Centene (NYSE:CNC) Sets New 12-Month Low – Time to Sell?

Centene Co. (NYSE:CNC) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $62.10 and last traded at $63.17, with a volume of 2665771 shares traded. The stock had previously closed at $69.30.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group cut shares of Centene from a “buy” rating to a “hold” rating and dropped their price objective for the company from $83.00 to $69.00 in a research note on Wednesday, July 24th. Truist Financial reduced their target price on shares of Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Wells Fargo & Company reduced their target price on Centene from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft upped their price objective on Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Centene in a report on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.58.

Centene Trading Down 9.7 %

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $33.38 billion, a P/E ratio of 12.56, a price-to-earnings-growth ratio of 0.98 and a beta of 0.48. The business’s fifty day moving average is $74.97 and its 200-day moving average is $72.87.

Centene (NYSE:CNC) last posted its earnings results on Friday, July 26th. The company reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). The company had revenue of $39.84 billion during the quarter, compared to the consensus estimate of $36.83 billion. Centene had a net margin of 1.79% and a return on equity of 14.45%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 EPS. Analysts predict that Centene Co. will post 6.8 EPS for the current year.

Institutional Investors Weigh In On Centene

A number of institutional investors and hedge funds have recently bought and sold shares of CNC. Rise Advisors LLC bought a new stake in shares of Centene during the first quarter valued at approximately $25,000. Park Place Capital Corp increased its position in shares of Centene by 1,190.0% during the 3rd quarter. Park Place Capital Corp now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 357 shares during the last quarter. WR Wealth Planners LLC raised its holdings in Centene by 41.4% in the 2nd quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after purchasing an additional 137 shares during the period. Chris Bulman Inc purchased a new position in shares of Centene during the 2nd quarter valued at about $33,000. Finally, Riverview Trust Co lifted its stake in shares of Centene by 154.6% during the 2nd quarter. Riverview Trust Co now owns 527 shares of the company’s stock valued at $35,000 after buying an additional 320 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

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.