Centene Corporation’s (CNC) “Buy” Rating Reiterated at Deutsche Bank AG
Centene Corporation (NYSE:CNC)‘s stock had its “buy” rating reiterated by equities research analysts at Deutsche Bank AG in a research report issued to clients and investors on Thursday. They currently have a $111.00 target price on the stock, up from their prior target price of $95.00. Deutsche Bank AG’s price objective points to a potential upside of 13.08% from the stock’s previous close.
A number of other analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Centene Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Morgan Stanley assumed coverage on shares of Centene Corporation in a report on Tuesday, June 6th. They set an “overweight” rating and a $86.00 target price on the stock. Bank of America Corporation raised their target price on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Credit Suisse Group restated a “neutral” rating and set a $81.00 target price (up from $78.00) on shares of Centene Corporation in a report on Monday, June 19th. Finally, J P Morgan Chase & Co downgraded shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 target price on the stock. in a report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $91.65.
Shares of Centene Corporation (CNC) traded down 2.03% on Thursday, reaching $96.17. 375,640 shares of the company were exchanged. The stock has a 50 day moving average price of $84.75 and a 200-day moving average price of $77.56. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $98.57. The stock has a market capitalization of $16.59 billion, a P/E ratio of 21.10 and a beta of 0.63.
Centene Corporation (NYSE:CNC) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.29. The business had revenue of $11.95 billion for the quarter, compared to the consensus estimate of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. Centene Corporation’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the company posted $1.29 EPS. On average, equities analysts expect that Centene Corporation will post $4.92 EPS for the current fiscal year.
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In related news, EVP Christopher D. Bowers sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $82.59, for a total transaction of $344,152.53. The disclosure for this sale can be found here. Insiders sold 43,167 shares of company stock valued at $3,470,973 over the last three months. 3.00% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in CNC. Profund Advisors LLC grew its stake in shares of Centene Corporation by 6.7% in the first quarter. Profund Advisors LLC now owns 6,883 shares of the company’s stock valued at $490,000 after buying an additional 435 shares in the last quarter. Strs Ohio grew its stake in shares of Centene Corporation by 34.0% in the first quarter. Strs Ohio now owns 15,958 shares of the company’s stock valued at $1,137,000 after buying an additional 4,049 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Centene Corporation by 8.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,900 shares of the company’s stock valued at $349,000 after buying an additional 400 shares in the last quarter. US Bancorp DE grew its stake in shares of Centene Corporation by 0.8% in the first quarter. US Bancorp DE now owns 22,547 shares of the company’s stock valued at $1,607,000 after buying an additional 171 shares in the last quarter. Finally, World Asset Management Inc grew its stake in shares of Centene Corporation by 17.9% in the first quarter. World Asset Management Inc now owns 18,765 shares of the company’s stock valued at $1,337,000 after buying an additional 2,849 shares in the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.
Centene Corporation Company Profile
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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