Todays Report: The Centene Corp. (CNC) Downgraded by Zacks Investment Research

The Centene Corp. (CNC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Centene Corp. (NYSE:CNC) from a hold rating to a sell rating in a research report released on Tuesday.

According to Zacks, “Centene Corporation provides managed care programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income, and the State Children’s Health Insurance Program. “

A number of other equities research analysts have also weighed in on CNC. Vetr upgraded Centene Corp. from a buy rating to a strong-buy rating and set a $78.50 price objective on the stock in a research report on Monday, June 27th. Leerink Swann reiterated a hold rating on shares of Centene Corp. in a research report on Tuesday, October 4th. Wedbush reiterated an outperform rating and issued a $85.00 price target on shares of Centene Corp. in a research report on Wednesday, September 7th. Credit Suisse Group AG reiterated a buy rating and issued a $78.00 price target on shares of Centene Corp. in a research report on Thursday, September 1st. Finally, FBR & Co reiterated a buy rating on shares of Centene Corp. in a research report on Monday, June 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $80.76.

Centene Corp. (NYSE:CNC) opened at 60.22 on Tuesday. The company’s 50 day moving average price is $66.19 and its 200-day moving average price is $65.76. The company has a market capitalization of $10.28 billion, a P/E ratio of 23.24 and a beta of 0.94. Centene Corp. has a 12-month low of $47.36 and a 12-month high of $75.57.

Centene Corp. (NYSE:CNC) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.20. The business had revenue of $10.90 billion for the quarter, compared to analyst estimates of $10.80 billion. Centene Corp. had a return on equity of 14.27% and a net margin of 1.19%. Centene Corp.’s quarterly revenue was up 97.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. Equities analysts forecast that Centene Corp. will post $4.37 earnings per share for the current fiscal year.

In other Centene Corp. news, VP Carol Goldman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $66.36, for a total transaction of $663,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $66.58, for a total value of $399,480.00. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of CNC. RFG Advisory Group LLC raised its stake in shares of Centene Corp. by 0.5% in the second quarter. RFG Advisory Group LLC now owns 5,900 shares of the company’s stock worth $421,000 after buying an additional 32 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Centene Corp. by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 12,134 shares of the company’s stock worth $866,000 after buying an additional 55 shares in the last quarter. Blair William & Co. IL raised its stake in shares of Centene Corp. by 0.9% in the second quarter. Blair William & Co. IL now owns 6,857 shares of the company’s stock worth $489,000 after buying an additional 62 shares in the last quarter. Bremer Trust National Association raised its stake in shares of Centene Corp. by 0.9% in the second quarter. Bremer Trust National Association now owns 7,525 shares of the company’s stock worth $537,000 after buying an additional 66 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Centene Corp. by 0.6% in the second quarter. CIBC Asset Management Inc now owns 17,051 shares of the company’s stock worth $1,217,000 after buying an additional 108 shares in the last quarter. 92.91% of the stock is owned by hedge funds and other institutional investors.

Centene Corp. Company Profile

Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.

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