Centene (NYSE:CNC) Sets New 52-Week High – Should You Buy?

Centene Corporation (NYSE:CNC) hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $69.64 and last traded at $69.6360, with a volume of 2,477,674 shares traded. The stock had previously closed at $67.02.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada boosted their target price on Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Stifel Nicolaus set a $79.00 price target on Centene in a research report on Monday, August 3rd. TD Cowen reiterated a “hold” rating and issued a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. UBS Group set a $79.00 price target on Centene in a research note on Tuesday, August 18th. Finally, Truist Financial boosted their price objective on Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $70.05.

Centene Stock Up 3.7%

The firm has a 50-day moving average of $65.05 and a two-hundred day moving average of $58.82. The stock has a market capitalization of $34.34 billion, a price-to-earnings ratio of -6.67, a price-to-earnings-growth ratio of 0.41 and a beta of 1.13. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company posted ($0.16) EPS. As a group, sell-side analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction that occurred on 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 directly owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Centene

A number of institutional investors have recently modified their holdings of CNC. Silicon Valley Capital Partners bought a new position in Centene during the second quarter worth about $25,000. North Point Portfolio Managers Corp OH acquired a new stake in Centene during the third quarter valued at approximately $25,000. Toth Financial Advisory Corp bought a new stake in shares of Centene in the 3rd quarter valued at approximately $30,000. MidFirst Bank bought a new stake in shares of Centene in the 2nd quarter valued at approximately $32,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Centene in the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Company Profile

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.