Oppenheimer Holdings, Inc. Reiterates “Buy” Rating for Centene Corporation (NYSE:CNC)

Centene Corporation (NYSE:CNC)‘s stock had its “buy” rating reissued by equities research analysts at Oppenheimer Holdings, Inc. in a report released on Wednesday, November 8th. They currently have a $111.00 target price on the stock. Oppenheimer Holdings, Inc.’s target price would indicate a potential upside of 13.16% from the company’s previous close.

CNC has been the subject of several other reports. Piper Jaffray Companies reissued a “buy” rating and set a $105.00 price target on shares of Centene in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $98.00 price objective on shares of Centene in a research report on Thursday, July 27th. ValuEngine upgraded Centene from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $90.00 price objective on shares of Centene in a report on Tuesday, July 25th. Finally, UBS AG restated a “buy” rating and set a $95.00 price objective (up previously from $88.00) on shares of Centene in a research note on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. Centene has a consensus rating of “Buy” and a consensus target price of $99.11.

Shares of Centene (NYSE CNC) traded up $0.92 on Wednesday, hitting $98.09. 1,492,234 shares of the stock traded hands, compared to its average volume of 1,688,402. Centene has a 12 month low of $54.40 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $16,810.00, a PE ratio of 18.51, a PEG ratio of 1.48 and a beta of 0.67.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.11. Centene had a net margin of 1.81% and a return on equity of 14.79%. The business had revenue of $11.90 billion during the quarter, compared to analysts’ expectations of $11.75 billion. During the same quarter in the prior year, the company posted $1.12 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. sell-side analysts forecast that Centene will post 4.98 EPS for the current year.

In other news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. DnB Asset Management AS raised its holdings in shares of Centene by 8.4% during the 2nd quarter. DnB Asset Management AS now owns 14,200 shares of the company’s stock worth $1,134,000 after acquiring an additional 1,100 shares during the period. Capstone Asset Management Co. lifted its position in shares of Centene by 5.2% in the second quarter. Capstone Asset Management Co. now owns 34,277 shares of the company’s stock valued at $2,738,000 after acquiring an additional 1,680 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Centene by 131.1% in the 2nd quarter. Bank of Montreal Can now owns 383,291 shares of the company’s stock worth $30,615,000 after purchasing an additional 217,427 shares during the period. Bank of The West raised its holdings in shares of Centene by 177.2% in the 2nd quarter. Bank of The West now owns 23,367 shares of the company’s stock worth $1,867,000 after purchasing an additional 14,938 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Centene by 32.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,628 shares of the company’s stock worth $609,000 after purchasing an additional 1,880 shares during the period. 93.70% of the stock is owned by hedge funds and other institutional investors.

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Centene Company Profile

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.

Analyst Recommendations for Centene (NYSE:CNC)

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