $145.5 billion, compared with a FactSet consensus of $142.1 billion. The company’s board has approved a $4 billion share buyback program, which adds to the $1.2 billion still remaining under a previously authorized program. The company will report fourth-quarter earnings on Feb. 6. The stock has fallen 9% in the year to date, while the S&P 500
SPX,
+0.39%
has gained 20%.