Wells Fargo & Company Cuts Centene (NYSE:CNC) Price Target to $95.00

Centene (NYSE:CNCGet Rating) had its price objective reduced by Wells Fargo & Company from $96.00 to $95.00 in a report issued on Wednesday morning, Stock Target Advisor reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also weighed in on CNC. StockNews.com initiated coverage on shares of Centene in a report on Thursday, March 31st. They set a strong-buy rating on the stock. Mizuho boosted their price objective on shares of Centene from $78.00 to $84.00 and gave the company a neutral rating in a report on Wednesday, February 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Centene from $84.00 to $88.00 and gave the company a buy rating in a report on Wednesday, February 9th. Five investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Centene currently has an average rating of Buy and an average target price of $91.72.

NYSE CNC opened at $84.41 on Wednesday. The firm’s fifty day simple moving average is $84.36 and its two-hundred day simple moving average is $81.57. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. Centene has a 12-month low of $59.67 and a 12-month high of $89.92. The firm has a market capitalization of $49.37 billion, a P/E ratio of 33.50, a P/E/G ratio of 1.06 and a beta of 0.52.

Centene (NYSE:CNCGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.15. Centene had a net margin of 1.12% and a return on equity of 11.82%. The business had revenue of $37.19 billion for the quarter, compared to analyst estimates of $34.48 billion. During the same period in the previous year, the company earned $1.63 earnings per share. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, sell-side analysts predict that Centene will post 5.48 earnings per share for the current fiscal year.

In other news, Director Theodore R. Samuels II purchased 6,270 shares of the company’s stock in a transaction dated Thursday, April 28th. The stock was acquired at an average price of $80.94 per share, with a total value of $507,493.80. Following the purchase, the director now directly owns 11,000 shares in the company, valued at approximately $890,340. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mark J. Brooks sold 3,690 shares of the stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $82.71, for a total transaction of $305,199.90. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of CNC. Bank of Nova Scotia lifted its holdings in shares of Centene by 5.2% in the 3rd quarter. Bank of Nova Scotia now owns 139,641 shares of the company’s stock worth $8,701,000 after acquiring an additional 6,956 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Centene by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 9,215,108 shares of the company’s stock worth $572,449,000 after acquiring an additional 184,391 shares during the last quarter. Kings Point Capital Management lifted its holdings in shares of Centene by 100.0% in the 3rd quarter. Kings Point Capital Management now owns 600 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Centene by 6.5% in the 3rd quarter. Macquarie Group Ltd. now owns 46,338 shares of the company’s stock worth $2,887,000 after acquiring an additional 2,827 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of Centene by 30.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 19,782 shares of the company’s stock worth $1,232,000 after acquiring an additional 4,652 shares during the last quarter. 92.32% of the stock is owned by institutional investors and hedge funds.

Centene Company Profile (Get Rating)

Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.

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