Centene (NYSE:CNC) Price Target Lowered to $35.00 at Truist Financial

Key Points

• Truist Financial has lowered its price target on Centene (CNC) from $42.00 to $35.00, indicating a potential upside of 26.83% from the current price.
• Several analysts, including Wells Fargo and Morgan Stanley, have downgraded their ratings on Centene, with price targets now ranging from $30.00 to $45.00.
• Centene's stock is currently down 2.8%, trading at $27.60, and has seen a significant drop of 40% in recent times.

Centene (NYSE:CNC - Get Free Report) had its target price decreased by equities research analysts at Truist Financial from $42.00 to $35.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective would suggest a potential upside of 26.83% from the company's current price.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company lowered Centene from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Morgan Stanley lowered Centene from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $70.00 to $33.00 in a research report on Thursday, July 10th. Bank of America lowered Centene from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $52.00 to $30.00 in a research report on Wednesday, July 16th. Barclays decreased their target price on Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 2nd. Finally, Jefferies Financial Group decreased their target price on Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $47.31.

Centene Stock Down 2.8%

Shares of CNC traded down $0.80 during trading hours on Monday, hitting $27.60. The company had a trading volume of 8,513,958 shares, compared to its average volume of 7,684,561. The firm has a fifty day moving average price of $46.76 and a 200-day moving average price of $55.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.11 and a current ratio of 1.10. The stock has a market capitalization of $13.73 billion, a price-to-earnings ratio of 6.83, a P/E/G ratio of 0.53 and a beta of 0.44. Centene has a 52-week low of $26.25 and a 52-week high of $80.59.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.39). The company had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%. Centene's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 EPS. On average, equities research analysts forecast that Centene will post 6.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNC. AQR Capital Management LLC raised its holdings in Centene by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock valued at $669,820,000 after buying an additional 3,306,796 shares during the period. Nuveen LLC purchased a new stake in Centene in the first quarter worth $146,557,000. Boston Partners increased its stake in Centene by 155.3% in the first quarter. Boston Partners now owns 3,901,603 shares of the company's stock worth $236,802,000 after purchasing an additional 2,373,280 shares during the period. Two Sigma Investments LP increased its stake in Centene by 1,788.1% in the fourth quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock worth $136,033,000 after purchasing an additional 2,126,582 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Centene by 111.5% in the first quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock worth $219,055,000 after purchasing an additional 1,902,277 shares during the period. 93.63% of the stock is currently owned by institutional investors.

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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