Centene Corporation (NYSE:CNC) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Centene has a consensus “Hold” rating from 20 analysts, with two sells, nine holds, eight buys and one strong buy. The average 12-month price target is $70.05, modestly above the reported share price of $64.91.
• Centene reported quarterly EPS of $2.51, exceeding the $1.09 analyst consensus, while revenue rose 9.9% year over year to $53.58 billion.
• Institutional investors own 93.63% of Centene’s shares, while General Counsel Christopher Koster sold 56,500 shares at an average price of $66.90, reducing his holdings by 18.5%.

Centene Corporation (NYSE:CNC - Get Free Report) has been assigned a consensus rating of "Hold" from the twenty research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $70.05.

CNC has been the subject of a number of analyst reports. Mizuho set a $63.00 price target on Centene and gave the stock a "neutral" rating in a report on Monday, June 8th. Raymond James Financial set a $75.00 price objective on Centene in a research note on Tuesday, July 7th. Morgan Stanley set a $66.00 target price on shares of Centene in a research note on Wednesday, July 29th. Cantor Fitzgerald upped their target price on shares of Centene from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $79.00 price target (up from $68.00) on shares of Centene in a research note on Monday, August 3rd.

Insider Transactions at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares in the company, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.37% of the company's stock.

Institutional Investors Weigh In On Centene

Several hedge funds have recently made changes to their positions in the business. MidFirst Bank purchased a new position in Centene during the second quarter worth about $32,000. Fiduciary Financial Advisors purchased a new stake in Centene in the 2nd quarter valued at about $34,000. DV Equities LLC acquired a new position in shares of Centene during the 4th quarter valued at about $26,000. Transamerica Financial Advisors LLC purchased a new position in shares of Centene during the 2nd quarter worth about $42,000. Finally, Elevation Wealth Partners LLC boosted its position in shares of Centene by 564.6% in the second quarter. Elevation Wealth Partners LLC now owns 658 shares of the company's stock worth $42,000 after acquiring an additional 559 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Up 0.2%

Shares of NYSE CNC opened at $64.91 on Monday. The firm's 50-day moving average is $65.33 and its two-hundred day moving average is $53.35. The company has a market capitalization of $32.07 billion, a PE ratio of -6.22, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. Centene has a 12-month low of $28.24 and a 12-month high of $69.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm had revenue of $53.58 billion during the quarter, compared to the consensus estimate of $47.64 billion. During the same period in the previous year, the firm posted ($0.16) EPS. The company's quarterly revenue was up 9.9% compared to the same quarter last year. Equities analysts anticipate that Centene will post 4.89 EPS for the current fiscal year.

Centene Company Profile

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

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