Centene (NYSE:CNC) Shares Gap Down – Should You Sell?

Centene Corporation (NYSE:CNC)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $46.28, but opened at $44.00. Centene shares last traded at $40.6860, with a volume of 4,293,605 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on CNC shares. Oppenheimer reissued an “outperform” rating and set a $45.00 target price on shares of Centene in a research report on Thursday, October 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Wednesday, January 21st. Truist Financial upped their target price on Centene from $45.00 to $47.00 and gave the company a “buy” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. boosted their target price on shares of Centene from $38.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Finally, Cantor Fitzgerald lifted their target price on Centene from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Centene has an average rating of “Hold” and an average price target of $40.81.

Centene Stock Down 10.4%

The firm has a market cap of $20.37 billion, a P/E ratio of -3.83, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48. The firm’s 50-day moving average price is $41.34 and its 200 day moving average price is $35.21. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83.

Centene (NYSE:CNC) last posted its earnings results on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.71. The firm had revenue of $49.69 billion during the quarter, compared to analysts’ expectations of $47.50 billion. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. Centene’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 EPS. As a group, research analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Hedge Funds Weigh In On Centene

Several large investors have recently bought and sold shares of CNC. Baird Financial Group Inc. acquired a new stake in Centene in the first quarter worth approximately $236,000. Sivia Capital Partners LLC raised its position in Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock worth $527,000 after acquiring an additional 4,315 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Centene by 5.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,658 shares of the company’s stock valued at $361,000 after purchasing an additional 325 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Centene by 82.3% in the 2nd quarter. Signaturefd LLC now owns 12,427 shares of the company’s stock worth $675,000 after purchasing an additional 5,611 shares in the last quarter. Finally, Greenleaf Trust boosted its holdings in Centene by 10.4% during the second quarter. Greenleaf Trust now owns 7,415 shares of the company’s stock worth $402,000 after buying an additional 701 shares in the last quarter. 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.