Centene (NYSE:CNC) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Centene (NYSE:CNC) had its price target increased by investment analysts at Morgan Stanley from $50.00 to $57.00 in a note issued to investors on Thursday,MarketScreener reports. Morgan Stanley’s target price would suggest a potential downside of 8.42% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Centene in a research note on Monday, April 20th. Jefferies Financial Group increased their target price on Centene from $39.00 to $48.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a “hold” rating to a “buy” rating and raised their target price for the stock from $53.00 to $80.00 in a report on Wednesday, May 20th. Raymond James Financial set a $60.00 price objective on Centene in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $40.00 target price on shares of Centene in a research note on Wednesday, April 29th. One 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $59.35.

Centene Trading Up 4.5%

Shares of CNC opened at $62.24 on Thursday. The business’s 50-day moving average price is $47.01 and its 200-day moving average price is $42.99. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene has a twelve month low of $25.08 and a twelve month high of $62.10. The stock has a market cap of $30.74 billion, a PE ratio of -4.72, a P/E/G ratio of 0.47 and a beta of 1.09.

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

Institutional Investors Weigh In On Centene

A number of hedge funds have recently bought and sold shares of the business. Addison Advisors LLC raised its position in shares of Centene by 455.6% during the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after buying an additional 606 shares in the last quarter. DV Equities LLC purchased a new stake in Centene during the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. bought a new stake in Centene in the fourth quarter worth $28,000. SBI Securities Co. Ltd. boosted its stake in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after buying an additional 406 shares during the period. Finally, Bayban purchased a new stake in shares of Centene in the fourth quarter valued at $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.