BidaskClub Downgrades Centene Corporation (CNC) to Hold
BidaskClub lowered shares of Centene Corporation (NYSE:CNC) from a buy rating to a hold rating in a report published on Friday.
Other equities analysts also recently issued research reports about the stock. Morgan Stanley assumed coverage on shares of Centene Corporation in a report on Tuesday, June 6th. They issued an overweight rating and a $86.00 price objective for the company. Citigroup Inc. lifted their price objective on shares of Centene Corporation from $80.00 to $89.00 and gave the stock a sell rating in a report on Wednesday, July 26th. ValuEngine downgraded shares of Centene Corporation from a buy rating to a hold rating in a report on Tuesday, June 13th. Stifel Nicolaus lifted their price objective on shares of Centene Corporation from $80.00 to $85.00 and gave the stock a buy rating in a report on Wednesday, April 26th. Finally, Cantor Fitzgerald reaffirmed a buy rating and issued a $90.00 price objective on shares of Centene Corporation in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Centene Corporation presently has an average rating of Buy and an average target price of $86.82.
Shares of Centene Corporation (NYSE CNC) opened at 79.42 on Friday. The stock has a market cap of $13.70 billion, a P/E ratio of 17.43 and a beta of 0.67. The company has a 50-day moving average of $81.41 and a 200 day moving average of $73.49. Centene Corporation has a 52-week low of $50.00 and a 52-week high of $87.94.
Centene Corporation (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.29. The firm had revenue of $11.95 billion during the quarter, compared to the consensus estimate of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 earnings per share. Equities research analysts forecast that Centene Corporation will post $4.87 EPS for the current fiscal year.
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In related news, SVP Mark J. Brooks sold 2,161 shares of Centene Corporation stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Neidorff sold 35,000 shares of Centene Corporation stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $80.26, for a total transaction of $2,809,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,578 shares of company stock worth $3,947,037. Company insiders own 3.00% of the company’s stock.
Several large investors have recently modified their holdings of CNC. Quadrature Capital Ltd bought a new stake in shares of Centene Corporation during the fourth quarter worth $1,067,000. RMB Capital Management LLC bought a new stake in shares of Centene Corporation during the fourth quarter worth $3,076,000. Kentucky Retirement Systems bought a new stake in shares of Centene Corporation during the fourth quarter worth $701,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Centene Corporation during the fourth quarter worth $313,000. Finally, Macquarie Group Ltd. boosted its stake in shares of Centene Corporation by 15.2% in the fourth quarter. Macquarie Group Ltd. now owns 92,969 shares of the company’s stock worth $5,254,000 after buying an additional 12,250 shares in the last quarter. Institutional investors and hedge funds own 93.60% of the company’s stock.
About Centene Corporation
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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