Oppenheimer Reiterates Outperform Rating for Centene (NYSE:CNC)

Centene (NYSE:CNCGet Free Report)‘s stock had its “outperform” rating reaffirmed by stock analysts at Oppenheimer in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $110.00 target price on the stock. Oppenheimer’s price objective would suggest a potential upside of 64.25% from the stock’s previous close.

A number of other analysts also recently issued reports on CNC. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Centene from $81.00 to $82.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Baird R W upgraded Centene to a “hold” rating in a report on Thursday, May 30th. Robert W. Baird started coverage on shares of Centene in a research report on Thursday, May 30th. They issued a “neutral” rating and a $83.00 target price for the company. Wells Fargo & Company lifted their price target on Centene from $89.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Stephens reaffirmed an “equal weight” rating and set a $83.00 target price on shares of Centene in a research note on Thursday, May 30th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $84.93.

View Our Latest Analysis on Centene

Centene Stock Performance

Shares of NYSE:CNC traded down $0.51 during midday trading on Friday, reaching $66.97. 1,022,004 shares of the company traded hands, compared to its average volume of 3,261,492. Centene has a 12 month low of $60.83 and a 12 month high of $81.42. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $35.74 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.86 and a beta of 0.47. The firm’s fifty day moving average price is $73.22 and its two-hundred day moving average price is $75.17.

Centene (NYSE:CNCGet Free Report) last issued its quarterly earnings results on Friday, April 26th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.17. The firm had revenue of $40.41 billion during the quarter, compared to the consensus estimate of $36.43 billion. Centene had a return on equity of 14.19% and a net margin of 1.76%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the company posted $2.11 EPS. On average, equities analysts expect that Centene will post 6.82 earnings per share for the current year.

Insider Activity

In other news, President Kenneth J. Fasola sold 8,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $77.62, for a total transaction of $620,960.00. Following the completion of the sale, the president now owns 300,357 shares of the company’s stock, valued at approximately $23,313,710.34. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, President Kenneth J. Fasola sold 8,000 shares of Centene stock in a transaction on Monday, May 13th. The shares were sold at an average price of $77.62, for a total transaction of $620,960.00. Following the transaction, the president now owns 300,357 shares in the company, valued at approximately $23,313,710.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher J. Coughlin sold 878 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $76.75, for a total value of $67,386.50. Following the completion of the transaction, the director now owns 25,504 shares in the company, valued at $1,957,432. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Centene in the 4th quarter worth approximately $1,325,441,000. Swedbank AB purchased a new stake in Centene during the first quarter valued at $914,080,000. Harris Associates L P grew its stake in shares of Centene by 172.8% in the 4th quarter. Harris Associates L P now owns 10,863,367 shares of the company’s stock worth $806,170,000 after buying an additional 6,881,450 shares in the last quarter. Boston Partners raised its position in shares of Centene by 0.4% during the 1st quarter. Boston Partners now owns 8,652,177 shares of the company’s stock valued at $678,033,000 after buying an additional 32,427 shares in the last quarter. Finally, Morgan Stanley grew its position in Centene by 7.3% in the third quarter. Morgan Stanley now owns 6,023,782 shares of the company’s stock worth $414,918,000 after acquiring an additional 408,525 shares in the last quarter. Institutional investors own 93.63% of the company’s stock.

About Centene

(Get Free Report)

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.

Further Reading

Analyst Recommendations for Centene (NYSE:CNC)

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