Jefferies Group Reiterates Buy Rating for Centene Corp. (CNC)
Centene Corp. (NYSE:CNC)‘s stock had its “buy” rating reaffirmed by stock analysts at Jefferies Group in a research report issued to clients and investors on Sunday. They currently have a $82.00 target price on the stock. Jefferies Group’s target price points to a potential upside of 36.53% from the company’s current price.
Other equities research analysts have also recently issued research reports about the company. FBR & Co reiterated an “outperform” rating and set a $90.00 price objective on shares of Centene Corp. in a research note on Tuesday, July 26th. Vetr cut Centene Corp. from a “strong-buy” rating to a “buy” rating and set a $81.00 price objective on the stock. in a research note on Wednesday, July 20th. Credit Suisse Group AG reiterated a “buy” rating on shares of Centene Corp. in a research note on Tuesday, June 28th. Zacks Investment Research cut Centene Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Centene Corp. in a research note on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $80.76.
Shares of Centene Corp. (NYSE:CNC) opened at 60.06 on Friday. The firm has a market cap of $10.25 billion, a P/E ratio of 23.18 and a beta of 0.94. The firm’s 50-day moving average is $65.97 and its 200-day moving average is $65.75. Centene Corp. has a 1-year low of $47.36 and a 1-year high of $75.57.
Centene Corp. (NYSE:CNC) last released its earnings results on Tuesday, July 26th. The company reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.20. The firm had revenue of $10.90 billion for the quarter, compared to analysts’ expectations of $10.80 billion. Centene Corp. had a return on equity of 14.27% and a net margin of 1.19%. The business’s quarterly revenue was up 97.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. On average, analysts anticipate that Centene Corp. will post $4.37 EPS for the current fiscal year.
In other Centene Corp. news, EVP Kenneth Rone Baldwin sold 6,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $66.58, for a total value of $399,480.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Carol Goldman sold 10,000 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total value of $663,600.00. The disclosure for this sale can be found here. 4.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Robecosam AG purchased a new position in shares of Centene Corp. during the first quarter worth approximately $107,000. Duncker Streett & Co. Inc. raised its position in shares of Centene Corp. by 28.0% in the second quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the company’s stock worth $114,000 after buying an additional 350 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Centene Corp. by 11.0% in the second quarter. Quadrant Capital Group LLC now owns 2,170 shares of the company’s stock worth $151,000 after buying an additional 215 shares in the last quarter. Tompkins Financial Corp raised its position in shares of Centene Corp. by 243.8% in the second quarter. Tompkins Financial Corp now owns 2,235 shares of the company’s stock worth $159,000 after buying an additional 1,585 shares in the last quarter. Finally, Financial Engines Advisors L.L.C. purchased a new position in shares of Centene Corp. during the second quarter worth approximately $163,000. 92.91% of the stock is currently owned by hedge funds and other institutional investors.
Centene Corp. Company Profile
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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