Centene Corporation (NYSE:CNC) Receives Average Rating of “Hold” from Brokerages

Shares of Centene Corporation (NYSE:CNC) have been assigned an average rating of “Hold” from the twenty research firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $38.4375.

A number of research firms have recently commented on CNC. UBS Group set a $42.00 price target on shares of Centene and gave the company a “neutral” rating in a research report on Thursday, October 30th. Truist Financial reaffirmed a “buy” rating and set a $45.00 target price (up previously from $42.00) on shares of Centene in a report on Thursday, October 30th. Cantor Fitzgerald lifted their price target on Centene from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Cowen restated a “hold” rating on shares of Centene in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on Centene from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th.

Centene Price Performance

Shares of NYSE:CNC opened at $41.22 on Wednesday. Centene has a twelve month low of $25.08 and a twelve month high of $66.81. The firm has a market capitalization of $20.26 billion, a PE ratio of -3.81, a P/E/G ratio of 1.36 and a beta of 0.48. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. The company has a 50-day moving average price of $37.66 and a two-hundred day moving average price of $35.39.

Centene (NYSE:CNC) last issued its earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The business had revenue of $49.69 billion for the quarter, compared to analysts’ expectations of $47.50 billion. During the same quarter in the previous year, the firm posted $1.62 EPS. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts forecast that Centene will post 6.86 EPS for the current year.

Hedge Funds Weigh In On Centene

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Centene during the first quarter valued at approximately $26,000. Addison Advisors LLC increased its holdings in shares of Centene by 455.6% in the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after purchasing an additional 606 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Centene in the third quarter worth $27,000. WPG Advisers LLC boosted its position in shares of Centene by 44.5% during the third quarter. WPG Advisers LLC now owns 915 shares of the company’s stock valued at $33,000 after buying an additional 282 shares during the last quarter. Finally, Bogart Wealth LLC increased its holdings in Centene by 11,011.1% in the 3rd quarter. Bogart Wealth LLC now owns 1,000 shares of the company’s stock worth $36,000 after buying an additional 991 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Company Profile

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.