Centene (NYSE:CNC) Sees Large Volume Increase - Here's Why

Centene Corporation (NYSE:CNC - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 6,671,054 shares were traded during trading, an increase of 22% from the previous session's volume of 5,466,049 shares.The stock last traded at $33.24 and had previously closed at $33.31.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $48.00 target price (down previously from $75.00) on shares of Centene in a report on Wednesday, July 2nd. Barclays lowered their target price on Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 2nd. Jefferies Financial Group lowered their target price 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 reissued a "neutral" rating and set a $45.00 target price (down from $80.00) on shares of Centene in a research note on Wednesday, July 2nd. Finally, Robert W. Baird decreased their price target on Centene from $71.00 to $69.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Centene currently has a consensus rating of "Hold" and a consensus target price of $68.87.

Centene Trading Down 0.8%

The company has a 50 day simple moving average of $55.40 and a 200 day simple moving average of $58.85. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $16.31 billion, a PE ratio of 4.89, a P/E/G ratio of 0.45 and a beta of 0.44.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.52 by $0.38. The firm 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%. The firm's revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.26 EPS. Analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Centene

Large investors have recently modified their holdings of the business. Pinney & Scofield Inc. purchased a new position in shares of Centene during the 4th quarter worth approximately $25,000. Hurley Capital LLC purchased a new position in shares of Centene during the 4th quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new position in shares of Centene during the 4th quarter worth approximately $26,000. Quarry LP purchased a new position in shares of Centene during the 1st quarter worth approximately $26,000. Finally, Rialto Wealth Management LLC purchased a new position in shares of Centene during the 4th quarter worth approximately $30,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

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.