Centene Corporation (NYSE:CNC – Get Free Report)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $68.72, but opened at $66.96. Centene shares last traded at $66.5440, with a volume of 446,260 shares.
Analyst Upgrades and Downgrades
CNC has been the topic of a number of research reports. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $40.00 price objective on shares of Centene in a report on Wednesday, April 29th. Zacks Research cut shares of Centene from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the company an “equal weight” rating in a research note on Monday. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Monday, April 20th. Finally, Bank of America boosted their price objective on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Seven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Centene presently has a consensus rating of “Hold” and an average target price of $64.61.
Get Our Latest Stock Analysis on CNC
Centene Stock Down 4.2%
Centene (NYSE:CNC – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. Centene’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.90 earnings per share. Research analysts anticipate that Centene Corporation will post 3.44 earnings per share for the current year.
Institutional Trading of Centene
Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in Centene by 117.0% in the fourth quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company’s stock valued at $1,308,518,000 after acquiring an additional 17,143,904 shares during the last quarter. Norges Bank acquired a new stake in shares of Centene in the 4th quarter valued at $332,044,000. Deerfield Management Company L.P. increased its stake in shares of Centene by 184.0% in the 3rd quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock valued at $322,761,000 after purchasing an additional 5,860,630 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Centene by 52.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,171,568 shares of the company’s stock worth $295,111,000 after buying an additional 2,472,341 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Centene by 535.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,750,326 shares of the company’s stock worth $113,176,000 after buying an additional 2,317,618 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.
About Centene
Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.
Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.
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