Centene (NYSE:CNC) Sets New 52-Week High – Should You Buy?

Centene Corporation (NYSE:CNC)’s stock price hit a new 52-week high on Tuesday. The company traded as high as $69.64 and last traded at $69.6360, with a volume of 2,477,674 shares trading hands. The stock had previously closed at $67.02.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CNC shares. Weiss Ratings raised Centene from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. Sanford C. Bernstein restated an “outperform” rating and issued a $79.00 target price (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Centene in a report on Friday. Truist Financial increased their target price on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, UBS Group set a $79.00 price target on shares of Centene in a report on Tuesday, August 18th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $70.05.

Centene Price Performance

The stock has a fifty day moving average of $65.05 and a 200-day moving average of $58.82. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $34.34 billion, a P/E ratio of -6.67, a PEG ratio of 0.41 and a beta of 1.13.

Centene (NYSE:CNC) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The company’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) EPS. Equities analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel directly owned 248,854 shares of the company’s stock, valued at $16,648,332.60. This represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNC. BlackRock Inc. bought a new stake in shares of Centene during the second quarter worth $2,660,422,000. Wellington Management Group LLP boosted its holdings in Centene by 423.0% in the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after acquiring an additional 10,757,914 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Centene by 12.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock worth $354,173,000 after purchasing an additional 608,249 shares during the period. Bank of America Corp DE bought a new stake in Centene during the 2nd quarter worth about $285,713,000. Finally, Deutsche Bank AG bought a new stake in Centene during the 2nd quarter worth about $257,279,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Company Profile

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.