Centene Corporation’s (CNC) “Buy” Rating Reaffirmed at Oppenheimer Holdings, Inc.
Several other equities research analysts also recently issued reports on CNC. Cantor Fitzgerald reissued a buy rating and issued a $90.00 price objective on shares of Centene Corporation in a research note on Tuesday, July 25th. Morgan Stanley assumed coverage on Centene Corporation in a research report on Tuesday, June 6th. They set an overweight rating and a $86.00 price objective for the company. Cowen and Company reaffirmed an outperform rating and set a $105.00 target price (up previously from $77.00) on shares of Centene Corporation in a research note on Wednesday, September 13th. Bank of America Corporation lifted their target price on Centene Corporation from $93.00 to $95.00 and gave the company a buy rating in a research note on Friday, July 14th. Finally, Zacks Investment Research downgraded Centene Corporation from a buy rating to a hold rating in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. Centene Corporation presently has a consensus rating of Buy and an average target price of $93.44.
Centene Corporation (NYSE:CNC) opened at 96.96 on Friday. The stock has a market capitalization of $16.72 billion, a price-to-earnings ratio of 21.28 and a beta of 0.68. The stock’s 50 day moving average is $89.47 and its 200 day moving average is $79.98. Centene Corporation has a one year low of $50.00 and a one year high of $98.72.
Centene Corporation (NYSE:CNC) last announced its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.29. The company had revenue of $11.95 billion for 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 company’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 EPS. On average, equities analysts forecast that Centene Corporation will post $4.92 EPS for the current year.
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In other Centene Corporation news, EVP Christopher D. Bowers sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total transaction of $317,720.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Michael F. Neidorff sold 35,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $80.26, for a total value of $2,809,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,167 shares of company stock valued at $3,470,973. Corporate insiders own 3.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware bought a new stake in shares of Centene Corporation during the 2nd quarter worth $101,000. Seven Bridges Advisors LLC acquired a new position in Centene Corporation in the 2nd quarter valued at $123,000. IFP Advisors Inc grew its stake in Centene Corporation by 9.6% in the 2nd quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock valued at $155,000 after buying an additional 170 shares during the last quarter. MV Capital Management Inc. acquired a new position in Centene Corporation in the 2nd quarter valued at $186,000. Finally, Sii Investments Inc. WI acquired a new position in Centene Corporation in the 2nd quarter valued at $202,000. Institutional investors and hedge funds own 92.35% 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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