Truist Financial Has Lowered Expectations for Centene (NYSE:CNC) Stock Price

Centene (NYSE:CNC) had its price objective cut by equities research analysts at Truist Financial from $89.00 to $84.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 41.37% from the company’s previous close.

CNC has been the topic of several other reports. Robert W. Baird reduced their price objective on Centene from $83.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company decreased their price objective on Centene from $91.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 target price on shares of Centene in a research report on Wednesday. Barclays lowered their price target on shares of Centene from $97.00 to $91.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Finally, Oppenheimer reduced their price objective on shares of Centene from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Centene presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.31.

Centene Price Performance

Shares of CNC stock opened at $59.42 on Friday. The company’s 50-day simple moving average is $62.02 and its two-hundred day simple moving average is $68.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. Centene has a one year low of $55.03 and a one year high of $81.42. The company has a market capitalization of $30.00 billion, a P/E ratio of 10.32, a P/E/G ratio of 0.78 and a beta of 0.46.

Insider Transactions at Centene

In related news, CFO Andrew Lynn Asher bought 17,200 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $58.14 per share, with a total value of $1,000,008.00. Following the transaction, the chief financial officer now owns 486,847 shares in the company, valued at approximately $28,305,284.58. This trade represents a 3.66 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah London acquired 4,117 shares of the stock in a transaction dated Friday, November 8th. The shares were bought at an average price of $60.80 per share, with a total value of $250,313.60. Following the completion of the purchase, the chief executive officer now directly owns 667,229 shares of the company’s stock, valued at approximately $40,567,523.20. This trade represents a 0.62 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Park Place Capital Corp raised its position in Centene by 1,190.0% during the 3rd quarter. Park Place Capital Corp now owns 387 shares of the company’s stock worth $29,000 after buying an additional 357 shares during the last quarter. WR Wealth Planners LLC raised its holdings in shares of 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 purchasing an additional 137 shares during the last quarter. Chris Bulman Inc purchased a new stake in Centene in the second quarter valued at $33,000. Crewe Advisors LLC grew its position in Centene by 174.3% during the 2nd quarter. Crewe Advisors LLC now owns 683 shares of the company’s stock worth $45,000 after purchasing an additional 434 shares during the period. Finally, Private Trust Co. NA raised its stake in shares of Centene by 75.3% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the company’s stock valued at $58,000 after buying an additional 332 shares during the last quarter. 93.63% of the stock is currently 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.