Centene (NYSE:CNC) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Centene (NYSE:CNC) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks reports.

CNC has been the topic of several other reports. Weiss Ratings restated a “sell (d)” rating on shares of Centene in a research note on Friday, July 17th. Wall Street Zen raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Mizuho set a $63.00 price target on shares of Centene and gave the stock a “neutral” rating in a research report on Monday, June 8th. Barclays reaffirmed an “overweight” rating and issued a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Finally, Robert W. Baird increased their price objective on shares of Centene from $46.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $70.05.

Centene Stock Up 0.6%

NYSE:CNC opened at $64.97 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of -6.22, a price-to-earnings-growth ratio of 0.41 and a beta of 1.13. Centene has a one year low of $31.63 and a one year high of $69.63. The stock has a 50-day simple moving average of $64.85 and a 200 day simple moving average of $58.14.

Centene (NYSE:CNC) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $1.42. The firm had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.Centene’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. Sell-side analysts predict that Centene will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Centene

A number of institutional investors have recently bought and sold shares of CNC. BlackRock Inc. acquired a new position in shares of Centene in the 2nd quarter worth approximately $2,660,422,000. Wellington Management Group LLP raised its stake in Centene by 423.0% during the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after acquiring an additional 10,757,914 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Centene in the 2nd quarter valued at $285,713,000. Deutsche Bank AG acquired a new position in Centene in the second quarter valued at about $257,279,000. Finally, Legal & General Group Plc bought a new stake in Centene during the second quarter worth about $244,463,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

About Centene

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.