SVB Leerink started coverage on shares of Centene (NYSE:CNC) in a report released on Wednesday morning, 24/7 WallStreet reports. The firm issued an outperform rating and a $78.00 price objective on the stock. SVB Leerink also issued estimates for Centene’s Q2 2020 earnings at $2.44 EPS, Q3 2020 earnings at $0.96 EPS, Q4 2020 earnings at $0.66 EPS and FY2022 earnings at $6.55 EPS.
Several other brokerages have also recently commented on CNC. Morgan Stanley boosted their target price on shares of Centene from $85.00 to $89.00 and gave the company an overweight rating in a research report on Monday, April 13th. Oppenheimer began coverage on shares of Centene in a research report on Friday, June 12th. They issued a buy rating and a $90.00 target price for the company. Credit Suisse Group restated a hold rating and issued a $72.50 target price on shares of Centene in a research report on Wednesday, April 29th. ValuEngine lowered shares of Centene from a hold rating to a sell rating in a report on Wednesday, April 29th. Finally, Bank of America reaffirmed a buy rating and set a $82.00 price target on shares of Centene in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $82.50.
Shares of NYSE:CNC opened at $66.52 on Wednesday. The firm has a 50 day moving average of $64.63 and a 200-day moving average of $62.92. The stock has a market capitalization of $38.52 billion, a PE ratio of 17.10, a PEG ratio of 0.93 and a beta of 0.73. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.72. Centene has a 12 month low of $41.62 and a 12 month high of $74.70.
In other Centene news, EVP Kenneth A. Burdick sold 14,686 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $62.22, for a total transaction of $913,762.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Tommy G. Thompson sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $64.13, for a total transaction of $96,195.00. The disclosure for this sale can be found here. Insiders have sold a total of 236,669 shares of company stock worth $15,552,024 over the last three months. Insiders own 1.90% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CNC. BlackRock Inc. grew its holdings in Centene by 41.8% during the 1st quarter. BlackRock Inc. now owns 44,354,139 shares of the company’s stock worth $2,635,080,000 after acquiring an additional 13,078,726 shares during the last quarter. State Street Corp lifted its position in shares of Centene by 45.2% in the 1st quarter. State Street Corp now owns 24,458,142 shares of the company’s stock worth $1,453,058,000 after purchasing an additional 7,617,774 shares during the period. Wellington Management Group LLP lifted its position in shares of Centene by 45.3% in the 1st quarter. Wellington Management Group LLP now owns 18,929,221 shares of the company’s stock worth $1,124,586,000 after purchasing an additional 5,898,593 shares during the period. Viking Global Investors LP lifted its position in shares of Centene by 48.8% in the 1st quarter. Viking Global Investors LP now owns 16,230,552 shares of the company’s stock worth $964,257,000 after purchasing an additional 5,323,440 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Centene by 330.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,532,036 shares of the company’s stock worth $388,066,000 after purchasing an additional 5,015,840 shares during the period. 93.57% of the stock is currently owned by hedge funds and other institutional investors.
Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. The company's Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which covers dually eligible individuals, as well as aged, blind, or disabled programs.
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