Centene (NYSE:CNC) Reaches New 12-Month High – Here’s Why

Centene Corporation (NYSE:CNC) hit a new 52-week high on Wednesday . The company traded as high as $66.81 and last traded at $66.9210, with a volume of 454746 shares changing hands. The stock had previously closed at $64.19.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNC. Zacks Research downgraded Centene from a “strong-buy” rating to a “hold” rating in a research report on Monday. Truist Financial raised their target price on shares of Centene from $58.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Oppenheimer upped their price target on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Morgan Stanley increased their price objective on shares of Centene from $50.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Centene in a research note on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $60.78.

Centene Stock Up 5.1%

The business’s fifty day moving average price is $57.70 and its two-hundred day moving average price is $46.41. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $33.30 billion, a P/E ratio of -5.12, a PEG ratio of 0.50 and a beta of 1.09.

Centene (NYSE:CNC) last posted 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. The company had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. Centene’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.90 earnings per share. Equities analysts expect that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. DV Equities LLC purchased a new stake in shares of Centene during the fourth quarter worth about $26,000. IFC & Insurance Marketing Inc. purchased a new position in shares of Centene in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. boosted its stake in Centene by 118.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after purchasing an additional 406 shares in the last quarter. Bayban purchased a new stake in Centene during the 4th quarter worth approximately $33,000. Finally, MV Capital Management Inc. acquired a new position in Centene during the 4th quarter valued at approximately $34,000. 93.63% of the stock is owned by institutional investors and hedge funds.

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.