Centene (NYSE:CNC) Price Target Raised to $71.00 at Royal Bank Of Canada

Centene (NYSE:CNC) had its price target boosted by analysts at Royal Bank Of Canada from $70.00 to $71.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 6.14% from the stock’s previous close.

Several other research firms have also recently weighed in on CNC. Deutsche Bank Aktiengesellschaft raised Centene from a “hold” rating to a “buy” rating and lifted their target price for the company from $53.00 to $80.00 in a research note on Wednesday, May 20th. Wells Fargo & Company boosted their price target on shares of Centene from $44.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Mizuho set a $63.00 price objective on Centene and gave the stock a “neutral” rating in a report on Monday, June 8th. The Goldman Sachs Group reissued a “sell” rating and issued a $40.00 price target on shares of Centene in a research note on Wednesday, April 29th. Finally, Truist Financial lifted their target price on shares of Centene from $58.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centene has an average rating of “Hold” and an average price target of $62.50.

Centene Trading Down 0.3%

Shares of Centene stock traded down $0.20 on Thursday, reaching $66.89. 935,617 shares of the company were exchanged, compared to its average volume of 6,217,540. Centene has a fifty-two week low of $25.08 and a fifty-two week high of $69.29. The firm has a market capitalization of $33.03 billion, a price-to-earnings ratio of -5.09, a price-to-earnings-growth ratio of 0.52 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The stock has a fifty day moving average price of $60.91 and a 200-day moving average price of $47.57.

Centene (NYSE:CNC) last released its quarterly 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. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The business had revenue of $49.94 billion during the quarter, compared to analyst estimates of $47.53 billion. During the same quarter last year, the company posted $2.90 EPS. Centene’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts expect that Centene will post 3.44 EPS for the current year.

Institutional Investors Weigh In On Centene

Several hedge funds and other institutional investors have recently modified their holdings of CNC. DV Equities LLC acquired a new position in Centene during the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. bought a new stake in Centene in the 4th quarter valued at $28,000. SBI Securities Co. Ltd. raised its stake in shares of Centene by 118.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after buying an additional 406 shares in the last quarter. Bayban bought a new stake in Centene in the fourth quarter valued at about $33,000. Finally, MV Capital Management Inc. bought a new position in Centene during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

About Centene

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.