Centene Corp. (CNC) Rating Reiterated by Leerink Swann
Other equities research analysts also recently issued research reports about the company. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $89.00 target price on shares of Centene Corp. in a report on Monday, June 20th. Sanford C. Bernstein assumed coverage on Centene Corp. in a report on Thursday, June 16th. They set a market perform rating and a $76.00 target price for the company. Morgan Stanley raised Centene Corp. from an equal weight rating to an overweight rating and lifted their target price for the stock from $84.00 to $86.00 in a report on Wednesday, June 29th. Cowen and Company reaffirmed a buy rating on shares of Centene Corp. in a report on Monday, June 20th. Finally, Vetr raised Centene Corp. from a buy rating to a strong-buy rating and set a $78.50 target price for the company in a report on Monday, June 27th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $80.76.
Centene Corp. (NYSE:CNC) opened at 61.92 on Tuesday. The firm has a 50-day moving average price of $67.15 and a 200 day moving average price of $65.81. Centene Corp. has a 1-year low of $47.36 and a 1-year high of $75.57. The company has a market capitalization of $10.57 billion, a P/E ratio of 23.90 and a beta of 0.94.
Centene Corp. (NYSE:CNC) last released its earnings results on Tuesday, July 26th. The company reported $1.29 EPS for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.20. Centene Corp. had a return on equity of 14.27% and a net margin of 1.19%. The firm earned $10.90 billion during the quarter, compared to the consensus estimate of $10.80 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue was up 97.9% compared to the same quarter last year. On average, equities analysts predict that Centene Corp. will post $4.37 EPS for the current year.
In other Centene Corp. news, VP Carol Goldman sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $66.36, for a total transaction of $663,600.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $66.58, for a total value of $399,480.00. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Winslow Capital Management LLC bought a new position in Centene Corp. during the second quarter worth $293,813,000. State Street Corp raised its position in Centene Corp. by 82.3% in the first quarter. State Street Corp now owns 7,158,347 shares of the company’s stock worth $440,733,000 after buying an additional 3,230,862 shares during the period. JPMorgan Chase & Co. raised its position in Centene Corp. by 72.8% in the first quarter. JPMorgan Chase & Co. now owns 2,919,446 shares of the company’s stock worth $179,748,000 after buying an additional 1,230,263 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Centene Corp. by 30.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,534,338 shares of the company’s stock worth $279,179,000 after buying an additional 1,048,631 shares during the period. Finally, 1832 Asset Management L.P. raised its position in Centene Corp. by 186.6% in the second quarter. 1832 Asset Management L.P. now owns 1,608,591 shares of the company’s stock worth $192,191,000 after buying an additional 1,047,361 shares during the period. 92.92% of the stock is currently owned by institutional investors.
About Centene Corp.
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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