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UBS Group reiterated their neutral rating on shares of Centene (NYSE:CNC – Free Report) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. They currently have a $45.00 target price on the stock, down from their previous target price of $80.00.
A number of other equities research analysts have also recently issued reports on CNC. Wall Street Zen cut shares of Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Jefferies Financial Group decreased their price target on Centene from $64.00 to $61.00 and set a “hold” rating for the company in a research note on Tuesday, April 29th. Guggenheim reissued a “neutral” rating on shares of Centene in a research note on Tuesday, April 29th. Barclays restated an “equal weight” rating and issued a $65.00 target price (down from $84.00) on shares of Centene in a report on Monday, June 2nd. Finally, Morgan Stanley assumed coverage on shares of Centene in a research report on Monday, June 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $68.87.
Get Our Latest Analysis on CNC
Centene Stock Down 40.3%
CNC opened at $33.80 on Wednesday. The company has a market capitalization of $16.82 billion, a PE ratio of 5.04, a price-to-earnings-growth ratio of 0.68 and a beta of 0.44. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.11 and a quick ratio of 1.11. Centene has a fifty-two week low of $33.76 and a fifty-two week high of $80.59. The business has a 50-day moving average of $56.98 and a 200-day moving average of $59.39.
Centene (NYSE:CNC – Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.52 by $0.38. The firm had revenue of $46.62 billion for the quarter, compared to analyst estimates of $43.16 billion. Centene had a net margin of 2.04% and a return on equity of 14.56%. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.26 earnings per share. Equities research analysts forecast that Centene will post 6.86 EPS for the current fiscal year.
Institutional Investors Weigh In On Centene
A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Centene during the 4th quarter worth approximately $1,536,167,000. Invesco Ltd. raised its stake in shares of Centene by 5.1% in the first quarter. Invesco Ltd. now owns 11,091,964 shares of the company’s stock valued at $673,393,000 after purchasing an additional 536,508 shares in the last quarter. AQR Capital Management LLC lifted its position in Centene by 42.7% in the first quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock worth $669,820,000 after purchasing an additional 3,306,796 shares during the period. Ameriprise Financial Inc. boosted its stake in Centene by 32.3% during the fourth quarter. Ameriprise Financial Inc. now owns 6,469,062 shares of the company’s stock worth $391,854,000 after buying an additional 1,578,917 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Centene by 9.1% in the 4th quarter. Northern Trust Corp now owns 5,294,816 shares of the company’s stock valued at $320,760,000 after buying an additional 443,121 shares during the period. 93.63% of the stock is owned by institutional investors and hedge funds.
About Centene
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.
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