Credit Suisse Group restated their neutral rating on shares of Centene Corporation (NYSE:CNC) in a report issued on Monday morning. They currently have a $81.00 price objective on the stock, up from their previous price objective of $78.00.
Several other brokerages have also weighed in on CNC. Cantor Fitzgerald reissued an overweight rating and set a $90.00 target price (up previously from $88.00) on shares of Centene Corporation in a research report on Monday. ValuEngine lowered Centene Corporation from a buy rating to a hold rating in a research report on Tuesday, June 13th. Morgan Stanley assumed coverage on Centene Corporation in a research report on Tuesday, June 6th. They set an overweight rating and a $86.00 target price on the stock. Zacks Investment Research lowered Centene Corporation from a buy rating to a hold rating in a research report on Wednesday, May 10th. Finally, J P Morgan Chase & Co lowered Centene Corporation from an overweight rating to a neutral rating and set a $75.00 target price on the stock. in a research report on Monday, May 22nd. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $80.89.
Shares of Centene Corporation (NYSE CNC) traded down 0.27% during midday trading on Monday, hitting $78.42. The stock had a trading volume of 524,668 shares. Centene Corporation has a one year low of $50.00 and a one year high of $79.50. The stock has a market cap of $13.51 billion, a PE ratio of 19.31 and a beta of 0.55. The firm has a 50 day moving average price of $76.11 and a 200 day moving average price of $68.51.
Centene Corporation (NYSE:CNC) last issued its earnings results on Tuesday, April 25th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.06. Centene Corporation had a return on equity of 14.19% and a net margin of 1.57%. The business had revenue of $11.72 billion for the quarter, compared to analyst estimates of $11.44 billion. During the same quarter last year, the company earned $0.74 EPS. The business’s quarterly revenue was up 68.6% on a year-over-year basis. On average, equities analysts forecast that Centene Corporation will post $4.77 earnings per share for the current fiscal year.
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In other news, EVP Keith H. Williamson sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $70.03, for a total value of $420,180.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark J. Brooks sold 2,161 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total value of $163,004.23. The disclosure for this sale can be found here. Insiders sold a total of 28,728 shares of company stock worth $2,117,100 over the last quarter. Company insiders own 3.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in 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 buying an additional 15,068,340 shares in the last quarter. Norges Bank acquired a new stake in Centene Corporation during the fourth quarter valued at approximately $93,255,000. OppenheimerFunds Inc. boosted its stake in 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 buying an additional 1,314,514 shares in the last quarter. Pioneer Investment Management Inc. boosted its stake in 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 buying an additional 1,285,885 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Centene Corporation by 108.0% in the first quarter. AQR Capital Management LLC now owns 2,088,867 shares of the company’s stock valued at $148,853,000 after buying an additional 1,084,628 shares in the last quarter. 93.78% of the stock is owned by institutional investors and hedge funds.
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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