Centene (NYSE:CNC) Cut to Hold at Zacks Research

Centene (NYSE:CNC) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on the company. Bank of America raised their target price on Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Raymond James Financial set a $60.00 price target on Centene in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lifted their price objective on Centene from $52.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. Robert W. Baird boosted their price objective on Centene from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, Oppenheimer increased their target price 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. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $60.78.

Centene Stock Performance

Shares of CNC stock opened at $64.20 on Monday. 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 cap of $31.70 billion, a price-to-earnings ratio of -4.89, a P/E/G ratio of 0.50 and a beta of 1.09. Centene has a 52 week low of $25.08 and a 52 week high of $66.55. The firm’s 50-day simple moving average is $57.70 and its two-hundred day simple moving average is $46.41.

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

Institutional Trading of Centene

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Oracle Investment Management Inc. purchased a new stake in shares of Centene during the third quarter worth about $3,936,000. Capitolis Liquid Global Markets LLC increased its holdings in Centene by 451.2% during the 3rd quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock valued at $6,490,000 after purchasing an additional 148,900 shares during the period. Delta Global Management LP raised its position in Centene by 96.5% during the 3rd quarter. Delta Global Management LP now owns 78,691 shares of the company’s stock valued at $2,808,000 after purchasing an additional 38,640 shares during the last quarter. Numerai GP LLC lifted its holdings in Centene by 401.4% in the 3rd quarter. Numerai GP LLC now owns 64,487 shares of the company’s stock worth $2,301,000 after buying an additional 51,625 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Centene by 83.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,001,316 shares of the company’s stock worth $35,628,000 after buying an additional 456,350 shares during the last quarter. 93.63% of the stock is currently owned by 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.