Cowen and Company Reiterates Buy Rating for Centene Corporation (CNC)
Centene Corporation (NYSE:CNC)‘s stock had its “buy” rating reissued by equities researchers at Cowen and Company in a report released on Tuesday. They currently have a $115.00 price target on the stock. Cowen and Company’s target price would indicate a potential upside of 17.36% from the stock’s current price.
CNC has been the subject of several other reports. Bank of America Corporation boosted their target price on Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a report on Friday, July 14th. Cantor Fitzgerald boosted their target price on Centene Corporation to $107.00 and gave the company an “overweight” rating in a report on Wednesday, September 13th. ValuEngine raised Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Zacks Investment Research downgraded Centene Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, BidaskClub cut Centene Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the stock. Centene Corporation has a consensus rating of “Buy” and an average target price of $96.11.
Shares of Centene Corporation (CNC) traded down 4.21% on Tuesday, hitting $93.86. The stock had a trading volume of 2,344,759 shares. The company has a market cap of $16.19 billion, a price-to-earnings ratio of 20.60 and a beta of 0.68. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.71. The stock has a 50 day moving average price of $93.76 and a 200-day moving average price of $82.78.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.10. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The business had revenue of $11.90 billion during the quarter, compared to the consensus estimate of $11.75 billion. During the same period in the previous year, the business earned $1.12 EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. On average, equities analysts expect that Centene Corporation will post $4.92 earnings per share for the current year.
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In related news, EVP Christopher D. Bowers sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was 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 SEC, which is available at this link. Also, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total value of $344,152.53. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Centene Corporation by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock worth $1,336,113,000 after acquiring an additional 774,474 shares during the period. State Street Corp grew its holdings in shares of Centene Corporation by 0.5% in the 2nd quarter. State Street Corp now owns 7,154,348 shares of the company’s stock worth $571,504,000 after acquiring an additional 35,040 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Centene Corporation by 12.4% in the 2nd quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock worth $334,973,000 after acquiring an additional 462,936 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Centene Corporation by 318.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock worth $279,882,000 after acquiring an additional 2,667,189 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Centene Corporation by 13.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,249,254 shares of the company’s stock worth $179,673,000 after acquiring an additional 259,662 shares during the period. Institutional investors and hedge funds own 92.70% of the company’s stock.
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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