Centene (NYSE:CNC) Price Target Raised to $60.00

Centene (NYSE:CNC) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $52.00 to $60.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 4.12% from the stock’s previous close.

A number of other research firms have also commented on CNC. Oppenheimer raised their price target on Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Robert W. Baird raised their target price on shares of Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. TD Cowen reaffirmed a “hold” rating and issued a $47.00 price target (up from $38.00) on shares of Centene in a research note on Monday, May 4th. Barclays increased their price objective on shares of Centene from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company increased their target price on Centene from $44.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $59.94.

Centene Price Performance

Shares of CNC stock opened at $62.58 on Monday. 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 12 month low of $25.08 and a 12 month high of $63.50. The firm has a market cap of $30.90 billion, a price-to-earnings ratio of -4.74, a PEG ratio of 0.49 and a beta of 1.09. The stock has a 50-day moving average price of $48.20 and a 200 day moving average price of $43.36.

Centene (NYSE:CNC) last posted 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. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The company had revenue of $49.94 billion for the quarter, compared to the consensus estimate of $47.53 billion. During the same quarter in the prior year, the business posted $2.90 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. Research analysts expect that Centene will post 3.45 EPS for the current year.

Hedge Funds Weigh In On Centene

A number of large investors have recently made changes to their positions in CNC. Addison Advisors LLC increased its position in Centene by 455.6% during the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after buying an additional 606 shares during the period. DV Equities LLC acquired a new stake in Centene in the 4th quarter worth about $26,000. IFC & Insurance Marketing Inc. bought a new position in shares of Centene during the fourth quarter worth approximately $28,000. SBI Securities Co. Ltd. grew its position 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 in the last quarter. Finally, Bayban acquired a new stake in shares of Centene during the 4th quarter worth $33,000. 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.