Research analysts at MED began coverage on shares of Centene (NYSE:CNC) in a report issued on Wednesday, September 19th, The Fly reports. The brokerage set an “overweight” rating and a $170.00 price target on the stock. MED’s price target points to a potential upside of 20.72% from the company’s previous close.
CNC has been the topic of several other reports. Barclays began coverage on Centene in a research report on Monday, July 23rd. They issued an “overweight” rating and a $158.00 price target on the stock. Credit Suisse Group raised their price target on Centene from $112.00 to $125.00 and gave the stock a “neutral” rating in a research report on Monday, June 18th. Citigroup restated a “neutral” rating and issued a $147.00 price target on shares of Centene in a research report on Wednesday, July 18th. Morgan Stanley lifted their target price on Centene from $136.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 25th. Finally, Zacks Investment Research upgraded Centene from a “hold” rating to a “buy” rating and set a $152.00 target price on the stock in a report on Wednesday, August 8th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $147.76.
CNC stock traded up $1.89 during midday trading on Wednesday, reaching $140.82. 1,209,040 shares of the company’s stock traded hands, compared to its average volume of 1,471,538. Centene has a 1-year low of $83.56 and a 1-year high of $148.24. The stock has a market capitalization of $29.72 billion, a price-to-earnings ratio of 28.00, a P/E/G ratio of 1.40 and a beta of 0.82. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.25 and a quick ratio of 1.26.
Centene (NYSE:CNC) last released its earnings results on Tuesday, July 24th. The company reported $1.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.03. The company had revenue of $14.18 billion during the quarter, compared to analysts’ expectations of $13.82 billion. Centene had a return on equity of 14.57% and a net margin of 2.06%. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period last year, the firm earned $1.59 EPS. On average, equities analysts expect that Centene will post 7.08 earnings per share for the current fiscal year.
In other Centene news, EVP Christopher D. Bowers sold 3,800 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $145.55, for a total transaction of $553,090.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert K. Ditmore sold 8,750 shares of the business’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $131.44, for a total value of $1,150,100.00. Following the transaction, the director now directly owns 472,241 shares in the company, valued at approximately $62,071,357.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,550 shares of company stock worth $4,564,790. Company insiders own 3.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of CNC. BlackRock Inc. grew its position in shares of Centene by 15.5% in the second quarter. BlackRock Inc. now owns 15,847,653 shares of the company’s stock valued at $1,952,589,000 after purchasing an additional 2,122,661 shares during the last quarter. Jennison Associates LLC grew its position in shares of Centene by 47.6% in the second quarter. Jennison Associates LLC now owns 2,113,026 shares of the company’s stock valued at $260,346,000 after purchasing an additional 681,847 shares during the last quarter. Partner Fund Management L.P. acquired a new position in shares of Centene in the second quarter valued at approximately $80,237,000. PNC Financial Services Group Inc. grew its position in shares of Centene by 1,217.3% in the second quarter. PNC Financial Services Group Inc. now owns 603,000 shares of the company’s stock valued at $74,297,000 after purchasing an additional 557,223 shares during the last quarter. Finally, Roystone Capital Management LP grew its position in shares of Centene by 678.4% in the first quarter. Roystone Capital Management LP now owns 520,000 shares of the company’s stock valued at $55,572,000 after purchasing an additional 453,200 shares during the last quarter. 90.08% of the stock is currently owned by institutional investors.
Centene Company Profile
Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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