Zacks Investment Research upgraded shares of Centene Corporation (NYSE:CNC) from a hold rating to a buy rating in a report released on Friday, September 15th. They currently have $107.00 price objective on the stock.
According to Zacks, “Year to date, Centene’s shares have outperformed the industry. The company’s strong and consistent performance is likely to have generated confidence among the investors. It has seen substantial inorganic growth in the last five years. The acquisition of Health Net in 2016 bolstered the company’s growth, expansion and asset base. Its solid financial position provides a major boost to its capital deployment initiatives. The company’s strong Managed care segment also contributes to its strong results. The stock has seen the Zacks Consensus Estimate for the current year being revised upward by 3.4% in the last 60 days.”
CNC has been the subject of a number of other research reports. Bank of America Corporation raised their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a buy rating in a research note on Friday, July 14th. ValuEngine raised shares of Centene Corporation from a hold rating to a buy rating in a research note on Thursday, July 27th. BidaskClub lowered shares of Centene Corporation from a buy rating to a hold rating in a research note on Friday, July 28th. Cantor Fitzgerald lifted their target price on shares of Centene Corporation to $107.00 and gave the company an overweight rating in a research note on Wednesday, September 13th. Finally, J P Morgan Chase & Co lowered shares of Centene Corporation from an overweight rating to a neutral rating and set a $75.00 target price for the company. in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $92.76.
Shares of Centene Corporation (NYSE CNC) traded up 2.12% during midday trading on Friday, hitting $92.66. The stock had a trading volume of 2,221,587 shares. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.72. The stock has a 50-day moving average price of $86.60 and a 200-day moving average price of $78.42. The stock has a market cap of $15.98 billion, a P/E ratio of 20.33 and a beta of 0.63.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.29. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm had revenue of $11.95 billion during the quarter, compared to analyst estimates of $11.69 billion. During the same quarter last year, the business posted $1.29 EPS. The company’s revenue was up 9.7% on a year-over-year basis. Equities analysts forecast that Centene Corporation will post $4.92 earnings per share for the current year.
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In related news, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Neidorff sold 35,000 shares of Centene Corporation stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $80.26, for a total transaction of $2,809,100.00. The disclosure for this sale can be found here. Insiders sold a total of 43,167 shares of company stock worth $3,470,973 in the last quarter. Insiders own 3.00% of the company’s stock.
Large investors have recently bought and sold shares of the company. Mckinley Capital Management LLC Delaware bought a new position in shares of Centene Corporation during the 2nd quarter worth about $101,000. Seven Bridges Advisors LLC bought a new position in shares of Centene Corporation during the 2nd quarter worth about $123,000. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Centene Corporation by 5.9% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after purchasing an additional 93 shares during the period. IFP Advisors Inc increased its holdings in shares of Centene Corporation by 9.6% during the 2nd quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after purchasing an additional 170 shares during the period. Finally, MV Capital Management Inc. bought a new position in shares of Centene Corporation during the 2nd quarter worth about $186,000. Institutional investors own 92.32% of the company’s stock.
About Centene Corporation
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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