Zacks Investment Research upgraded shares of Centene Corporation (NYSE:CNC) from a hold rating to a buy rating in a research report released on Friday morning. They currently have $107.00 target price on the stock.
According to Zacks, “Year to date, Centene’s shares have outperformed the industry. The company’s strong and consistent performance is likely to have generated confidence among the investors. It has seen substantial inorganic growth in the last five years. The acquisition of Health Net in 2016 bolstered the company’s growth, expansion and asset base. Its solid financial position provides a major boost to its capital deployment initiatives. The company’s strong Managed care segment also contributes to its strong results. The stock has seen the Zacks Consensus Estimate for the current year being revised upward by 3.4% in the last 60 days.”
CNC has been the topic of several other reports. Bank of America Corporation lifted their target price on Centene Corporation from $93.00 to $95.00 and gave the company a buy rating in a research report on Friday, July 14th. ValuEngine raised Centene Corporation from a hold rating to a buy rating in a report on Thursday, July 27th. BidaskClub cut Centene Corporation from a buy rating to a hold rating in a report on Friday, July 28th. Cantor Fitzgerald lifted their target price on Centene Corporation to $107.00 and gave the stock an overweight rating in a report on Wednesday. Finally, J P Morgan Chase & Co cut Centene Corporation from an overweight rating to a neutral rating and set a $75.00 target price on the stock. in a report on Monday, May 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. Centene Corporation currently has a consensus rating of Buy and an average target price of $92.24.
Shares of Centene Corporation (CNC) traded up 0.06% during mid-day trading on Friday, reaching $95.98. The company’s stock had a trading volume of 1,945,209 shares. 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 cap of $16.55 billion, a PE ratio of 21.06 and a beta of 0.63. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $98.72.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion during the quarter, compared to analyst estimates of $11.69 billion. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. On average, analysts predict that Centene Corporation will post $4.92 earnings per share for the current year.
In related news, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total value of $344,152.53. The transaction was disclosed in a filing with the SEC, 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 ninety days, insiders have sold 43,167 shares of company stock worth $3,470,973. Insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its position in shares of Centene Corporation by 28.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock valued at $62,992,000 after acquiring an additional 176,403 shares during the period. Artemis Investment Management LLP acquired a new position in shares of Centene Corporation in the 2nd quarter valued at $15,326,000. CAPROCK Group Inc. acquired a new position in shares of Centene Corporation in the 2nd quarter valued at $230,000. Airain ltd acquired a new position in shares of Centene Corporation in the 2nd quarter valued at $2,604,000. Finally, Prudential Financial Inc. increased its position in shares of Centene Corporation by 61.6% in the 2nd quarter. Prudential Financial Inc. now owns 702,668 shares of the company’s stock valued at $56,129,000 after acquiring an additional 267,770 shares during the period. 92.26% of the stock is currently 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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