Deutsche Bank AG reiterated their buy rating on shares of Centene Corporation (NYSE:CNC) in a research note published on Thursday. The brokerage currently has a $111.00 target price on the stock, up from their prior target price of $95.00.
Other analysts also recently issued research reports about the company. Cantor Fitzgerald restated a buy rating and set a $90.00 price objective on shares of Centene Corporation in a report on Tuesday, July 25th. Morgan Stanley started coverage on Centene Corporation in a report on Tuesday, June 6th. They set an overweight rating and a $86.00 price objective on the stock. J P Morgan Chase & Co downgraded Centene Corporation from an overweight rating to a neutral rating and set a $75.00 price objective on the stock. in a report on Monday, May 22nd. Cowen and Company restated an outperform rating and set a $105.00 price objective (up previously from $77.00) on shares of Centene Corporation in a report on Wednesday, September 13th. Finally, Bank of America Corporation boosted their price objective on Centene Corporation from $93.00 to $95.00 and gave the stock a buy rating in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $92.24.
Shares of Centene Corporation (CNC) opened at 95.98 on Thursday. The company has a 50-day moving average of $85.97 and a 200-day moving average of $78.02. The firm has a market capitalization of $16.55 billion, a PE ratio of 21.06 and a beta of 0.63. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $98.71.
Centene Corporation (NYSE:CNC) last issued its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $11.69 billion. During the same period in the previous year, the business earned $1.29 earnings per share. Centene Corporation’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
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In related news, EVP Christopher D. Bowers sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total value of $317,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $2,809,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,167 shares of company stock valued at $3,470,973. Corporate insiders own 3.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CNC. BlackRock Inc. raised its stake in shares of Centene Corporation by 3,408.1% in the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock valued at $1,105,275,000 after purchasing an additional 15,068,340 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Centene Corporation by 318.6% in the second quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after purchasing an additional 2,667,189 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Centene Corporation by 271.2% in the first quarter. OppenheimerFunds Inc. now owns 1,799,160 shares of the company’s stock valued at $128,208,000 after purchasing an additional 1,314,514 shares in the last quarter. Pioneer Investment Management Inc. raised its stake in shares of Centene Corporation by 1,534.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,369,670 shares of the company’s stock valued at $97,603,000 after purchasing an additional 1,285,885 shares in the last quarter. Finally, AJO LP acquired a new position in shares of Centene Corporation in the second quarter valued at $100,314,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
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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