Centene (NYSE:CNC) Downgraded to Equal Weight Rating by Morgan Stanley

Centene (NYSE:CNC - Get Free Report) was downgraded by Morgan Stanley from an "overweight" rating to an "equal weight" rating in a report released on Thursday,Finviz reports. They currently have a $33.00 price objective on the stock.

Several other equities analysts have also recently issued reports on CNC. Jefferies Financial Group decreased their price objective on Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research note on Tuesday, April 29th. UBS Group reiterated a "neutral" rating and issued a $45.00 price objective (down previously from $80.00) on shares of Centene in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $48.00 price objective (down previously from $75.00) on shares of Centene in a research note on Wednesday, July 2nd. Robert W. Baird decreased their price objective on Centene from $71.00 to $69.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Guggenheim reiterated a "neutral" rating on shares of Centene in a research note on Tuesday, April 29th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $66.40.

Centene Stock Performance

NYSE CNC opened at $33.00 on Thursday. The company has a market cap of $16.42 billion, a P/E ratio of 4.92, a P/E/G ratio of 0.48 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. The stock has a 50-day moving average of $54.33 and a two-hundred day moving average of $58.49. Centene has a 1-year low of $31.78 and a 1-year high of $80.59.

Centene (NYSE:CNC - Get Free Report) last released its earnings results 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 company had revenue of $46.62 billion during the quarter, compared to the consensus estimate of $43.16 billion. Centene had a return on equity of 14.56% and a net margin of 2.04%. Centene's revenue was up 15.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.26 EPS. As a group, analysts anticipate that Centene will post 6.86 EPS for the current year.

Institutional Investors Weigh In On Centene

Large investors have recently modified their holdings of the stock. Pinney & Scofield Inc. purchased a new stake in shares of Centene during the fourth quarter worth approximately $25,000. Hurley Capital LLC acquired a new position in shares of Centene during the 4th quarter worth $26,000. Ameriflex Group Inc. purchased a new position in shares of Centene in the 4th quarter valued at about $26,000. Quarry LP acquired a new stake in shares of Centene in the first quarter valued at about $26,000. Finally, Studio Investment Management LLC acquired a new stake in shares of Centene in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Company Profile

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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