Piper Jaffray Companies Reaffirms “Buy” Rating for Centene (CNC)
Centene (NYSE:CNC)‘s stock had its “buy” rating reissued by investment analysts at Piper Jaffray Companies in a report issued on Monday. They currently have a $134.00 price target on the stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 41.26% from the stock’s current price.
A number of other equities analysts have also recently commented on CNC. Cantor Fitzgerald reissued a “buy” rating and issued a $115.00 price objective on shares of Centene in a research note on Monday. Oppenheimer reissued a “buy” rating and issued a $111.00 price objective on shares of Centene in a research note on Friday. Leerink Swann reissued a “market perform” rating and issued a $90.00 price objective (up from $78.00) on shares of Centene in a research note on Wednesday, September 13th. BidaskClub raised shares of Centene from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Finally, Cowen reissued an “outperform” rating and issued a $105.00 price objective (up from $77.00) on shares of Centene in a research note on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the stock. Centene currently has an average rating of “Buy” and a consensus price target of $101.33.
Shares of Centene (CNC) traded down $4.16 during trading hours on Monday, hitting $94.86. 4,537,700 shares of the company’s stock were exchanged, compared to its average volume of 1,686,750. Centene has a 1-year low of $54.40 and a 1-year high of $103.15. The stock has a market cap of $16,369.61, a PE ratio of 18.07, a P/E/G ratio of 1.44 and a beta of 0.71. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.71.
In other news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC lifted its holdings in shares of Centene by 5.1% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 601,373 shares of the company’s stock worth $58,195,000 after acquiring an additional 28,979 shares during the last quarter. Shelton Capital Management bought a new stake in Centene during the 3rd quarter valued at about $928,000. Optimum Investment Advisors bought a new stake in Centene during the 3rd quarter valued at about $247,000. Public Employees Retirement System of Ohio lifted its holdings in Centene by 10.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 81,720 shares of the company’s stock valued at $7,908,000 after buying an additional 7,554 shares in the last quarter. Finally, Aldebaran Financial Inc. bought a new stake in Centene during the 3rd quarter valued at about $2,088,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.
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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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