Centene (NYSE:CNC) had its price target lowered by equities researchers at Mizuho from $75.00 to $67.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price objective suggests a potential upside of 5.03% from the company’s current price.
Other equities analysts have also recently issued research reports about the company. Morgan Stanley reduced their target price on Centene from $94.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, August 31st. Stephens upgraded Centene from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $71.00 to $87.00 in a report on Tuesday, May 11th. Truist Securities lifted their price objective on Centene from $80.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, June 17th. Bank of America lifted their price objective on Centene from $75.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 8th. Finally, Roth Capital began coverage on Centene in a report on Tuesday, August 17th. They set a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $81.97.
Shares of CNC opened at $63.79 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63. Centene has a 1 year low of $53.60 and a 1 year high of $75.59. The stock has a market cap of $37.19 billion, a P/E ratio of 52.29, a price-to-earnings-growth ratio of 1.09 and a beta of 0.46. The stock’s 50-day moving average price is $68.46 and its two-hundred day moving average price is $67.17.
Centene (NYSE:CNC) last issued its earnings results on Monday, July 26th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.16). Centene had a return on equity of 10.39% and a net margin of 0.61%. The company had revenue of $31.03 billion for the quarter, compared to the consensus estimate of $30.11 billion. During the same quarter last year, the business posted $2.40 EPS. Centene’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, equities analysts forecast that Centene will post 5.14 EPS for the current year.
In other news, Director Orlando Ayala sold 9,366 shares of Centene stock in a transaction that occurred on Thursday, July 29th. The stock was sold at an average price of $70.00, for a total transaction of $655,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Brent D. Layton sold 4,000 shares of Centene stock in a transaction that occurred on Thursday, July 29th. The stock was sold at an average price of $70.00, for a total value of $280,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 68,366 shares of company stock worth $4,785,170 in the last ninety days. Insiders own 1.80% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Argent Trust Co boosted its stake in Centene by 1.1% in the 2nd quarter. Argent Trust Co now owns 14,729 shares of the company’s stock valued at $1,074,000 after purchasing an additional 158 shares during the period. Checchi Capital Advisers LLC lifted its position in shares of Centene by 4.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,617 shares of the company’s stock valued at $295,000 after acquiring an additional 177 shares during the period. Duncker Streett & Co. Inc. lifted its position in shares of Centene by 2.9% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,455 shares of the company’s stock valued at $471,000 after acquiring an additional 183 shares during the period. Rikoon Group LLC lifted its position in shares of Centene by 2.0% during the 1st quarter. Rikoon Group LLC now owns 9,577 shares of the company’s stock valued at $612,000 after acquiring an additional 186 shares during the period. Finally, High Pointe Capital Management LLC lifted its position in shares of Centene by 2.2% during the 1st quarter. High Pointe Capital Management LLC now owns 8,990 shares of the company’s stock valued at $575,000 after acquiring an additional 190 shares during the period. Institutional investors and hedge funds own 91.75% of the company’s stock.
Centene Corp. operates as a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Managed Care and Specialty Services. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.
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