Centene (NYSE:CNC) Shares Gap Down – What’s Next?

Centene Corporation (NYSE:CNC) gapped down prior to trading on Wednesday . The stock had previously closed at $68.72, but opened at $66.96. Centene shares last traded at $66.5440, with a volume of 446,260 shares.

Analyst Ratings Changes

Several research firms have recently issued reports on CNC. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Centene in a research report on Monday, April 20th. Raymond James Financial set a $75.00 price objective on shares of Centene in a research note on Tuesday, July 7th. Cantor Fitzgerald lifted their target price on shares of Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Oppenheimer raised their price target on shares of Centene from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group boosted their price objective on shares of Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $64.61.

Centene Price Performance

The firm has a fifty day moving average of $62.14 and a 200 day moving average of $48.37. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $33.04 billion, a P/E ratio of -5.09, a P/E/G ratio of 0.53 and a beta of 1.07.

Centene (NYSE:CNC) last posted its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion for 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 business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.90 EPS. On average, equities research analysts anticipate that Centene Corporation will post 3.44 EPS for the current year.

Institutional Investors Weigh In On Centene

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DV Equities LLC bought a new position in shares of Centene during the 4th quarter valued at $26,000. Elevation Wealth Partners LLC grew its holdings in shares of Centene by 564.6% in the second quarter. Elevation Wealth Partners LLC now owns 658 shares of the company’s stock worth $42,000 after acquiring an additional 559 shares during the period. IFC & Insurance Marketing Inc. purchased a new stake in Centene during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. lifted its holdings in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after acquiring an additional 406 shares during the period. Finally, Bayban purchased a new position in Centene in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

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.