Centene (NYSE:CNC) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Centene (NYSE:CNC) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $90.00 target price on the stock.

A number of other research firms have also weighed in on CNC. TD Cowen raised their price target on shares of Centene from $80.00 to $89.00 and gave the company a buy rating in a report on Wednesday, July 31st. Baird R W upgraded shares of Centene to a hold rating in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft upped their target price on Centene from $82.00 to $87.00 and gave the company a hold rating in a report on Friday, August 2nd. Stephens reiterated an equal weight rating and set a $78.00 price objective on shares of Centene in a report on Monday, August 5th. Finally, Robert W. Baird assumed coverage on shares of Centene in a research note on Thursday, May 30th. They issued a neutral rating and a $83.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $85.58.

Centene Stock Down 0.3 %

Shares of NYSE:CNC opened at $75.35 on Friday. The stock’s fifty day simple moving average is $74.67 and its 200-day simple moving average is $73.43. Centene has a 52-week low of $63.45 and a 52-week high of $81.42. The company has a market capitalization of $40.21 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.99 and a beta of 0.48. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC) last released its earnings results on Friday, July 26th. The company reported $2.42 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.02). Centene had a return on equity of 14.45% and a net margin of 1.79%. The firm had revenue of $39.84 billion during the quarter, compared to analysts’ expectations of $36.83 billion. During the same period in the previous year, the firm posted $2.10 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. As a group, equities research analysts forecast that Centene will post 6.82 earnings per share for the current fiscal year.

Institutional Trading of Centene

Several hedge funds have recently added to or reduced their stakes in CNC. Sanctuary Advisors LLC acquired a new stake in Centene during the second quarter worth about $3,373,000. Granite Bay Wealth Management LLC acquired a new stake in shares of Centene during the second quarter worth $206,000. NewEdge Advisors LLC raised its position in shares of Centene by 64.0% in the 2nd quarter. NewEdge Advisors LLC now owns 32,481 shares of the company’s stock worth $2,154,000 after acquiring an additional 12,674 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Centene by 0.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 378,149 shares of the company’s stock worth $25,071,000 after purchasing an additional 2,565 shares in the last quarter. Finally, Clearline Capital LP lifted its position in shares of Centene by 37.5% during the 2nd quarter. Clearline Capital LP now owns 268,283 shares of the company’s stock valued at $17,787,000 after acquiring an additional 73,172 shares during the period. 93.63% of the stock is 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.