Centene (NYSE:CNC) Price Target Raised to $71.00 at Truist Financial

Centene (NYSE:CNC) had its target price hoisted by analysts at Truist Financial from $58.00 to $71.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 17.63% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group reiterated a “sell” rating and set a $40.00 price objective on shares of Centene in a research report on Wednesday, April 29th. Barclays increased their price target on Centene from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Morgan Stanley boosted their price objective on Centene from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Raymond James Financial set a $60.00 price target on shares of Centene in a report on Wednesday, April 29th. Finally, UBS Group restated a “neutral” rating and issued a $61.00 target price (up from $55.00) on shares of Centene in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Centene has a consensus rating of “Hold” and an average price target of $58.94.

Centene Stock Up 1.3%

Shares of CNC opened at $60.36 on Monday. The firm’s 50-day simple moving average is $45.44 and its 200 day simple moving average is $42.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $29.81 billion, a P/E ratio of -4.64, a price-to-earnings-growth ratio of 0.47 and a beta of 1.09. Centene has a 52 week low of $25.08 and a 52 week high of $60.76.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The company had revenue of $49.94 billion during the quarter, compared to the consensus estimate of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.90 earnings per share. On average, analysts forecast that Centene will post 3.45 earnings per share for the current year.

Institutional Investors Weigh In On Centene

Institutional investors have recently made changes to their positions in the company. Addison Advisors LLC boosted its holdings in Centene by 455.6% in the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after purchasing an additional 606 shares during the last quarter. DV Equities LLC bought a new stake in Centene during the 4th quarter worth approximately $26,000. IFC & Insurance Marketing Inc. bought a new stake in Centene during the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. lifted its position in shares of Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after acquiring an additional 406 shares in the last quarter. Finally, Bayban purchased a new stake in shares of Centene during the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

About Centene

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.