Centene (NYSE:CNC) Price Target Raised to $78.00 at Truist Financial

Centene (NYSE:CNC) had its price objective upped by Truist Financial from $71.00 to $78.00 in a research report released on Tuesday, Marketbeat.com reports. Truist Financial currently has a buy rating on the stock.

CNC has been the subject of several other reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price target on shares of Centene from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Sanford C. Bernstein upped their price target on shares of Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Bank of America raised their price objective on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Barclays reaffirmed an “overweight” rating on shares of Centene in a research report on Tuesday, June 16th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Centene has an average rating of “Hold” and an average target price of $64.61.

Centene Price Performance

CNC opened at $68.62 on Tuesday. The stock has a market cap of $33.89 billion, a P/E ratio of -5.22, a P/E/G ratio of 0.53 and a beta of 1.07. Centene has a 12 month low of $25.08 and a 12 month high of $69.36. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a fifty day simple moving average of $62.14 and a 200 day simple moving average of $48.37.

Centene (NYSE:CNC) last posted its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. During the same period in the previous year, the company posted $2.90 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts expect that Centene will post 3.44 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. DV Equities LLC bought a new position in shares of Centene in the 4th quarter valued at about $26,000. Elevation Wealth Partners LLC raised its holdings in Centene by 564.6% during the second quarter. Elevation Wealth Partners LLC now owns 658 shares of the company’s stock worth $42,000 after acquiring an additional 559 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Centene during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. grew its stake in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after purchasing an additional 406 shares in the last quarter. Finally, Bayban bought a new position in Centene in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Company Profile

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.