Centene (NYSE:CNC) Stock Bumped Down to “Hold” by Zacks Research

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

Other equities analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of Centene from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Raymond James Financial set a $75.00 target price on Centene in a report on Tuesday, July 7th. Stifel Nicolaus set a $79.00 target price on Centene in a research note on Monday, August 3rd. Sanford C. Bernstein reissued an “outperform” rating and issued a $79.00 target price (up from $68.00) on shares of Centene in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada lifted their target price on Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Centene presently has an average rating of “Hold” and an average target price of $70.05.

Centene Trading Up 0.5%

Shares of NYSE:CNC opened at $64.64 on Monday. The firm has a market capitalization of $31.93 billion, a P/E ratio of -6.19, a P/E/G ratio of 0.41 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The business’s 50-day moving average is $64.79 and its 200 day moving average is $57.93. Centene has a 1 year low of $31.63 and a 1 year high of $69.63.

Centene (NYSE:CNC) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.16) earnings per share. On average, research analysts predict that Centene will post 4.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the sale, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Centene

Institutional investors have recently bought and sold shares of the business. Moody National Bank Trust Division lifted its position in shares of Centene by 4.7% in the third quarter. Moody National Bank Trust Division now owns 7,887 shares of the company’s stock worth $490,000 after purchasing an additional 355 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Centene in the 3rd quarter worth approximately $135,000. Ridgewood Investments LLC acquired a new stake in shares of Centene during the 3rd quarter valued at $698,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Centene by 1,486.5% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 37,838 shares of the company’s stock worth $2,350,000 after acquiring an additional 35,453 shares during the last quarter. Finally, CX Institutional increased its position in Centene by 48.6% in the 3rd quarter. CX Institutional now owns 13,371 shares of the company’s stock worth $831,000 after purchasing an additional 4,372 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

About Centene

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.