Centene Corp. (CNC) Bonds Trading 1.3% Lower
An issue of Centene Corp. (NYSE:CNC) bonds fell 1.3% against their face value during trading on Wednesday. The debt issue has a 6.125% coupon and will mature on February 15, 2024. The debt is now trading at $101.70 and was trading at $102.75 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
A number of research firms have weighed in on CNC. Leerink Swann reiterated a “hold” rating on shares of Centene Corp. in a report on Tuesday, October 4th. Wedbush reiterated an “outperform” rating and set a $85.00 target price on shares of Centene Corp. in a report on Wednesday, September 7th. Credit Suisse Group AG reiterated a “buy” rating and set a $78.00 target price on shares of Centene Corp. in a report on Thursday, September 1st. Zacks Investment Research downgraded Centene Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, October 11th. Finally, Sanford C. Bernstein upgraded Centene Corp. from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $77.00 to $69.00 in a report on Monday, November 14th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. Centene Corp. currently has an average rating of “Buy” and a consensus price target of $79.41.
Centene Corp. (NYSE:CNC) traded up 0.05% during midday trading on Wednesday, hitting $57.63. The stock had a trading volume of 1,473,206 shares. The firm has a market capitalization of $9.85 billion, a P/E ratio of 21.23 and a beta of 0.79. The firm has a 50-day moving average of $59.57 and a 200 day moving average of $65.53. Centene Corp. has a 52-week low of $47.36 and a 52-week high of $75.57.
Centene Corp. (NYSE:CNC) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by $0.04. The business had revenue of $10.85 billion for the quarter, compared to analysts’ expectations of $10.96 million. Centene Corp. had a net margin of 1.17% and a return on equity of 13.40%. The business’s quarterly revenue was up 86.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 earnings per share. On average, equities analysts forecast that Centene Corp. will post $4.33 EPS for the current year.
In related news, VP Carol Goldman sold 10,000 shares of Centene Corp. stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total transaction of $663,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of Centene Corp. stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.58, for a total transaction of $399,480.00. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of CNC. Tompkins Financial Corp raised its position in Centene Corp. by 243.8% in the second quarter. Tompkins Financial Corp now owns 2,235 shares of the company’s stock valued at $159,000 after buying an additional 1,585 shares in the last quarter. Beacon Financial Group purchased a new position in Centene Corp. during the second quarter valued at about $623,000. Gateway Investment Advisers LLC raised its position in Centene Corp. by 54.2% in the second quarter. Gateway Investment Advisers LLC now owns 14,427 shares of the company’s stock valued at $1,030,000 after buying an additional 5,069 shares in the last quarter. Atria Investments LLC purchased a new position in Centene Corp. during the second quarter valued at about $278,000. Finally, Quotient Investors LLC purchased a new position in Centene Corp. during the second quarter valued at about $1,595,000. 93.93% 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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