Zacks Investment Research Downgrades Centene Corp. (CNC) to Sell
Centene Corp. (NYSE:CNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 research analysts also recently issued research reports about the stock. Leerink Swann reiterated a “hold” rating on shares of Centene Corp. in a research note on Tuesday, October 4th. Cantor Fitzgerald restated a “buy” rating on shares of Centene Corp. in a research report on Thursday, September 29th. FBR & Co restated a “buy” rating on shares of Centene Corp. in a research report on Thursday, September 1st. Credit Suisse Group AG restated a “buy” rating and set a $78.00 price objective on shares of Centene Corp. in a research report on Tuesday, September 13th. Finally, Evercore ISI started coverage on shares of Centene Corp. in a research report on Thursday, September 22nd. They set a “buy” rating and a $79.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $80.76.
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Centene Corp. (NYSE:CNC) traded down 2.19% during mid-day trading on Tuesday, hitting $61.70. 1,115,308 shares of the stock were exchanged. The firm has a market cap of $10.53 billion, a price-to-earnings ratio of 23.81 and a beta of 0.95. Centene Corp. has a 52-week low of $47.36 and a 52-week high of $75.57. The company has a 50 day moving average price of $66.95 and a 200 day moving average price of $65.87.
Centene Corp. (NYSE:CNC) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.20. The firm earned $10.90 billion during the quarter, compared to analysts’ expectations of $10.80 billion. Centene Corp. had a net margin of 1.19% and a return on equity of 14.27%. The business’s quarterly revenue was up 97.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 earnings per share. On average, analysts anticipate that Centene Corp. will post $4.37 EPS for the current year.
In other Centene Corp. news, VP Carol Goldman sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total value of $663,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $66.58, for a total transaction of $399,480.00. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. RFG Advisory Group LLC boosted its position in Centene Corp. by 0.5% in the second quarter. RFG Advisory Group LLC now owns 5,900 shares of the company’s stock worth $421,000 after buying an additional 32 shares during the period. Teacher Retirement System of Texas boosted its position in Centene Corp. by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 12,134 shares of the company’s stock worth $866,000 after buying an additional 55 shares during the period. Blair William & Co. IL boosted its position in Centene Corp. by 0.9% in the second quarter. Blair William & Co. IL now owns 6,857 shares of the company’s stock worth $489,000 after buying an additional 62 shares during the period. Bremer Trust National Association boosted its position in Centene Corp. by 0.9% in the second quarter. Bremer Trust National Association now owns 7,525 shares of the company’s stock worth $537,000 after buying an additional 66 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Centene Corp. by 0.6% in the second quarter. CIBC Asset Management Inc now owns 17,051 shares of the company’s stock worth $1,217,000 after buying an additional 108 shares during the period. 92.91% of the stock is currently owned by institutional investors.
About Centene Corp.
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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