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Morningstar's Centene Corp Stock Analysis

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Centene Turns in Strong Q1 on Strength in Medicare Advantage and Medicaid; No FVE Change

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Centene turned in stronger-than-expected first-quarter results, and management increased its outlook for 2022. Even when accounting for these strong trends, our $91 fair value estimate has not changed materially. We continue to see a narrow economic moat around Centene, which maintains strongholds in government-sponsored programs, like Medicaid, the individual exchanges, and Medicare Advantage.

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Centene Corp's Company Profile

Business Description

Centene is a managed-care organization focused on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges. Centene served 22 million medical members as of September 2021, mostly in Medicaid (68% of membership), the individual exchanges (10%), Medicare Advantage (6%), and the balance in 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, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 72,500

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