Centene Corp (CNC) Downgraded by JPMorgan Chase & Co. to Neutral
Centene Corp (NYSE:CNC) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Monday, The Fly reports.
CNC has been the subject of several other research reports. Barclays PLC lifted their price objective on Centene Corp from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, February 8th. Zacks Investment Research upgraded Centene Corp from a “sell” rating to a “hold” rating in a research report on Thursday, February 16th. Stifel Nicolaus lifted their price objective on Centene Corp from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, April 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $85.00 price objective (up previously from $83.00) on shares of Centene Corp in a research report on Saturday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Centene Corp in a research report on Saturday, March 11th. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $79.68.
Shares of Centene Corp (NYSE:CNC) opened at 75.07 on Monday. Centene Corp has a 12 month low of $50.00 and a 12 month high of $77.60. The firm has a market capitalization of $12.93 billion, a price-to-earnings ratio of 18.48 and a beta of 0.69. The firm has a 50-day moving average price of $73.55 and a 200 day moving average price of $65.68.
Centene Corp (NYSE:CNC) last announced its quarterly earnings results on Tuesday, April 25th. The company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.06. The business had revenue of $11.72 billion for the quarter, compared to analyst estimates of $11.44 billion. Centene Corp had a return on equity of 12.83% and a net margin of 1.37%. Centene Corp’s quarterly revenue was up 68.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 EPS. On average, analysts anticipate that Centene Corp will post $4.76 EPS for the current fiscal year.
In other news, EVP Keith H. Williamson sold 6,000 shares of the company’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $70.03, for a total transaction of $420,180.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Schwaneke sold 2,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $68.52, for a total value of $137,040.00. The disclosure for this sale can be found here. Insiders have sold 20,317 shares of company stock valued at $1,460,356 over the last ninety days. 4.50% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CNC. Bronfman E.L. Rothschild L.P. boosted its position in Centene Corp by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after buying an additional 93 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Centene Corp by 5.6% in the first quarter. Quadrant Capital Group LLC now owns 2,263 shares of the company’s stock valued at $155,000 after buying an additional 120 shares in the last quarter. Creative Planning boosted its position in Centene Corp by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock valued at $176,000 after buying an additional 127 shares in the last quarter. Howard Hughes Medical Institute boosted its position in Centene Corp by 96.7% in the first quarter. Howard Hughes Medical Institute now owns 2,685 shares of the company’s stock valued at $191,000 after buying an additional 1,320 shares in the last quarter. Finally, Reliance Trust Co. of Delaware purchased a new position in Centene Corp during the first quarter valued at $201,000. 94.14% of the stock is owned by institutional investors.
About Centene Corp
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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