Centene Corporation (NYSE:CNC) had its price objective lifted by Morgan Stanley from $94.00 to $103.00 in a research report sent to investors on Thursday, September 21st. Morgan Stanley currently has an overweight rating on the stock.
A number of other research firms have also recently weighed in on CNC. ValuEngine cut shares of Centene Corporation from a buy rating to a hold rating in a research report on Tuesday, June 13th. Cantor Fitzgerald reissued an overweight rating and issued a $90.00 target price (up previously from $88.00) on shares of Centene Corporation in a research report on Monday, June 19th. Credit Suisse Group restated a neutral rating and set a $81.00 price target (up from $78.00) on shares of Centene Corporation in a research report on Monday, June 19th. BidaskClub raised Centene Corporation from a buy rating to a strong-buy rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research downgraded Centene Corporation from a hold rating to a sell rating in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Centene Corporation currently has a consensus rating of Buy and an average price target of $93.44.
Shares of Centene Corporation (NYSE CNC) opened at 96.77 on Thursday. Centene Corporation has a one year low of $50.00 and a one year high of $98.72. The company 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 $16.69 billion, a price-to-earnings ratio of 21.24 and a beta of 0.68.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.29. The company had revenue of $11.95 billion for the quarter, compared to analysts’ expectations of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. Centene Corporation’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.29 earnings per share. Equities analysts predict that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
In other news, EVP Christopher D. Bowers sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total transaction of $317,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael F. Neidorff sold 35,000 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were 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 have sold a total of 43,167 shares of company stock worth $3,470,973 in the last three months. Corporate insiders own 3.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mckinley Capital Management LLC Delaware acquired a new position in Centene Corporation in the second quarter valued at $101,000. Seven Bridges Advisors LLC acquired a new stake in shares of Centene Corporation during the second quarter worth about $123,000. Bronfman E.L. Rothschild L.P. increased its position in shares of Centene Corporation by 5.9% during the first 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 in the last quarter. IFP Advisors Inc increased its position in shares of Centene Corporation by 9.6% during the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after purchasing an additional 170 shares in the last quarter. Finally, MV Capital Management Inc. purchased a new stake in shares of Centene Corporation in the 2nd quarter valued at about $186,000. 92.35% of the stock is owned by hedge funds and other institutional investors.
Centene Corporation 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.
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