Centene (NYSE:CNC) Price Target Raised to $67.00 at Oppenheimer

Centene (NYSE:CNC) had its price objective lifted by stock analysts at Oppenheimer from $58.00 to $67.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 11.98% from the stock’s previous close.

A number of other analysts have also issued reports on the company. TD Cowen restated a “hold” rating and issued a $47.00 target price (up from $38.00) on shares of Centene in a report on Monday, May 4th. Cantor Fitzgerald upgraded Centene from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $41.00 to $60.00 in a report on Tuesday, April 28th. Wells Fargo & Company increased their price objective on Centene from $44.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Zacks Research upgraded Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Bank of America lifted their target price on Centene from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.18.

Centene Price Performance

CNC stock opened at $59.83 on Wednesday. Centene has a one year low of $25.08 and a one year high of $60.76. The firm has a 50-day moving average of $44.49 and a two-hundred day moving average of $42.14. The firm has a market capitalization of $29.54 billion, a PE ratio of -4.55, a P/E/G ratio of 0.45 and a beta of 1.06. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The business had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. During the same quarter in the previous year, the business earned $2.90 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, analysts forecast that Centene will post 3.45 earnings per share for the current year.

Institutional Trading of Centene

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. DV Equities LLC bought a new stake in shares of Centene during the 4th quarter worth about $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene in the 4th quarter worth approximately $28,000. Addison Advisors LLC boosted its position in Centene by 455.6% during the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after purchasing an additional 606 shares during the period. SBI Securities Co. Ltd. grew its holdings in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after purchasing an additional 406 shares during the last quarter. Finally, Bayban bought a new position in shares of Centene in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

About Centene

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.