Centene (NYSE:CNC) Given New $72.00 Price Target at Bank of America

Centene (NYSE:CNC) had its price target hoisted by stock analysts at Bank of America from $60.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 23.54% from the company’s previous close.

A number of other research firms have also recently weighed in on CNC. Jefferies Financial Group upped their price objective on shares of Centene from $39.00 to $48.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Cantor Fitzgerald upgraded Centene from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $41.00 to $60.00 in a research note on Tuesday, April 28th. Zacks Research upgraded Centene from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Centene from $41.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded Centene from a “hold” rating to a “buy” rating and lifted their price target for the stock from $53.00 to $80.00 in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Centene currently has an average rating of “Hold” and a consensus price target of $56.59.

Centene Stock Performance

NYSE:CNC opened at $58.28 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day moving average of $42.17 and a two-hundred day moving average of $41.35. The stock has a market cap of $28.78 billion, a P/E ratio of -4.44, a PEG ratio of 1.14 and a beta of 1.06. Centene has a 1-year low of $25.08 and a 1-year high of $61.63.

Centene (NYSE:CNC) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The company 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%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.90 EPS. On average, research analysts expect that Centene will post 3.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Centene

Large investors have recently bought and sold shares of the business. DV Equities LLC bought a new position in Centene in the fourth quarter worth about $26,000. IFC & Insurance Marketing Inc. bought a new position in Centene in the fourth quarter worth about $28,000. Addison Advisors LLC raised its holdings in shares of Centene by 455.6% during the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after buying an additional 606 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after buying an additional 406 shares during the last quarter. Finally, Bayban bought a new stake in shares of Centene during the fourth quarter valued at approximately $33,000. Institutional investors own 93.63% of the company’s stock.

Centene Company Profile

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.