Centene (NYSE:CNC) Shares Gap Down to $80.23

Centene Co. (NYSE:CNC) shares gapped down prior to trading on Wednesday . The stock had previously closed at $80.23, but opened at $74.11. Centene shares last traded at $74.98, with a volume of 911,943 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Robert W. Baird began coverage on Centene in a report on Thursday, May 30th. They set a “neutral” rating and a $83.00 price target on the stock. Wells Fargo & Company lifted their target price on shares of Centene from $81.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Baird R W upgraded shares of Centene to a “hold” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. dropped their price objective on Centene from $85.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Truist Financial lowered their target price on Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Centene currently has an average rating of “Moderate Buy” and an average target price of $85.75.

Centene Price Performance

The stock has a market cap of $38.78 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.06 and a beta of 0.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.17 and a quick ratio of 1.17. The stock’s 50 day simple moving average is $72.80 and its two-hundred day simple moving average is $73.90.

Centene (NYSE:CNC) last issued its earnings results on Friday, July 26th. The company reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.02). Centene had a net margin of 1.79% and a return on equity of 14.45%. The business had revenue of $39.84 billion for the quarter, compared to analyst estimates of $36.83 billion. During the same quarter last year, the firm posted $2.10 earnings per share. Centene’s revenue was up 5.9% on a year-over-year basis. On average, analysts forecast that Centene Co. will post 6.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Centene

A number of hedge funds have recently modified their holdings of CNC. Hohimer Wealth Management LLC raised its stake in Centene by 1.1% during the fourth quarter. Hohimer Wealth Management LLC now owns 12,020 shares of the company’s stock worth $892,000 after acquiring an additional 131 shares in the last quarter. EP Wealth Advisors LLC boosted its position in Centene by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 13,604 shares of the company’s stock valued at $1,068,000 after buying an additional 133 shares in the last quarter. WR Wealth Planners LLC grew its stake in Centene by 41.4% during the second quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after buying an additional 137 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of Centene by 10.0% during the second quarter. Whittier Trust Co. now owns 1,562 shares of the company’s stock worth $104,000 after buying an additional 142 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its holdings in shares of Centene by 5.0% in the 1st quarter. Fidelis Capital Partners LLC now owns 3,316 shares of the company’s stock worth $260,000 after acquiring an additional 158 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.