Centene Corp. (CNC) Raised to Outperform at Sanford C. Bernstein
Sanford C. Bernstein upgraded shares of Centene Corp. (NYSE:CNC) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning. They currently have $69.00 price objective on the stock, down from their previous price objective of $77.00. The analysts noted that the move was a valuation call.
CNC has been the topic of several other research reports. Vetr cut shares of Centene Corp. from a strong-buy rating to a buy rating and set a $81.00 target price on the stock. in a report on Wednesday, July 20th. Cantor Fitzgerald restated a buy rating on shares of Centene Corp. in a report on Thursday, September 29th. Evercore ISI assumed coverage on shares of Centene Corp. in a report on Thursday, September 22nd. They issued a buy rating and a $79.00 target price on the stock. Credit Suisse Group AG restated a buy rating and issued a $78.00 target price on shares of Centene Corp. in a report on Tuesday, September 13th. Finally, Jefferies Group dropped their target price on shares of Centene Corp. from $89.00 to $82.00 and set a buy rating on the stock in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $79.41.
Shares of Centene Corp. (NYSE:CNC) opened at 56.245 on Monday. The firm’s 50-day moving average is $61.36 and its 200-day moving average is $65.61. Centene Corp. has a one year low of $47.36 and a one year high of $75.57. The company has a market cap of $9.61 billion, a PE ratio of 20.716 and a beta of 0.79.
Centene Corp. (NYSE:CNC) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $1.11 EPS for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.04. Centene Corp. had a net margin of 1.17% and a return on equity of 13.40%. The firm had revenue of $10.85 billion for the quarter, compared to analysts’ expectations of $10.96 million. During the same quarter in the previous year, the company earned $0.87 EPS. The company’s quarterly revenue was up 86.3% compared to the same quarter last year. On average, equities analysts anticipate that Centene Corp. will post $4.33 EPS for the current year.
In other news, EVP Jesse N. Hunter sold 5,000 shares of Centene Corp. stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $65.00, for a total value of $325,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Carol Goldman sold 10,000 shares of Centene Corp. stock in a transaction dated Monday, October 3rd. The stock was 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 insiders.
Hedge funds have recently modified their holdings of the stock. Global X Management Co. LLC raised its stake in shares of Centene Corp. by 170.5% in the third quarter. Global X Management Co. LLC now owns 1,580 shares of the company’s stock worth $106,000 after buying an additional 996 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake 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 during the last quarter. BKS Advisors LLC purchased a new stake in shares of Centene Corp. during the third quarter worth approximately $107,000. Robecosam AG purchased a new stake in shares of Centene Corp. during the first quarter worth approximately $107,000. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of Centene Corp. by 88.3% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,781 shares of the company’s stock worth $119,000 after buying an additional 835 shares during the last quarter. 94.41% of the stock is owned by institutional investors and hedge funds.
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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