Centene Corp. (CNC) Downgraded to Sell at Zacks Investment Research
Centene Corp. (NYSE:CNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Centene Corporation provides managed care programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income, and the State Children’s Health Insurance Program. “
Other equities research analysts have also issued reports about the stock. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $89.00 price target on shares of Centene Corp. in a research note on Monday, June 20th. Sanford C. Bernstein assumed coverage on shares of Centene Corp. in a research note on Thursday, June 16th. They set a “market perform” rating and a $76.00 price target on the stock. Cowen and Company reiterated a “buy” rating on shares of Centene Corp. in a research note on Monday, June 20th. Morgan Stanley upgraded shares of Centene Corp. from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $84.00 to $86.00 in a research note on Wednesday, June 29th. Finally, Vetr lowered shares of Centene Corp. from a “strong-buy” rating to a “buy” rating and set a $81.00 price target on the stock. in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. Centene Corp. presently has an average rating of “Buy” and a consensus target price of $80.76.
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Centene Corp. (NYSE:CNC) traded down 2.19% during midday trading on Tuesday, hitting $61.70. 1,115,308 shares of the stock traded hands. Centene Corp. has a one year low of $47.36 and a one year high of $75.57. The company’s 50 day moving average is $66.95 and its 200-day moving average is $65.87. The company has a market cap of $10.53 billion, a P/E ratio of 23.81 and a beta of 0.95.
Centene Corp. (NYSE:CNC) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.20. Centene Corp. had a net margin of 1.19% and a return on equity of 14.27%. The firm had revenue of $10.90 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same period last year, the business earned $0.72 EPS. Centene Corp.’s revenue for the quarter was up 97.9% compared to the same quarter last year. On average, equities research analysts forecast that Centene Corp. will post $4.37 EPS for the current fiscal year.
In related news, EVP Kenneth Rone Baldwin sold 6,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $66.58, for a total transaction of $399,480.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Carol Goldman sold 10,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $66.36, for a total transaction of $663,600.00. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CNC. Menta Capital LLC bought a new stake in Centene Corp. during the first quarter worth approximately $757,000. Advisor Partners LLC increased its stake in Centene Corp. by 32.9% in the first quarter. Advisor Partners LLC now owns 4,309 shares of the company’s stock worth $265,000 after buying an additional 1,066 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Centene Corp. during the first quarter worth approximately $1,073,000. Acrospire Investment Management LLC bought a new stake in Centene Corp. during the first quarter worth approximately $237,000. Finally, JPMorgan Chase & Co. increased its stake in Centene Corp. by 72.8% in the first quarter. JPMorgan Chase & Co. now owns 2,919,446 shares of the company’s stock worth $179,748,000 after buying an additional 1,230,263 shares in the last quarter. 92.91% of the stock is currently owned by hedge funds and other institutional investors.
Centene Corp. Company Profile
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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