Jefferies Group LLC Reiterates “Buy” Rating for Centene Corporation (CNC)
Jefferies Group LLC reaffirmed their buy rating on shares of Centene Corporation (NYSE:CNC) in a research report report published on Thursday morning. They currently have a $98.00 target price on the stock. Jefferies Group also issued estimates for Centene Corporation’s Q4 2017 earnings at $0.95 EPS, FY2017 earnings at $5.00 EPS and FY2018 earnings at $5.51 EPS.
A number of other brokerages also recently weighed in on CNC. Deutsche Bank AG assumed coverage on shares of Centene Corporation in a research note on Wednesday, April 5th. They set a buy rating and a $84.00 target price for the company. Cantor Fitzgerald reissued a buy rating and set a $88.00 target price (up previously from $85.00) on shares of Centene Corporation in a research note on Tuesday, April 25th. Stifel Nicolaus lifted their target price on shares of Centene Corporation from $80.00 to $85.00 and gave the stock a buy rating in a research note on Wednesday, April 26th. Evercore ISI lifted their target price on shares of Centene Corporation from $80.00 to $83.00 and gave the stock an outperform rating in a research note on Wednesday, April 26th. Finally, Zacks Investment Research raised shares of Centene Corporation from a hold rating to a buy rating and set a $82.00 target price for the company in a research note on Thursday, April 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $86.82.
Shares of Centene Corporation (NYSE:CNC) opened at 82.69 on Thursday. The firm has a market cap of $14.26 billion, a price-to-earnings ratio of 18.15 and a beta of 0.67. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $87.94. The firm’s 50-day moving average is $81.36 and its 200-day moving average is $73.20.
Centene Corporation (NYSE:CNC) last released its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.29. The firm had revenue of $11.95 billion during 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 for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 earnings per share. Analysts predict that Centene Corporation will post $4.87 earnings per share for the current fiscal year.
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In other news, Director Robert K. Ditmore sold 3,900 shares of Centene Corporation stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $294,177.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Neidorff sold 35,000 shares of Centene Corporation stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $80.26, for a total transaction of $2,809,100.00. The disclosure for this sale can be found here. Insiders have sold 49,578 shares of company stock valued at $3,947,037 over the last quarter. Corporate insiders own 3.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. boosted its position 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 worth $118,000 after buying an additional 93 shares in the last quarter. Quadrant Capital Group LLC boosted its position 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 worth $155,000 after buying an additional 120 shares in the last quarter. Creative Planning boosted its position in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock worth $176,000 after buying an additional 127 shares in the last quarter. Howard Hughes Medical Institute boosted its position 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 worth $191,000 after buying an additional 1,320 shares in the last quarter. Finally, Reliance Trust Co. of Delaware acquired a new position in shares of Centene Corporation during the first quarter worth about $201,000. Hedge funds and other institutional investors own 93.60% 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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