In yesterday’s Wall Street session, Centene Corporation (NYSE:CNC) shares traded at $74.70, down -0.73% from the previous session.
As we calculate the median target price by taking the range between a high of $110.00 and a low of $85.00, we find $100.00. Given the previous closing price of $75.25, this indicates a potential upside of 32.89 percent. CNC stock price is now -7.81% away from the 50-day moving average and -11.05% away from the 200-day moving average. The market capitalization of the company currently stands at $43.06B.
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Brokers who have rated the stock have averaged $98.68 as their price target over the next twelve months.
With the price target reduced from $100 to $85, BofA Securities Downgraded its rating from Neutral to Underperform for Centene Corporation (NYSE: CNC). On September 30, 2022, Argus recently initiated its ‘Buy’ rating on the stock quoting a target price of $90, while ‘Wells Fargo’ rates the stock as ‘Equal Weight’.
In other news, BAGLEY SHANNON, EVP, Chief Admin. Officer sold 9,000 shares of the company’s stock on Jul 29. The stock was sold for $829,890 at an average price of $92.21. Upon completion of the transaction, the EVP, Chief Admin. Officer now directly owns 118,194 shares in the company, valued at $8.83 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 28, Director Robinson Lori Jean sold 1,200 shares of the business’s stock. A total of $111,324 was realized by selling the stock at an average price of $92.77. This leaves the insider owning 9,908 shares of the company worth $0.74 million. Insiders disposed of 99,065 shares of company stock worth roughly $7.4 million over the past 1 year. A total of 0.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CNC stock. A new stake in Centene Corporation shares was purchased by CAPITAL RESEARCH GLOBAL INVESTORS during the first quarter worth $211,381,000. RENAISSANCE TECHNOLOGIES LLC invested $114,044,000 in shares of CNC during the first quarter. In the first quarter, CARMIGNAC GESTION acquired a new stake in Centene Corporation valued at approximately $90,246,000. QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in CNC for approximately $85,197,000. TWINBEECH CAPITAL LP purchased a new stake in CNC valued at around $40,430,000 in the second quarter. In total, there are 1,225 active investors with 98.40% ownership of the company’s stock.
On Monday morning Centene Corporation (NYSE: CNC) stock kicked off with the opening price of $75.37. During the past 12 months, Centene Corporation has had a low of $73.19 and a high of $98.53. The fifty day moving average price for CNC is $81.03 and a two-hundred day moving average price translates $83.98 for the stock.
The latest earnings results from Centene Corporation (NYSE: CNC) was released for Sep, 2022. According to the Healthcare Plans Company, earnings per share came in at $1.3, beating analysts’ expectations of $1.24 by 0.06. This compares to $0.98 EPS in the same period last year. The net profit margin was 1.40% and return on equity was 7.60% for CNC. The company reported revenue of $35.87 billion for the quarter, compared to $32.41 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.67 percent. For the current quarter, analysts expect CNC to generate $35.36B in revenue.
Centene Corporation(CNC) Company Profile
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. Its health plans include primary and specialty physician care, inpatient and outpatient hospital care, emergency and urgent care, prenatal care, laboratory and X-ray, home-based primary care, transportation assistance, vision care, dental care, telehealth, immunization, specialty pharmacy, therapy, social work, nurse advisory, and care coordination services, as well as prescriptions and limited over-the-counter drugs, medical equipment, and behavioral health and abuse services. This segment also offers various individual, small group, and large group commercial healthcare products to employers and directly to members. The company’s Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. This segment offers its services and products to state programs, correctional facilities, healthcare organizations, employer groups, and other commercial organizations. The company provides its services through primary and specialty care physicians, hospitals, and ancillary providers. Centene Corporation was founded in 1984 and is headquartered in St. Louis, Missouri.
