Centene stock falls after downbeat profit outlook for next year

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Shares of Centene Corp. fell 1.3% in premarket trading Friday, after the provider of government-sponsored and commercial health care programs provided downbeat profit guidance for next year, but an in-line revenue outlook. The company said it expects 2021 adjusted earnings per share to rise to $5.00 to $5.30, which is below the FactSet consensus of $5.43, from $4.90 to $5.06 this year; the 2020 FactSet consensus is $4.99. Centene expects 2021 revenue of $114.1 billion to $116.1 billion, surrounding the FactSet consensus of $115.95 billion. The company affirmed its 2020 revenue outlook of $109.8 billion to $111.4 billion, which compares with the FactSet consensus of $111.26 billion. The stock has slipped 1.2% year to date through Thursday, while the S&P 500 has gained 15.2%.
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