Centene Corporation (CNC) Given “Overweight” Rating at Cantor Fitzgerald
Centene Corporation (NYSE:CNC)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a research note issued on Monday. They presently have a $90.00 target price on the stock, up from their prior target price of $88.00. Cantor Fitzgerald’s price target indicates a potential upside of 14.46% from the company’s previous close.
Other equities analysts have also recently issued reports about the stock. Morgan Stanley assumed coverage on shares of Centene Corporation in a research note on Tuesday, June 6th. They set an “overweight” rating and a $86.00 target price for the company. ValuEngine cut shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 13th. Stifel Nicolaus upped their target price on shares of Centene Corporation from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Evercore ISI upped their target price on shares of Centene Corporation from $80.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $79.00 target price on shares of Centene Corporation in a research note on Wednesday, April 19th. Eight research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $79.79.
Centene Corporation (CNC) remained flat at $78.63 during midday trading on Monday. The company’s stock had a trading volume of 1,616,678 shares. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $79.50. The stock has a market cap of $13.55 billion, a PE ratio of 19.36 and a beta of 0.55. The company’s 50 day moving average is $75.99 and its 200 day moving average is $68.21.
Centene Corporation (NYSE:CNC) last released its 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 firm had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $11.44 billion. Centene Corporation had a net margin of 1.57% and a return on equity of 14.19%. The business’s quarterly revenue was up 68.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 EPS. On average, analysts forecast that Centene Corporation will post $4.77 earnings per share for the current fiscal year.
In other news, SVP Mark J. Brooks sold 2,161 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available at this hyperlink. Also, Director Richard A. Gephardt sold 4,350 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $77.38, for a total transaction of $336,603.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,728 shares of company stock worth $2,117,100. 3.00% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. raised its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after buying an additional 93 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Centene Corporation by 5.6% in the first quarter. Quadrant Capital Group LLC now owns 2,263 shares of the company’s stock worth $155,000 after buying an additional 120 shares in the last quarter. Creative Planning raised its stake in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock worth $176,000 after buying an additional 127 shares in the last quarter. Howard Hughes Medical Institute raised its stake in shares of Centene Corporation by 96.7% in the first quarter. Howard Hughes Medical Institute now owns 2,685 shares of the company’s stock worth $191,000 after buying an additional 1,320 shares in the last quarter. Finally, Reliance Trust Co. of Delaware bought a new stake in shares of Centene Corporation during the first quarter worth approximately $201,000. 93.78% of the stock is currently owned by hedge funds and other institutional investors.
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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