Centene (NYSE:CNC) Hits New 12-Month High – What’s Next?

Centene Corporation (NYSE:CNC) shares reached a new 52-week high on Monday . The stock traded as high as $69.58 and last traded at $69.5220, with a volume of 2269238 shares trading hands. The stock had previously closed at $66.42.

Analysts Set New Price Targets

Several research firms have recently commented on CNC. Cantor Fitzgerald reissued an “overweight” rating on shares of Centene in a research note on Friday. Truist Financial upped their price objective on Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Wells Fargo & Company set a $69.00 price objective on Centene and gave the company an “equal weight” rating in a research report on Monday, July 13th. Mizuho set a $63.00 target price on Centene and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Barclays reiterated an “overweight” rating and issued a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $70.05.

Centene Stock Performance

The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The company has a market cap of $34.33 billion, a price-to-earnings ratio of -6.65, a P/E/G ratio of 0.42 and a beta of 1.10. The stock has a 50 day moving average price of $65.45 and a two-hundred day moving average price of $55.07.

Centene (NYSE:CNC) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The business had revenue of $53.58 billion during the quarter, compared to analysts’ expectations of $47.64 billion. During the same period in the previous year, the firm earned ($0.16) earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Analysts predict that Centene Corporation will post 4.89 EPS for the current year.

Insider Buying and Selling at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.37% of the stock is owned by corporate insiders.

Institutional Trading of Centene

Hedge funds and other institutional investors have recently modified their holdings of the company. DV Equities LLC bought a new position in shares of Centene in the 4th quarter valued at about $26,000. IFC & Insurance Marketing Inc. acquired a new position in Centene during the fourth quarter valued at approximately $28,000. MidFirst Bank bought a new position in Centene in the second quarter valued at approximately $32,000. Bayban bought a new stake in shares of Centene during the 4th quarter worth approximately $33,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Centene in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

About Centene

Centene Corporation (NYSE: CNC) is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.