Centene (NYSE:CNC) Reaches New 52-Week High After Analyst Upgrade

Shares of Centene Corporation (NYSE:CNC) reached a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $52.00 to $60.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Centene traded as high as $64.30 and last traded at $64.6770, with a volume of 1632332 shares traded. The stock had previously closed at $62.33.

Other research analysts have also issued reports about the stock. Jefferies Financial Group raised their price target on shares of Centene from $39.00 to $48.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. Oppenheimer lifted their target price on shares of Centene from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Cantor Fitzgerald upgraded shares of Centene from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $41.00 to $60.00 in a report on Tuesday, April 28th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Monday, April 20th. Finally, TD Cowen reiterated a “hold” rating and issued a $47.00 target price (up from $38.00) on shares of Centene in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $60.24.

Hedge Funds Weigh In On Centene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNC. Addison Advisors LLC boosted its position in Centene by 455.6% in the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after buying an additional 606 shares during the period. DV Equities LLC purchased a new stake in shares of Centene during the 4th quarter worth $26,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Centene during the 4th quarter worth $28,000. SBI Securities Co. Ltd. lifted its position in shares of Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after purchasing an additional 406 shares during the last quarter. Finally, Bayban purchased a new stake in shares of Centene during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Trading Up 4.1%

The firm has a market capitalization of $32.06 billion, a PE ratio of -4.94, a PEG ratio of 0.49 and a beta of 1.09. The company’s 50-day moving average price is $48.20 and its 200-day moving average price is $43.36. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.90 EPS. On average, sell-side analysts expect that Centene Corporation will post 3.45 earnings per share for the current year.

About Centene

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.