Centene Corporation’s (CNC) “Overweight” Rating Reaffirmed at Morgan Stanley
Morgan Stanley restated their overweight rating on shares of Centene Corporation (NYSE:CNC) in a research report released on Wednesday morning. The firm currently has a $94.00 price target on the stock, up from their previous price target of $86.00.
Other research analysts have also issued research reports about the company. Stifel Nicolaus raised their target price on Centene Corporation from $80.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 26th. Cantor Fitzgerald restated a buy rating and issued a $88.00 target price (up previously from $85.00) on shares of Centene Corporation in a report on Tuesday, April 25th. Jefferies Group LLC restated a buy rating and issued a $79.00 target price on shares of Centene Corporation in a report on Wednesday, April 19th. Deutsche Bank AG initiated coverage on Centene Corporation in a report on Wednesday, April 5th. They issued a buy rating and a $84.00 target price on the stock. Finally, Zacks Investment Research upgraded Centene Corporation from a hold rating to a buy rating and set a $82.00 target price on the stock in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Centene Corporation currently has a consensus rating of Buy and an average price target of $86.82.
Shares of Centene Corporation (NYSE CNC) opened at 82.69 on Wednesday. The stock’s 50 day moving average price is $81.36 and its 200-day moving average price is $73.20. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $87.94. The company has a market cap of $14.26 billion, a PE ratio of 18.15 and a beta of 0.68.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.29. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The company had revenue of $11.95 billion for the quarter, compared to analyst estimates of $11.69 billion. During the same quarter last year, the company earned $1.29 earnings per share. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. Analysts expect that Centene Corporation will post $4.87 EPS for the current year.
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In other Centene Corporation news, SVP Mark J. Brooks sold 2,161 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $163,004.23. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jesse N. Hunter sold 5,000 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $74.40, for a total value of $372,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,578 shares of company stock worth $4,319,037. Corporate insiders own 3.00% of the company’s stock.
Several hedge funds have recently modified their holdings of CNC. Bronfman E.L. Rothschild L.P. raised its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after buying an additional 93 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Centene Corporation by 5.6% in the first quarter. Quadrant Capital Group LLC now owns 2,263 shares of the company’s stock valued at $155,000 after buying an additional 120 shares during the last quarter. Creative Planning raised its stake in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock valued at $176,000 after buying an additional 127 shares during the last quarter. Howard Hughes Medical Institute raised its stake in shares of Centene Corporation by 96.7% in the first quarter. Howard Hughes Medical Institute now owns 2,685 shares of the company’s stock valued at $191,000 after buying an additional 1,320 shares during the last quarter. Finally, Eagle Global Advisors LLC purchased a new stake in shares of Centene Corporation during the second quarter valued at about $216,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.
Centene Corporation Company Profile
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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