Centene (NYSE:CNC) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Centene (NYSE:CNC) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.

Several other brokerages also recently commented on CNC. UBS Group reiterated a “neutral” rating and issued a $61.00 target price (up from $55.00) on shares of Centene in a report on Friday, May 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Centene in a research report on Thursday, June 11th. Robert W. Baird boosted their price objective on Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Barclays restated an “overweight” rating on shares of Centene in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada started coverage on Centene in a report on Tuesday, June 23rd. They set a “sector perform” rating and a $70.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $60.78.

Centene Stock Down 0.5%

Shares of CNC stock opened at $64.20 on Monday. The stock’s 50 day simple moving average is $57.70 and its 200 day simple moving average is $46.41. Centene has a twelve month low of $25.08 and a twelve month high of $66.55. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $31.70 billion, a price-to-earnings ratio of -4.89, a PEG ratio of 0.50 and a beta of 1.09.

Centene (NYSE:CNC) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the prior year, the business earned $2.90 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that Centene will post 3.45 EPS for the current year.

Hedge Funds Weigh In On Centene

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 180 Wealth Advisors LLC increased its position in shares of Centene by 3.1% during the first quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company’s stock valued at $219,000 after purchasing an additional 199 shares during the period. Summitry LLC lifted its holdings in shares of Centene by 1.1% during the 1st quarter. Summitry LLC now owns 23,925 shares of the company’s stock worth $783,000 after acquiring an additional 253 shares during the period. Kestra Advisory Services LLC boosted its position in shares of Centene by 0.5% during the 4th quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock valued at $2,165,000 after acquiring an additional 264 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Centene by 4.2% in the fourth quarter. Arkadios Wealth Advisors now owns 7,465 shares of the company’s stock valued at $307,000 after acquiring an additional 300 shares during the period. Finally, Affinity Investment Advisors LLC raised its position in Centene by 3.0% in the fourth quarter. Affinity Investment Advisors LLC now owns 10,927 shares of the company’s stock worth $450,000 after purchasing an additional 316 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

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.