Centene (NYSE:CNC) Downgraded by StockNews.com to Buy

StockNews.com downgraded shares of Centene (NYSE:CNC – Get Rating) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday morning.

Several other research firms have also weighed in on CNC. Mizuho dropped their price target on Centene from $92.00 to $80.00 and set a neutral rating on the stock in a research report on Tuesday, February 28th. Argus upped their price target on Centene from $95.00 to $99.00 in a research note on Wednesday, December 14th. Loop Capital lowered their target price on Centene from $110.00 to $95.00 in a report on Wednesday, February 8th. Barclays lowered their target price on Centene from $100.00 to $93.00 and set an overweight rating on the stock in a report on Wednesday, February 8th. Finally, The Goldman Sachs Group lowered their price objective on Centene from $97.00 to $74.00 and set a neutral rating on the stock in a research report on Wednesday, February 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Centene currently has an average rating of Moderate Buy and a consensus target price of $98.28.

Centene Price Performance

CNC stock opened at $67.95 on Tuesday. The company has a market capitalization of $37.46 billion, a PE ratio of 33.31, a P/E/G ratio of 0.81 and a beta of 0.56. The stock’s 50 day moving average is $74.53 and its two-hundred day moving average is $80.30. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.74. Centene has a 52-week low of $67.39 and a 52-week high of $98.53.

Centene (NYSE:CNC – Get Rating) last released its quarterly earnings data on Tuesday, February 7th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.01). Centene had a net margin of 0.83% and a return on equity of 12.98%. The company had revenue of $35.56 billion for the quarter, compared to analyst estimates of $35.37 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Analysts predict that Centene will post 6.32 earnings per share for the current fiscal year.

Centene declared that its board has authorized a share repurchase plan on Friday, December 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Centene

In other news, CFO Andrew Lynn Asher purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The shares were bought at an average cost of $71.89 per share, for a total transaction of $215,670.00. Following the acquisition, the chief financial officer now owns 310,955 shares of the company’s stock, valued at approximately $22,354,554.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Andrew Lynn Asher purchased 3,000 shares of the business’s stock in a transaction on Thursday, February 9th. The shares were acquired at an average price of $71.89 per share, for a total transaction of $215,670.00. Following the purchase, the chief financial officer now owns 310,955 shares of the company’s stock, valued at approximately $22,354,554.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II purchased 7,000 shares of the stock in a transaction that occurred on Wednesday, February 8th. The shares were purchased at an average cost of $71.88 per share, for a total transaction of $503,160.00. Following the completion of the acquisition, the director now directly owns 11,912 shares of the company’s stock, valued at approximately $856,234.56. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 16,750 shares of company stock worth $1,213,605. Insiders own 0.28% of the company’s stock.

Institutional Trading of Centene

Several institutional investors have recently modified their holdings of CNC. Great Lakes Retirement Inc. purchased a new stake in shares of Centene in the 4th quarter worth about $476,000. Macquarie Group Ltd. increased its position in Centene by 5.2% during the 4th quarter. Macquarie Group Ltd. now owns 46,275 shares of the company’s stock worth $3,795,000 after purchasing an additional 2,282 shares in the last quarter. Wallace Advisory Group LLC acquired a new stake in Centene in the fourth quarter valued at approximately $423,000. Benchmark Investment Advisors LLC acquired a new stake in Centene in the fourth quarter valued at approximately $709,000. Finally, Graphene Investments SAS purchased a new position in shares of Centene during the 4th quarter valued at approximately $3,100,000. Hedge funds and other institutional investors own 93.28% of the company’s stock.

Centene Company Profile

(Get Rating)

Centene Corp. operates as a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Managed Care and Specialty Services. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.