Cowen and Company restated their outperform rating on shares of Centene Corporation (NYSE:CNC) in a research report sent to investors on Wednesday morning. The brokerage currently has a $105.00 price objective on the stock, up from their previous price objective of $77.00.
A number of other research analysts have also recently weighed in on CNC. J P Morgan Chase & Co cut Centene Corporation from an overweight rating to a neutral rating and set a $75.00 price target for the company. in a research report on Monday, May 22nd. Morgan Stanley started coverage on Centene Corporation in a research report on Tuesday, June 6th. They issued an overweight rating and a $86.00 price target for the company. ValuEngine cut Centene Corporation from a buy rating to a hold rating in a research report on Tuesday, June 13th. Cantor Fitzgerald restated an overweight rating and issued a $90.00 price target (up previously from $88.00) on shares of Centene Corporation in a research report on Monday, June 19th. Finally, Credit Suisse Group restated a neutral rating and issued a $81.00 price target (up previously from $78.00) on shares of Centene Corporation in a research report on Monday, June 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $92.24.
Shares of Centene Corporation (NYSE CNC) opened at 95.98 on Wednesday. The stock has a market cap of $16.55 billion, a price-to-earnings ratio of 21.06 and a beta of 0.63. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.72. The stock’s 50 day moving average is $85.97 and its 200-day moving average is $78.02.
Centene Corporation (NYSE:CNC) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.29. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The business had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. During the same quarter last year, the business posted $1.29 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts anticipate that Centene Corporation will post $4.92 EPS for the current fiscal year.
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In other Centene Corporation news, Director Robert K. Ditmore sold 4,167 shares of Centene Corporation stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $82.59, for a total value of $344,152.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The disclosure for this sale can be found here. Insiders sold a total of 43,167 shares of company stock valued at $3,470,973 in the last 90 days. 3.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Achmea Investment Management B.V. grew its holdings in Centene Corporation by 42.2% in the 2nd quarter. Achmea Investment Management B.V. now owns 11,010 shares of the company’s stock valued at $877,000 after buying an additional 3,267 shares during the period. Toronto Dominion Bank grew its holdings in Centene Corporation by 25.7% in the 2nd quarter. Toronto Dominion Bank now owns 58,358 shares of the company’s stock valued at $4,661,000 after buying an additional 11,947 shares during the period. Archford Capital Strategies LLC grew its holdings in Centene Corporation by 70,697.3% in the 2nd quarter. Archford Capital Strategies LLC now owns 106,196 shares of the company’s stock valued at $4,396,000 after buying an additional 106,046 shares during the period. WINTON GROUP Ltd grew its holdings in Centene Corporation by 210.3% in the 2nd quarter. WINTON GROUP Ltd now owns 316,560 shares of the company’s stock valued at $25,287,000 after buying an additional 214,549 shares during the period. Finally, Colony Group LLC grew its holdings in Centene Corporation by 3.1% in the 2nd quarter. Colony Group LLC now owns 36,956 shares of the company’s stock valued at $2,952,000 after buying an additional 1,101 shares during the period. Institutional investors own 92.26% of the company’s stock.
About Centene Corporation
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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