Goldman Sachs Group Initiates Coverage on Centene (CNC)

Research analysts at Goldman Sachs Group assumed coverage on shares of Centene (NYSE:CNC) in a research report issued to clients and investors on Wednesday. The brokerage set a “buy” rating and a $135.00 price target on the stock. Goldman Sachs Group’s price objective would suggest a potential upside of 31.71% from the company’s current price.

A number of other analysts also recently issued reports on CNC. Cantor Fitzgerald lifted their target price on Centene to $107.00 and gave the company an “overweight” rating in a research report on Wednesday, September 13th. Cowen reaffirmed an “outperform” rating and issued a $105.00 target price (up previously from $77.00) on shares of Centene in a research report on Wednesday, September 13th. Leerink Swann reaffirmed a “market perform” rating and issued a $90.00 target price (up previously from $78.00) on shares of Centene in a research report on Wednesday, September 13th. Deutsche Bank reissued a “buy” rating and set a $111.00 price target (up previously from $95.00) on shares of Centene in a research report on Thursday, September 14th. Finally, Zacks Investment Research raised Centene from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a research report on Friday, September 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $104.21.

Centene (NYSE CNC) traded down $1.93 during trading hours on Wednesday, hitting $102.50. The company had a trading volume of 1,037,600 shares, compared to its average volume of 1,102,233. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $17,970.00, a P/E ratio of 21.18, a P/E/G ratio of 1.30 and a beta of 0.70. Centene has a twelve month low of $59.78 and a twelve month high of $105.00.

Centene (NYSE:CNC) last released its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.11. The business had revenue of $11.90 billion for the quarter, compared to the consensus estimate of $11.75 billion. Centene had a return on equity of 14.79% and a net margin of 1.81%. Centene’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.12 earnings per share. research analysts anticipate that Centene will post 4.99 EPS for the current year.

In other news, Director Robert K. Ditmore sold 4,167 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $90.42, for a total transaction of $376,780.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Keith H. Williamson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $100.11, for a total value of $500,550.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,167 shares of company stock worth $1,864,630. Company insiders own 3.00% of the company’s stock.

Large investors have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware bought a new stake in shares of Centene during the second quarter worth approximately $101,000. Baldwin Brothers Inc. MA bought a new stake in shares of Centene during the third quarter worth approximately $185,000. Sii Investments Inc. WI bought a new stake in shares of Centene during the second quarter worth approximately $202,000. Calamos Advisors LLC bought a new stake in shares of Centene during the third quarter worth approximately $207,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Centene during the third quarter worth approximately $207,000. Institutional investors own 91.84% of the company’s stock.

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About Centene

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.

Analyst Recommendations for Centene (NYSE:CNC)

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