Centene Corporation’s (CNC) Outperform Rating Reaffirmed at Sanford C. Bernstein
Centene Corporation (NYSE:CNC)‘s stock had its “outperform” rating reaffirmed by equities researchers at Sanford C. Bernstein in a research note issued to investors on Tuesday, July 11th, The Fly reports.
CNC has been the subject of several other reports. Morgan Stanley began coverage on shares of Centene Corporation in a report on Tuesday, June 6th. They set an “overweight” rating and a $86.00 price target for the company. J P Morgan Chase & Co cut shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 target price for the company. in a research note on Monday, May 22nd. Stifel Nicolaus lifted their target price on shares of Centene Corporation from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $85.00 target price (up from $83.00) on shares of Centene Corporation in a research note on Saturday, April 29th. Finally, Citigroup Inc. cut shares of Centene Corporation from a “buy” rating to a “neutral” rating and set a $73.00 target price for the company. in a research note on Thursday, March 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company. Centene Corporation presently has a consensus rating of “Buy” and a consensus target price of $86.82.
Shares of Centene Corporation (NYSE:CNC) traded up 0.15% during trading on Tuesday, reaching $82.72. 836,737 shares of the company’s stock traded hands. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of 18.15 and a beta of 0.66. The stock has a 50-day moving average of $81.87 and a 200-day moving average of $73.81. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $87.94.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company posted $1.29 earnings per share. On average, equities analysts predict that Centene Corporation will post $4.92 EPS for the current fiscal year.
In related news, SVP Mark J. Brooks sold 2,161 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert K. Ditmore sold 3,900 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $75.43, for a total transaction of $294,177.00. The disclosure for this sale can be found here. Insiders sold a total of 53,578 shares of company stock worth $4,264,757 in the last 90 days. 3.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CNC. Vanguard Group Inc. increased its position in shares of Centene Corporation by 3.8% in the first quarter. Vanguard Group Inc. now owns 15,952,026 shares of the company’s stock valued at $1,136,742,000 after buying an additional 590,551 shares during the period. BlackRock Inc. increased its position in Centene Corporation by 3,408.1% in the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock worth $1,105,275,000 after buying an additional 15,068,340 shares during the last quarter. State Street Corp increased its position in Centene Corporation by 2.4% in the first quarter. State Street Corp now owns 7,119,308 shares of the company’s stock worth $507,340,000 after buying an additional 169,286 shares during the last quarter. Wells Fargo & Company MN increased its position in Centene Corporation by 11.6% in the first quarter. Wells Fargo & Company MN now owns 3,730,530 shares of the company’s stock worth $265,837,000 after buying an additional 386,874 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in Centene Corporation by 33.6% in the first quarter. TIAA CREF Investment Management LLC now owns 2,132,087 shares of the company’s stock worth $151,933,000 after buying an additional 536,721 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.
About Centene Corporation
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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