Centene (NYSE:CNC) Reaches New 52-Week High – Here’s Why

Centene Corporation (NYSE:CNC)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $66.81 and last traded at $66.9210, with a volume of 454746 shares changing hands. The stock had previously closed at $64.19.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Sanford C. Bernstein upped their price target on Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Raymond James Financial set a $60.00 price objective on Centene in a report on Wednesday, April 29th. The Goldman Sachs Group restated a “sell” rating and issued a $40.00 price target on shares of Centene in a report on Wednesday, April 29th. Mizuho set a $63.00 target price on Centene and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, Robert W. Baird lifted their price objective on shares of Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $60.78.

Centene Stock Performance

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market cap of $33.48 billion, a P/E ratio of -5.16, a price-to-earnings-growth ratio of 0.53 and a beta of 1.07. The company’s 50-day moving average price is $58.88 and its two-hundred day moving average price is $46.80.

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

Institutional Trading of Centene

Several hedge funds have recently modified their holdings of CNC. DV Equities LLC bought a new stake in Centene during the 4th quarter worth about $26,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Centene in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. boosted its holdings in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after purchasing an additional 406 shares during the last quarter. Bayban bought a new position in Centene in the fourth quarter valued at approximately $33,000. Finally, MV Capital Management Inc. acquired a new position in shares of Centene during the 4th quarter worth about $34,000. 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.