Centene (NYSE:CNC) Price Target Cut to $42.00 by Analysts at Truist Financial

Centene (NYSE:CNC - Free Report) had its price objective trimmed by Truist Financial from $84.00 to $42.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently commented on CNC. Barclays reduced their price objective 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. UBS Group reissued a "neutral" rating and issued a $45.00 price objective (down from $80.00) on shares of Centene in a research note on Wednesday, July 2nd. Morgan Stanley downgraded Centene from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $70.00 to $33.00 in a research note on Thursday, July 10th. Robert W. Baird reduced 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, Cantor Fitzgerald reduced their price objective on Centene from $90.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $58.63.

Centene Price Performance

Shares of CNC stock traded down $1.19 during trading hours on Wednesday, hitting $27.95. 22,516,441 shares of the company's stock were exchanged, compared to its average volume of 6,006,150. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.65. The firm has a market cap of $13.91 billion, a P/E ratio of 4.17, a P/E/G ratio of 0.40 and a beta of 0.44. The firm has a 50 day moving average of $50.03 and a two-hundred day moving average of $57.03. Centene has a fifty-two week low of $27.88 and a fifty-two week high of $80.59.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.38. The business 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 business's quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.26 EPS. Sell-side analysts forecast that Centene will post 6.86 EPS for the current year.

Hedge Funds Weigh In On Centene

Hedge funds have recently modified their holdings of the business. Ameriflex Group Inc. purchased a new position in shares of Centene during the 4th quarter worth $26,000. Pinney & Scofield Inc. purchased a new position in shares of Centene during the 4th quarter worth $25,000. Hurley Capital LLC purchased a new position in shares of Centene during the 4th quarter worth $26,000. Quarry LP purchased a new position in shares of Centene during the 1st quarter worth $26,000. Finally, Studio Investment Management LLC purchased a new position in Centene during the 4th quarter valued at about $32,000. 93.63% of the stock is currently owned by hedge funds and other 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.