Centene (NYSE:CNC) Issues Earnings Results

Centene (NYSE:CNC) released its earnings results on Friday. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.23, reports. Centene had a net margin of 1.79% and a return on equity of 14.45%. The company had revenue of $42.02 billion during the quarter, compared to the consensus estimate of $37.91 billion.

Centene Stock Performance

Shares of CNC opened at $64.22 on Friday. The company has a market capitalization of $34.27 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.98 and a beta of 0.48. Centene has a one year low of $59.77 and a one year high of $81.42. 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 company’s fifty day moving average price is $72.88 and its 200 day moving average price is $72.31.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays cut their target price on shares of Centene from $98.00 to $97.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Robert W. Baird dropped their price target on shares of Centene from $83.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday. Stephens restated an “equal weight” rating and set a $78.00 price target on shares of Centene in a research note on Monday, August 5th. Truist Financial dropped their price target on shares of Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.17.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CNC. Swedbank AB bought a new position in shares of Centene during the 1st quarter worth about $914,080,000. Capital International Investors increased its holdings in shares of Centene by 60.2% during the 1st quarter. Capital International Investors now owns 5,216,486 shares of the company’s stock worth $409,390,000 after purchasing an additional 1,959,460 shares during the period. AQR Capital Management LLC increased its holdings in shares of Centene by 22.9% during the 2nd quarter. AQR Capital Management LLC now owns 4,461,517 shares of the company’s stock worth $295,799,000 after purchasing an additional 832,318 shares during the period. Legal & General Group Plc increased its holdings in shares of Centene by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,113,759 shares of the company’s stock worth $339,042,000 after purchasing an additional 636,683 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Centene by 42.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,400,276 shares of the company’s stock worth $92,838,000 after purchasing an additional 416,003 shares during the period. Institutional investors own 93.63% of the company’s stock.

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.