Centene (NYSE:CNC) Hits New 1-Year High – Still a Buy?

Centene Corporation (NYSE:CNC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $66.81 and last traded at $66.9210, with a volume of 454746 shares trading hands. The stock had previously closed at $64.19.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CNC. Truist Financial boosted their target price on shares of Centene from $58.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, June 1st. JPMorgan Chase & Co. lifted their price target on Centene from $52.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Wall Street Zen raised Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Bank of America raised their price objective on Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $40.00 target price on shares of Centene in a report on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $60.78.

Centene Trading Up 5.1%

The company’s 50 day simple moving average is $57.70 and its 200-day simple moving average is $46.41. The firm has a market cap of $33.30 billion, a P/E ratio of -5.12, a P/E/G ratio of 0.50 and a beta of 1.09. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76.

Centene (NYSE:CNC) last released its earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the prior year, the firm posted $2.90 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Institutional Trading of Centene

A number of large investors have recently made changes to their positions in CNC. Basecamp Wealth Advisors LLC increased its stake in Centene by 107.3% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,530 shares of the company’s stock worth $50,000 after buying an additional 792 shares during the period. Pine Valley Investments Ltd Liability Co grew its stake in Centene by 1.0% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 1,010,459 shares of the company’s stock worth $33,082,000 after acquiring an additional 9,540 shares in the last quarter. NewEdge Advisors LLC grew its stake in Centene by 41.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,105 shares of the company’s stock worth $1,411,000 after acquiring an additional 12,686 shares in the last quarter. Summitry LLC increased its position in shares of Centene by 1.1% during the first quarter. Summitry LLC now owns 23,925 shares of the company’s stock worth $783,000 after acquiring an additional 253 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Centene during the first quarter valued at approximately $556,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

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.