Truist Financial Lowers Centene (NYSE:CNC) Price Target to $42.00

Centene (NYSE:CNC) had its target price lowered by analysts at Truist Financial from $84.00 to $42.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 44.21% from the stock’s current price.

Several other brokerages have also recently weighed in on CNC. Bank of America cut shares of Centene from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $52.00 to $30.00 in a research report on Wednesday. Cantor Fitzgerald reduced their price target on shares of Centene from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Robert W. Baird reduced their target price on shares of Centene from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. UBS Group restated a “neutral” rating and issued a $45.00 target price (down from $80.00) on shares of Centene in a research report on Wednesday, July 2nd. Finally, Mizuho cut their target price on shares of Centene from $71.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Centene presently has a consensus rating of “Hold” and a consensus target price of $58.63.

Centene Trading Down 4.2%

NYSE:CNC opened at $29.12 on Wednesday. The company’s 50 day moving average is $50.73 and its 200-day moving average is $57.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.65. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of 4.34, a P/E/G ratio of 0.46 and a beta of 0.44. Centene has a 12 month low of $28.92 and a 12 month high of $80.59.

Centene (NYSE:CNC) last released its quarterly earnings results on Friday, April 25th. The company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.38. The business had revenue of $46.62 billion during the quarter, compared to analyst estimates of $43.16 billion. Centene had a return on equity of 14.56% and a net margin of 2.04%. Centene’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 EPS. Equities analysts anticipate that Centene will post 6.86 EPS for the current year.

Hedge Funds Weigh In On Centene

A number of large investors have recently made changes to their positions in the company. Ameriflex Group Inc. purchased a new position in shares of Centene during the fourth quarter valued at about $26,000. Pinney & Scofield Inc. purchased a new stake in shares of Centene during the fourth quarter worth approximately $25,000. Hurley Capital LLC purchased a new position in Centene in the 4th quarter valued at about $26,000. Quarry LP acquired a new position in shares of Centene in the first quarter worth about $26,000. Finally, Studio Investment Management LLC bought a new stake in shares of Centene during the fourth quarter valued at about $32,000. Institutional investors own 93.63% of the company’s stock.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.