Centene (NYSE:CNC) Stock Price Expected to Rise, Truist Financial Analyst Says

Centene (NYSE:CNC) had its price target increased by analysts at Truist Financial from $71.00 to $78.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 13.60% from the company’s previous close.

A number of other research firms have also weighed in on CNC. Barclays restated an “overweight” rating on shares of Centene in a research note on Tuesday, June 16th. Jefferies Financial Group raised their price target 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. Zacks Research cut Centene from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. increased their target price on Centene from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, Oppenheimer boosted their price target on Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $63.61.

Centene Stock Performance

Centene stock opened at $68.66 on Tuesday. The stock’s 50 day moving average is $61.83 and its 200 day moving average is $48.17. The company has a market capitalization of $33.90 billion, a P/E ratio of -5.26, a PEG ratio of 0.53 and a beta of 1.07. Centene has a twelve month low of $25.08 and a twelve month high of $69.29. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76.

Centene (NYSE:CNC) last released its earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, topping the consensus estimate 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 business had revenue of $49.94 billion for the quarter, compared to the consensus estimate of $47.53 billion. During the same period in the previous year, the company posted $2.90 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Centene will post 3.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CNC. DV Equities LLC bought a new stake in Centene during the fourth quarter valued at approximately $26,000. IFC & Insurance Marketing Inc. purchased a new position in Centene during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. grew its holdings in 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 purchasing an additional 406 shares during the period. Bayban bought a new position in shares of Centene in the fourth quarter worth about $33,000. Finally, MV Capital Management Inc. purchased a new position in shares of Centene during the 4th quarter valued at about $34,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

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.