Centene (NYSE:CNC) Stock Price Up 3.5% – What’s Next?

Centene Corporation (NYSE:CNC)’s stock price was up 3.5% during mid-day trading on Thursday . The stock traded as high as $68.21 and last traded at $66.2960. 678,899 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 5,765,694 shares. The stock had previously closed at $64.06.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Mizuho set a $63.00 price objective on shares of Centene and gave the stock a “neutral” rating in a research note on Monday, June 8th. Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the company an “equal weight” rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft raised shares of Centene from a “hold” rating to a “buy” rating and lifted their price target for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $79.00 price target (up from $68.00) on shares of Centene in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centene has an average rating of “Hold” and a consensus price target of $70.05.

Centene Price Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a fifty day simple moving average of $65.45 and a 200 day simple moving average of $54.99. The company has a market capitalization of $32.82 billion, a PE ratio of -6.36, a P/E/G ratio of 0.41 and a beta of 1.10.

Centene (NYSE:CNC) last issued its earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $1.09 by $1.42. The business had revenue of $53.58 billion during the quarter, compared to analysts’ expectations of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) EPS. Equities analysts anticipate that Centene Corporation will post 4.89 EPS for the current year.

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Centene

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System raised its position in shares of Centene by 5,937.7% in the 2nd quarter. California State Teachers Retirement System now owns 46,149,208 shares of the company’s stock worth $2,962,318,000 after acquiring an additional 45,384,854 shares in the last quarter. BlackRock Inc. bought a new stake in Centene during the second quarter valued at about $2,660,422,000. AQR Capital Management LLC raised its holdings in Centene by 117.0% in the fourth quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company’s stock worth $1,308,518,000 after purchasing an additional 17,143,904 shares in the last quarter. Wellington Management Group LLP raised its holdings in Centene by 423.0% in the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after purchasing an additional 10,757,914 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Centene in the 4th quarter valued at about $332,044,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

About Centene

Centene Corporation (NYSE: CNC) is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.