Jefferies Group LLC reiterated their buy rating on shares of Centene Corporation (NYSE:CNC) in a research report released on Friday morning. Jefferies Group LLC currently has a $94.00 target price on the stock.
A number of other equities analysts have also recently issued reports on the company. Citigroup Inc. cut Centene Corporation from a buy rating to a neutral rating and set a $73.00 target price for the company. in a report on Thursday, March 23rd. Zacks Investment Research cut Centene Corporation from a buy rating to a hold rating in a report on Wednesday, May 10th. Deutsche Bank AG started coverage on Centene Corporation in a report on Wednesday, April 5th. They set a buy rating and a $84.00 target price for the company. Morgan Stanley started coverage on Centene Corporation in a report on Tuesday, June 6th. They set an overweight rating and a $86.00 target price for the company. Finally, Evercore ISI increased their target price on Centene Corporation from $80.00 to $83.00 and gave the stock an outperform rating in a report on Wednesday, April 26th. Seven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Centene Corporation currently has an average rating of Buy and a consensus target price of $81.74.
Centene Corporation (NYSE:CNC) traded up 1.07% during mid-day trading on Friday, reaching $83.69. The company had a trading volume of 1,620,787 shares. The stock has a market cap of $14.42 billion, a PE ratio of 20.60 and a beta of 0.67. The firm’s 50-day moving average price is $77.26 and its 200-day moving average price is $69.76. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $85.79.
Centene Corporation (NYSE:CNC) last released its earnings results on Tuesday, April 25th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.06. The firm had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $11.44 billion. Centene Corporation had a return on equity of 14.19% and a net margin of 1.57%. The company’s revenue was up 68.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. Equities research analysts forecast that Centene Corporation will post $4.76 EPS for the current fiscal year.
In other news, SVP Mark J. Brooks sold 2,161 shares of Centene Corporation stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total value of $163,004.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher D. Bowers sold 3,150 shares of Centene Corporation stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $72.80, for a total transaction of $229,320.00. The disclosure for this sale can be found here. Insiders have sold 57,728 shares of company stock valued at $4,506,020 over the last 90 days. Company insiders own 3.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC acquired a new stake in Centene Corporation during the fourth quarter worth $29,313,000. BNP Paribas Arbitrage SA increased its stake in Centene Corporation by 213.5% in the first quarter. BNP Paribas Arbitrage SA now owns 685,347 shares of the company’s stock worth $48,838,000 after buying an additional 466,768 shares during the last quarter. Raymond James Trust N.A. increased its stake in Centene Corporation by 3.2% in the first quarter. Raymond James Trust N.A. now owns 4,451 shares of the company’s stock worth $318,000 after buying an additional 139 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in Centene Corporation during the first quarter worth $409,000. Finally, Tyers Asset Management LLC increased its stake in Centene Corporation by 434.4% in the first quarter. Tyers Asset Management LLC now owns 23,856 shares of the company’s stock worth $1,700,000 after buying an additional 19,392 shares during the last quarter. Institutional investors own 93.30% of the company’s stock.
About Centene Corporation
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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