Centene (NYSE:CNC) Now Covered by Morgan Stanley

Stock analysts at Morgan Stanley began coverage on shares of Centene (NYSE:CNC) in a research note issued on Monday. The brokerage set an “overweight” rating and a $70.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 26.73% from the company’s current price.

Several other analysts have also issued reports on CNC. Barclays restated an “equal weight” rating and issued a $65.00 target price (down from $84.00) on shares of Centene in a research note on Monday, June 2nd. Wall Street Zen downgraded shares of Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Wells Fargo & Company reduced their target price on shares of Centene from $76.00 to $72.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. Jefferies Financial Group cut their price objective on shares of Centene from $64.00 to $61.00 and set a “hold” rating for the company in a report on Tuesday, April 29th. Finally, Guggenheim reissued a “neutral” rating on shares of Centene in a report on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.71.

Centene Stock Up 0.1%

Shares of CNC traded up $0.08 during trading hours on Monday, reaching $55.24. 369,614 shares of the stock traded hands, compared to its average volume of 4,888,773. Centene has a 52 week low of $54.01 and a 52 week high of $80.59. The company has a market cap of $27.49 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 0.80 and a beta of 0.45. The stock has a fifty day simple moving average of $59.96 and a 200 day simple moving average of $60.09. The company has a current ratio of 1.11, a quick ratio of 1.10 and a debt-to-equity ratio of 0.70.

Centene (NYSE:CNC) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.38. Centene had a return on equity of 13.85% and a net margin of 2.03%. The company had revenue of $46.62 billion during the quarter, compared to the consensus estimate of $43.16 billion. During the same period last year, the business posted $2.26 earnings per share. Centene’s revenue was up 15.4% on a year-over-year basis. On average, equities analysts forecast that Centene will post 6.86 EPS for the current year.

Hedge Funds Weigh In On Centene

A number of hedge funds have recently added to or reduced their stakes in the company. Hussman Strategic Advisors Inc. bought a new stake in Centene in the 4th quarter worth about $1,272,000. Bonfire Financial purchased a new position in shares of Centene in the 4th quarter worth $490,000. Empirical Finance LLC grew its holdings in shares of Centene by 38.4% in the fourth quarter. Empirical Finance LLC now owns 26,034 shares of the company’s stock worth $1,577,000 after acquiring an additional 7,229 shares during the period. Captrust Financial Advisors lifted its holdings in Centene by 55.6% in the fourth quarter. Captrust Financial Advisors now owns 45,103 shares of the company’s stock valued at $2,732,000 after acquiring an additional 16,108 shares during the period. Finally, Diametric Capital LP bought a new position in shares of Centene in the 4th quarter worth approximately $610,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.