Centene (CNC) stock is racing higher Wednesday after the company beat on earnings per share and revenue expectations. Shares are up 2.75% to $106.50.

"I think Centene should be bought," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

The company reported an "amazing quarter," Cramer added. Centene's revenue grew 7.6% year over year, while full-year revenue rose almost 20%. Full-year earnings per share rose 13.5%.

But Centene didn't stop there, providing strong guidance as well. At the midpoint of management's previous guidance, they were looking for 2018 revenue of $60.4 billion and earnings of $5.67 per share on an adjusted basis.

Now, though, management expects revenue of $61 billion (up about 1% from prior guidance) and earnings per share of $7.15 (up 26%). Analysts were only expecting sales of $59.2 billion and earnings of $6.41 for 2018.

This is a "gigantic" increase in expectations, Cramer said, adding that Centene is "one of my absolute favorite stocks." The year-over-year increase would represent 26% growth in sales and a ridiculous 42% increase to earnings.

"You want to own [Centene]," reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. He explained that the company has "figured out how to make money regardless of what the government does with Obamacare."

Pivoting to Humana (HUM) , he said investors don't seem to like the company's earnings report despite a top and bottom line beat. However, he believes the stock will bounce back.

Shares of Centene lost altitude throughout Wednesday's session, ending at $104.38, up just 0.68%. 

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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