Barclays Initiates Coverage on Centene (NYSE:CNC)

Equities researchers at Barclays initiated coverage on shares of Centene (NYSE:CNCGet Rating) in a research note issued on Thursday, MarketBeat.com reports. The firm set an “overweight” rating and a $107.00 price target on the stock. Barclays‘s target price would suggest a potential upside of 14.67% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Centene from $91.00 to $99.00 in a research note on Wednesday, July 27th. Stephens increased their price target on shares of Centene to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. StockNews.com started coverage on Centene in a research report on Thursday, March 31st. They set a “strong-buy” rating for the company. Truist Financial boosted their price objective on Centene from $102.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Finally, Loop Capital started coverage on Centene in a research report on Thursday, June 16th. They set a “buy” rating and a $100.00 price objective for the company. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Centene has an average rating of “Moderate Buy” and a consensus price target of $98.33.

Centene Stock Up 1.1 %

Shares of NYSE:CNC traded up $1.06 on Thursday, hitting $93.31. 2,243,724 shares of the company’s stock were exchanged, compared to its average volume of 2,770,485. The firm’s 50-day moving average is $84.89 and its 200 day moving average is $83.78. The company has a market capitalization of $54.13 billion, a PE ratio of 29.67, a P/E/G ratio of 1.19 and a beta of 0.50. Centene has a 1-year low of $59.67 and a 1-year high of $94.58. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.11 and a current ratio of 1.11.

Centene (NYSE:CNCGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.59 by $0.18. The firm had revenue of $35.94 billion during the quarter, compared to the consensus estimate of $35.56 billion. Centene had a return on equity of 12.92% and a net margin of 1.35%. The firm’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. Sell-side analysts predict that Centene will post 5.69 EPS for the current year.

Centene announced that its Board of Directors has initiated a share buyback program on Friday, June 17th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Lori Jean Robinson sold 1,200 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $92.77, for a total value of $111,324.00. Following the sale, the director now directly owns 9,908 shares of the company’s stock, valued at $919,165.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Lori Jean Robinson sold 1,200 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $92.77, for a total value of $111,324.00. Following the transaction, the director now owns 9,908 shares of the company’s stock, valued at $919,165.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard A. Gephardt sold 10,220 shares of Centene stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $84.03, for a total value of $858,786.60. Following the sale, the director now directly owns 27,040 shares in the company, valued at approximately $2,272,171.20. The disclosure for this sale can be found here. Insiders have sold 28,200 shares of company stock valued at $2,458,274 over the last ninety days. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Centene

Institutional investors have recently made changes to their positions in the company. Mount Yale Investment Advisors LLC boosted its stake in Centene by 7.3% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 9,002 shares of the company’s stock worth $762,000 after purchasing an additional 615 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of Centene by 48.5% during the 2nd quarter. Belpointe Asset Management LLC now owns 16,740 shares of the company’s stock valued at $1,416,000 after acquiring an additional 5,468 shares during the period. CX Institutional acquired a new stake in shares of Centene during the 2nd quarter valued at about $123,000. Barden Capital Management Inc. boosted its holdings in Centene by 1,676.9% in the 2nd quarter. Barden Capital Management Inc. now owns 360,112 shares of the company’s stock worth $1,449,000 after buying an additional 339,846 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in Centene by 1.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 258,956 shares of the company’s stock worth $21,910,000 after buying an additional 4,736 shares during the last quarter. Institutional investors own 92.32% of the company’s stock.

About Centene

(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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Analyst Recommendations for Centene (NYSE:CNC)

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