Centene Corporation’s (CNC) Market Perform Rating Reiterated at Leerink Swann
Leerink Swann restated their market perform rating on shares of Centene Corporation (NYSE:CNC) in a research report report published on Wednesday morning, MarketBeat.com reports. The firm currently has a $90.00 target price on the stock, up from their previous target price of $78.00.
A number of other brokerages also recently issued reports on CNC. Bank of America Corporation lifted their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a buy rating in a research report on Friday, July 14th. ValuEngine raised shares of Centene Corporation from a hold rating to a buy rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded shares of Centene Corporation from a buy rating to a hold rating in a research report on Friday, August 4th. BidaskClub downgraded shares of Centene Corporation from a buy rating to a hold rating in a research report on Friday, July 28th. Finally, Cantor Fitzgerald lifted their price objective on shares of Centene Corporation to $107.00 and gave the stock an overweight rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $92.24.
Centene Corporation (NYSE:CNC) opened at 95.98 on Wednesday. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $98.72. The stock has a 50 day moving average of $85.97 and a 200 day moving average of $78.02. The company has a market cap of $16.55 billion, a P/E ratio of 21.06 and a beta of 0.63.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.29. The business had revenue of $11.95 billion for 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 posted $1.29 EPS. On average, analysts expect that Centene Corporation will post $4.92 earnings per share for the current year.
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In other Centene Corporation news, Chairman Michael F. Neidorff sold 35,000 shares of Centene Corporation stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $80.26, for a total transaction of $2,809,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total transaction of $317,720.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,167 shares of company stock valued at $3,470,973. Company insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Centene Corporation by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock valued at $1,336,113,000 after acquiring an additional 774,474 shares during the period. BlackRock Inc. lifted its stake in Centene Corporation by 3,408.1% during the 1st quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock valued at $1,105,275,000 after acquiring an additional 15,068,340 shares during the period. State Street Corp lifted its stake in Centene Corporation by 0.5% during the 2nd quarter. State Street Corp now owns 7,154,348 shares of the company’s stock valued at $571,504,000 after acquiring an additional 35,040 shares during the period. Wells Fargo & Company MN lifted its stake in Centene Corporation by 12.4% during the 2nd quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock valued at $334,973,000 after acquiring an additional 462,936 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in Centene Corporation by 318.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after acquiring an additional 2,667,189 shares during the period. Institutional investors and hedge funds own 92.26% 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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