Centene (NYSE:CNC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Centene (NYSE:CNC) had its target price hoisted by JPMorgan Chase & Co. from $52.00 to $60.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 4.12% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Centene in a research note on Monday, April 20th. Raymond James Financial set a $60.00 target price on shares of Centene in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft raised Centene from a “hold” rating to a “buy” rating and raised their price target for the company from $53.00 to $80.00 in a research report on Wednesday, May 20th. UBS Group reissued a “neutral” rating and set a $61.00 price objective (up from $55.00) on shares of Centene in a research report on Friday, May 22nd. Finally, Wells Fargo & Company raised their target price on Centene from $44.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Centene presently has a consensus rating of “Hold” and a consensus target price of $59.94.

Centene Trading Up 0.4%

Shares of NYSE:CNC opened at $62.58 on Monday. 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 market capitalization of $30.90 billion, a PE ratio of -4.74, a P/E/G ratio of 0.49 and a beta of 1.09. Centene has a 1 year low of $25.08 and a 1 year high of $63.50. The firm has a fifty day moving average price of $48.20 and a 200 day moving average price of $43.36.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping 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 company had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the previous year, the firm earned $2.90 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts expect that Centene will post 3.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Addison Advisors LLC grew its holdings in shares of Centene by 455.6% in the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after purchasing an additional 606 shares during the last quarter. DV Equities LLC bought a new stake in Centene during the fourth quarter worth about $26,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of Centene during the fourth quarter worth approximately $28,000. SBI Securities Co. Ltd. raised its stake in shares of Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after acquiring an additional 406 shares during the last quarter. Finally, Bayban acquired a new position in shares of Centene in the 4th quarter worth approximately $33,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

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.