Weiss Ratings Reiterates "Sell (D)" Rating for Centene (NYSE:CNC)

Key Points

• The investment analysts at Weiss Ratings have restated Centene's stock rating as "Sell (D)", reflecting ongoing concerns about the company's performance.
• Despite the downgrade, Mizuho has increased their price target for Centene from $28.00 to $40.00, while various analysts have placed mixed ratings including three Buy, thirteen Hold, and three Sell ratings.
• Centene's most recent earnings report revealed a significant miss on earnings per share, reporting ($0.16) compared to an expected $0.23, despite a revenue increase of **22.4%** to $48.74 billion compared to the prior year.

Centene (NYSE:CNC - Get Free Report)'s stock had its "sell (d)" rating restated by investment analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on CNC. Mizuho upped their price target on shares of Centene from $28.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Wall Street Zen cut shares of Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Robert W. Baird dropped their price target on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. JPMorgan Chase & Co. cut their price objective on Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Finally, Wells Fargo & Company set a $41.00 target price on Centene and gave the stock an "equal weight" rating in a report on Tuesday, October 7th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $39.50.

Centene Price Performance

NYSE:CNC traded down $0.29 during midday trading on Friday, hitting $34.07. 8,176,236 shares of the stock were exchanged, compared to its average volume of 9,778,175. The business has a 50-day moving average price of $33.01 and a two-hundred day moving average price of $42.84. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $16.73 billion, a price-to-earnings ratio of 8.43, a P/E/G ratio of 1.35 and a beta of 0.48. Centene has a one year low of $25.08 and a one year high of $70.11.

Centene (NYSE:CNC - Get Free Report) last issued 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). Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm had revenue of $48.74 billion for the quarter, compared to analyst estimates of $44.71 billion. During the same quarter last year, the business posted $2.42 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts predict that Centene will post 6.86 EPS for the current year.

Insider Buying and Selling at Centene

In related news, Director Theodore R. Samuels II bought 9,000 shares of the firm's stock in a transaction on Monday, July 28th. The stock was bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director directly owned 32,000 shares of the company's stock, valued at approximately $883,840. This represents a 39.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sarah London acquired 19,230 shares of Centene stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $25.50 per share, with a total value of $490,365.00. Following the transaction, the chief executive officer owned 845,275 shares of the company's stock, valued at approximately $21,554,512.50. The trade was a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Centene

Several institutional investors have recently made changes to their positions in the company. Quarry LP acquired a new position in Centene in the first quarter worth approximately $26,000. Golden State Wealth Management LLC raised its position in shares of Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after purchasing an additional 388 shares during the period. Cromwell Holdings LLC bought a new stake in shares of Centene during the 3rd quarter worth $62,000. Assetmark Inc. grew its stake in Centene by 248.2% in the 2nd quarter. Assetmark Inc. now owns 1,156 shares of the company's stock valued at $63,000 after buying an additional 824 shares during the last quarter. Finally, GHP Investment Advisors Inc. raised its holdings in Centene by 265.8% in the 2nd quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company's stock worth $64,000 after acquiring an additional 856 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

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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