Bank of America Increases Centene (NYSE:CNC) Price Target to $74.00

Centene (NYSE:CNC) had its target price increased by equities research analysts at Bank of America from $72.00 to $74.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 18.08% from the company’s previous close.

Several other research firms have also weighed in on CNC. Morgan Stanley increased their target price on Centene from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday. Wall Street Zen raised Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft upgraded Centene from a “hold” rating to a “buy” rating and increased their price objective for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Mizuho set a $58.00 target price on shares of Centene and gave the stock a “neutral” rating in a report on Wednesday, May 20th. Finally, Zacks Research raised shares of Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.47.

Centene Price Performance

Shares of CNC stock traded up $3.12 during mid-day trading on Thursday, reaching $62.67. The company’s stock had a trading volume of 2,586,730 shares, compared to its average volume of 6,361,598. The firm’s 50-day moving average is $47.01 and its two-hundred day moving average is $42.99. The company has a market cap of $30.95 billion, a P/E ratio of -4.77, a PEG ratio of 0.47 and a beta of 1.09. Centene has a 1-year low of $25.08 and a 1-year high of $63.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12.

Centene (NYSE:CNC) last posted its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.90 earnings per share. On average, research analysts predict that Centene will post 3.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. DV Equities LLC bought a new position in Centene in the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Centene during the fourth quarter valued at $28,000. Addison Advisors LLC boosted its holdings in Centene by 455.6% in the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after acquiring an additional 606 shares during the last quarter. SBI Securities Co. Ltd. increased its position in Centene by 118.4% in 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 period. Finally, Bayban acquired a new position in Centene during the 4th quarter valued at about $33,000. Institutional investors 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.